Hirunews Logo
HiruNews
HiruNews
HiruNews
Inland+Revenue+Act+To+Be+Redrafted+With+International+Standards
Tuesday, 10 May 2016 - 10:53
Inland Revenue Act To Be Redrafted With International Standards
8

Shares
998

Views

Government has taken steps to instruct the Legal Draftsman to redraft the Inland Revenue Act according to international standards improving clarity and transparency.

The Inland Revenue Act No 10 of 2016 provides legal provisions to impose income tax in Sri Lanka and due to periodical amendments made to the act since its enactment have made it complicated.

Simplification and modernization of the act according to acceptable tax principles that helps in attracting investors has become a timely requirement.

2016 budget proposed to amend the Inland Revenue Act to accommodate foreign investments and to exempt income tax on foreign currency inflows.

The budget also proposed a new Act named ‘Foreign Exchange Management Act’ to be introduced to facilitate foreign investments.

The Cabinet of Ministers have approved a proposal made by Finance Minister Ravi Karunanayake on this purpose.

Make a Comment
Make a Comment

DOWNLOAD HIRUNEWS APP ON ANDROID & APPLE
You may also like :
HiruNews
Thursday, 16 August 2018 - 16:24
Mangroves play a critical role in maintaining the ecological balance in Sri Lanka's coastal areas.However, some money-hungry people do not understand this.Our... Read More
HiruNews
News Image
Hiru News Programme Segments
HiruNews
HiruNews
HiruNews
HiruNews
HiruNews
HiruNews
HiruNews
HiruNews
HiruNews
116 Views
HiruNews
HiruNews
HiruNews
1,255 Views
HiruNews
HiruNews
HiruNews
6,773 Views
HiruNews
HiruNews
HiruNews
17,032 Views
HiruNews
HiruNews
HiruNews
104 Views
HiruNews
HiruNews
HiruNews
45,445 Views
Top