Mar 09, 2011 (LBO) – Sri Lanka’s cabinet of ministers has approved changes to several laws reducing taxes paid by companies and individuals to give effect to proposals in the government’s 2011 budget, a statement said.
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“With the introduction of these changes, the number of taxes payable by a person will get reduced, resulting in a simplification of a tax system while also improving the effectiveness of the tax administration,” it said.
“The overall reform oriented tax rate revisions are expected to give an impetus to investment through tax savings.
The statement said the Cabinet approved amendments to 15 bills covering finance, tax and investment-related laws to be submitted to parliament.