Sri Lanka's new prime minister on Tuesday announced a taxation overhaul to maximise revenue amid the island nation's deepening economic crisis, hiking value added taxes and corporate income tax and slashing the relief given to individual tax payers.

"...the implementation of a strong fiscal consolidation plan is imperative through revenue enhancement as well as expenditure rationalization measures in 2022," Prime Minister Ranil Wickremesinghe's office said in a statement. (Reporting by Uditha Jayasinghe, Writing by Devjyot Ghoshal, editing by Ed Osmond)