Inland Revenue Act to be amended

Wednesday, 04 May 2016 - 14:06


The cabinet has passed a proposal to amend the Inland Revenue Act to improve its clarity and transparency.

“Simplification and modernization of the act according to acceptable tax principles that helps in attracting investors has become a timely requirement,” it was noted.

Thus the proposal made by Ravi Karunanayake, Minister of Finance, to instruct the Legal Draftsman to redraft the Inland Revenue Act according to international standards and improving clarity and transparency as proposed by the budget 2016, was approved by the Cabinet of Ministers.

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