Increase taxes on liquor and tobacco

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Sri Lanka plans to increase taxes on alcohol and tobacco in June, according to the International Monetary Fund.

It aims to raise tax revenue to 15 percent of GDP by 2025.

It also plans to introduce a wealth tax across the country, review financial transfers and implement gift and inheritance tax with tax-free allowances and minimal deductions from January 1, 2025 .

Sri Lankan public sector employees and ministers will be affected by these tax hikes.