Cabinet approves Inland Revenue, NBT Acts, revision of cess levy


May 04, 2017 (LBO) – Sri Lanka’s cabinet has given the go ahead to gazette and present in Parliament the new Inland Revenue Bill, as proposed in budget 2016.

The proposal was made by Finance Minister Ravi Karunanayake.

Karunanayake also proposed to publish in gazette and present in Parliament the bill to amend the Nation Building Tax Act No 09 of 2009 by including amendments proposed in the last budget.

The cabinet also approved Minister of Development Strategies and International Trade Malik Samarawickrama’s plans to present gazette extraordinary no. 2011/09 dated 21st March 2017 on revision of Cess Levy.

“The new law should pave the way for a durable fiscal consolidation based on revenue mobilisation – a key pillar of the Government’s reform program,” the IMF staff team said, issuing a statement on the second IMF review under a three-year Extended Fund Facility arrangement.