Fri, 03 Dec 2021 Today's Paper

Cabinet nod for proposed amendments to tax laws

28 August 2020 08:27 am - 0     - {{hitsCtrl.values.hits}}


The Cabinet of Ministers has approved the proposed amendments to a range of tax laws in order to give effect to the tax policy of the current government by law. 

Accordingly, the Cabinet of Ministers this week approved a proposal presented by Prime Minister Mahinda Rajapaksa, who is also the Finance Minister, to direct the Legal Draftsman to formulate the drafts revising the Inland Revenue Act No. 24 of 2017 and Value Added Tax Act No. 14 of 2002.Further, the Cabinet of Ministers also gave clearance to the Legal Draftsman to table draft bills revising Nation Building Tax Act No. 09 of 2009, Economic Services Fees Act No. 13 of 2006, Ports and Aviation Development Tax Act No. 18 of 2011 and Financial Act No. 35 of 2018 in Parliament, after publishing them in the government’s gazette notification.   

President Gotabaya Rajapaksa cut a range of taxes while abolishing certain taxes such as Economic Service Charge (ESC) in December, in order to stimulate the economy.  

Most of the changes to the taxation structure are already in place, with the country’s tax agencies having already issued instructions to implement the changes, based on a Cabinet decision late last year.



  Comments - 0

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

A Sri Lankan giving dignified burials to unclaimed bodies for five decades

After their death, most people are memorialized at a service, surrounded by g

Focus on Laggala Gem mining big shots bigger than the law

The truth is now being uncovered regarding an illegal mining racket in state

How and why the TNA was formed twenty years ago

The Tamil National Alliance (TNA) is now twenty years of age. The premier pol

India lays emphasis on culture diplomacy with Sri Lanka

Indian Prime Minister Narendra Modi wanted to inaugurate the Kushinagar Inter