Acting Fast

CEAT Kelani Holdings Managing Director Ravi Dadlani (right) and Lanka Ashok Leyland CEO Umesh Gautham exchange the OEM agreement

The Finance Minister has won the Cabinet nod to go ahead to enact five amendments to tax related acts to seal up its revenue lines and increase collection. rnrn
The list of changes like re-imposition of the land tax also includes a change to the tax amnesty act.rn

rnThe controversial tax amnesty and delays in implementing several amendments to the Inland Revenue Act saw total income tax fall 20 percent to Rs. 9.5 bn during the period under review. rn

rnFinance Minister Dr. Sarath Amunugama told reporters in Colombo on Thursday that Government is keen to push through the amendments, including the unification of the value added tax into a single tier tariff, to bolster tax revenues to support its pro-poor policies. rn

rnSri Lankas total revenue collection for period Jan-Apr fell below target, largely aided by poor tax collection, a steep drop in non-tax income and a controversial tax amnesty. rn

rnTotal revenue for the period Jan-Apr fell three percent to Rs. 91.7 bn while overall expenditure jum

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