Fri, 29 Mar 2024 Today's Paper

IR Bill in Parliament on Friday

21 August 2017 05:35 pm - 3     - {{hitsCtrl.values.hits}}

A A A

The amended draft of the Inland Revenue Bill would be presented in Parliament on Friday and no tax would be collected from anyone with an annual income less than Rs.1.2 million, Finance Minister Mangala Samaraweera said.

Addressing a media briefing at the Ministry this evening, the Minister said the Bill includes 111 amendments which had been recommended by the Supreme Court.

“In Malaysia, 70 per cent of tax come in the form of Income Tax. The indirect tax percentage is 28 percent. India collects 50 per cent of its tax via Income Tax, Pakistan and Bangladesh governments gross high revenue from Income Tax. The rest is collected by indirect tax received from consumer items that people use in their day-to-day life,” the minister said.

According to the proposal the ministry has decided to lower the direct and indirect tax ratio which remains at 20 to 80 per cent to 40 to 60 per cent in the coming years.

Minister Samaraweera said, the proposed amendment would not effect those receiving an annual income less than Rs.1.2 million.

“The majority including the general labour community should not have any unnecessary fear over the proposal and also the high income generators’ who love the country should not make any objections over the amendments,” the minister added. (Chaturanga Pradeep)


Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

  Comments - 3

Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka
  • ceylon Monday, 21 August 2017 06:01 PM

    useless bills.bills have but no implimentation.bribery bill have but no implimentation.human rights bill have but no implimentation.this is srilanka. via DM Android App

    Sambo Tuesday, 22 August 2017 11:53 AM

    In Sri Lanka, no one loves the country but only the money. Most of the filthy rich are tax evaders.

    DillonDP Wednesday, 23 August 2017 08:25 AM

    This bill wont be and will not be passed on friday


Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment





Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

VAT increase: SOUNDs death knell for publishers, readers

Though the Government imposed VAT (Value Added Tax) on vegetables and other e

How female change-makers are driving Sri Lanka’s energy saving platform

Saving energy has become more of a responsibility than a habit in today’s c

A dull Ramadan awaits Muslims amidst the Soaring Cost of Living

In the coming days, Muslims across the world will welcome the Holy Month of R

New wildlife underpass to curtail HEC

As of February 2024, Sri Lanka lost another 38 elephants as a result of the H

MIRROR CRICKET

More