New Inland Revenue Act comes into force
April 1, 2018 11:01 am
Sri Lanka’s new Inland Revenue Act, which is aimed at simplifying the taxes and ease the burden on the low-income people, will come into effect from today (April 1).
According to Commissioner of Inland Revenue Department Ivan Dissanayake, taxes have been amended in a number of fields and will depend on the income of the taxpayer.
Finance Minister Mangala Samaraweera says the Inland Revenue Act No. 24 of 2017 will ease the burden on the low-income people and effectively implement the revenue laws on the high-income group.
He notes that there has been no increase in tax revenue parallel to the upsurge in the country’s income. The minister says Sri Lanka’s tax revenue remains low when compared to other countries in the region.
According to him, the new Inland Revenue act will make it obligatory for eligible taxpayers to pay their taxes. The act aims to change the present ratios of direct and indirect taxes of 80 per cent and 20 per cent, to 60 per cent and 40 per cent respectively.
Minister Samaraweera adds that the Treasury and the Inland Revenue Department have taken measures to realize that objective by 2020.
INLAND REVENUE ACT, No. 24 OF 2017 by Anonymous 4xL1hr21yl on Scribd
