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Direct to indirect tax ratio of 20:80 to change to 60:40

22 July 2017 08:24 am - 8     - {{hitsCtrl.values.hits}}

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The main objective of the proposed Inland Revenue Bill (IRB) is to introduce a 60:40 direct to indirect tax ratio from the current direct to indirect tax ratio of 20:80 within the next three years with an across-the-board tax regime for taxable income including those at religious places of worship, Finance Minister Mangala Samaraweera said yesterday.

He rejected the joint opposition charge that the IRB was targeting the poor and pointed out that this Bill would help rope in the large number of professionals such as doctors, engineers, surveyors, private tuition masters and architects who evade tax on the millions they earn monthly.

"The proposed IRB aims at taxing each and every one who is legally required to pay tax. If a temple earns an income from leasing out its property, rooms or a building and collects revenue by by issuing tickets to visitors will be liable for tax," the minister said.

“The government expects to pass the IRB by next month after introducing the amendments and the determination by the Supreme Court. We also expect to introduce further amendments proposed by the public and the Opposition at the committee stage. The Bill will be finalized in a transparent manner,' he said.

Referring to the allegations made by the JO that the government was attempting to even tax beggars, he said, "Yes, why not, if the beggar earns Rs.10,000 a day?

The minister said the government would discuss with the Mahasangha before imposing any new tax on income generated by temples and other places of religious or culturally important sites. (Sandun A Jayasekera)

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

 

  • Nostradamus Saturday, 22 July 2017 12:00 AM

    Wouhhh Taxing the doctors and tuition masters....I love that via DM Android App

    ceylon Saturday, 22 July 2017 08:25 AM

    make it flat tax system.one tax for all. via DM Android App

    mnsmart Saturday, 22 July 2017 09:25 AM

    you have left out politicians and Lawyers

    Ron Saturday, 22 July 2017 07:38 PM

    I like to see how will the government find a way to tax black money earners?

    Arosha Saturday, 22 July 2017 08:04 PM

    While this government has spent so much time working out ways of extorting money out of its citizens, it hasn't put any legislation about safeguarding how this public money is sent. How about some legislation that reduces corruption?

    Haramanis Sunday, 23 July 2017 08:26 PM

    Tax money to be spent on luxury limos and luxury houses for Ministers

    sujja888 Monday, 24 July 2017 08:45 AM

    To do that govt need to lower VAT to 10-8% and increase the income tax level and lower the PAYE threshold drastically. These measures are needed to be made but unrealistic to make due to political climate.

    Trehan Munasinghe Monday, 24 July 2017 12:06 PM

    Dear Minister this is a very good move and trust you will have the strength to get it passed in Parliament, however how about introducing a Tax for Ministers and their robbed national wealth.


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