Aug 18, 2017 (LBO) – Sri Lanka’s Inland Revenue bill will presented in Parliament next week and passed by August 25th, with most of the concerns raised addressed through amendments, the finance minister said.
“We will need about half a day for the amendments as there are a lot,” Mangala Samaraweera, Finance minister said while addressing media Thursday.
“Many of the concerns from the private sector have been addressed in addition to all the concerns raised by the Supreme court.”
State Minister for Finance Eran Wickramaratne said amendments have been brought to the bill to ensure compliance with the Supreme Court’s directives which were mostly largely administrative issues.
“Concerns over a proposed tax on share trading will also be addressed,” he said.
“It will be taken care of and nothing will be done to damage the market.”
Wickremaratne also added that new timelines given for the appeal process would be revised.
“We have taken into account all the lobbying and concerns raised when the amendments were made. All concerns have been been heard and addressed as much as possible,” he said.
The new bill is said to widen the tax net and in the next 2-3 years increase the direct tax component and reduce indirect tax.
The island’s Supreme court earlier ruled that certain provisions of the proposed new bill was not consistent with the constitution and need a referendum vote.
Many stakeholders had raised concern over several issues with regard to the act and were in discussion with the government.