Cabinet nod to amend Inland Revenue Act; to be presented to Parliament

Jan 21, 2020 (LBO) – Sri Lanka’s Cabinet of Ministers have approved the proposal to amend the Inland Revenue Act to reflect new tax proposals introduced by the government.

The proposal has been made by Prime Minister Mahinda Rajapaksa in his capacity as the Finance Minister to fulfill a promise made by the government to re-create the simple, transparent and efficient tax system.

Finance Ministry said in a statement that the Cabinet of Ministers approved the proposal last week and the Inland Revenue (Amendment) Bill is to be presented to Parliament for approval.

New tax amendments are expected to promote easy tax administration and introduce self-compliance for tax payments.