Inland Revenue Act to be Amended on Par with International Standard

Inland Revenue Act No 10 of 2016 provides legal provisions to impose income tax in Sri Lanka. Subsequent  amendments to the Act have complicated the procedure. According to the Minister, the simplification and modernization of the act  is a timely requirement  and will help attracting investors.

Minister of Finance Ravi Karunanayake’s proposal to instruct the Legal Draftsman to redraft the Inland Revenue Act on par with the international standard was  approved  by the Cabinet, the Government Information Department announced today (5).

The redraft will be done  improving clarity  disclosing  transparency and simplify the process.