Cabinet approval granted to revise Inland Revenue Act & Value Added Tax Act

Aug 27, 2020 (LBO) – Sri Lanka’s Cabinet of Ministers has approved a proposal submitted to seek approval for directing the Legal Draftsman for the formulation of the drafts required for revising the Inland Revenue Act No. 24 of 2017 and Value Added Tax Act No. 14 of 2002.

Meanwhile, the Cabinet of Ministers has also approved a proposal submitted by the Minister of Finance to table the draft bills prepared by the Legal Draftsman in the Parliament after publishing them in the government gazette notification in order to revise the following acts.

  1. Nation building tax act No. 09 of 2009
  2. Economic services fees act No. 13 of 2006
  3. Ports and aviation development tax act No. 18 of 2011
  4. Financial act No. 35 of 2018