Sri Lanka, Oct. 14 -- Businesses should not expect tax cuts in the 2027 Budget, with the Treasury signalling that the Government will instead focus on reforms, digitalised tax administration and a World Bank-backed strategy aimed at achieving 7% economic growth.

Treasury Secretary Dr. Harshana Suriyapperuma made the remarks yesterday at the Sri Lanka Economic and Investment Summit, responding to a question on whether the Budget would reduce corporate tax, VAT and the Social Security Contribution Levy (SSCL). Businesses have argued that these taxes are among the highest in the region and are discouraging investment.

"The reason Sri Lanka is at that point is not by choice. As a nation, we were forced to that point because of the reckless ...