Amended IR Bill in Parliament

The amended Inland Revenue Draft Bill will be tabled in Parliament today by Minister of Finance and Mass Media Mangala Samaraweera.

The main objective of introducing the new tax code is to reduce the indirect tax rate from 80 percent to 60 percent.

Furthermore, the government also expects to increase the direct tax rate to 40 percent, from 20 percent.

The government is also looking at compensating the general public for the inconveniences faced from indirect taxes.

In the meantime, the new Inland Revenue Bill will be of significant importance as all powers granted to the Subject Minister and the Commissioner General of Inland Revenue will be abolished in terms of granting relief or completely overlooking undervalued tax through the Inland Revenue Act.