President Ranil Wickremesinghe, speaking of the reforms he plans to introduce, stated that the Sri Lankan government is looking at raising income taxes and widening the tax net by taxing capital and wealth in order to bring in some of the lost revenue.

Market down for 2nd time in 14 straight sessions

The move also aims to promote a greener transportation sector, a statement said.

"It will also simplify some season tariffs, meaning additional and simpler access for Sri Lanka's exports to the UK."

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