Ceylon Chamber looks forward to engaging on Inland Revenue bill

Mar 13, 2017 (LBO) – Sri Lanka’s Ceylon Chamber of Commerce says they are looking forward to engaging with authorities on suggestions and recommendations over the proposed Inland Revenue Bill.

The chamber made submissions last week to the government on the new bill being formulated for implementation with effect from 1 April 2017.

Their Taxation Steering Committee had met several times, deliberated it in detail, and compiled a set of comprehensive observations and recommendations on the draft bill.

“As with all Chamber submissions, the viewpoint was of the entire private sector, but bearing in mind national needs for enhancing revenue,” CCC said in a statement.

“Given the wide implications of a new act governing the Inland Revenue regime, on business operations and investor confidence, we believe that consultation with the private sector is important, prior to finalizing a new statute.”

The chamber said they fully support efforts to modernize the tax system — in terms of tax policy, tax law, and tax administration, and hopes the Finance Ministry and the Inland Revenue Department opens up space for consultation.

The IMF staff mission has also highlighted the need for advancing legislative process for the new Inland Revenue Act with effective public consultations as a critical step towards rebalancing the tax system toward a more predictable, efficient and equitable structure.