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Monday, 19 March 2018 - 19:30
New IRD Act effective from next month, says Finance Minister
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Finance Minister Mangala Samaraweera says that a paradigm shift to taxation in this country will be seen with the implementation of the new Inland Revenue Act.
 
The Act will come into effect from 1st of April, 2018.
 
Addressing an awareness programme on the new Act in Colombo, the Minister said all citizens should become partners, stakeholders and masters of the country’s development endeavours.
 
He added this new IR Act was designed to broad-base the taxpayer understructure and to encourage all of you to shoulder that collective responsibility.
 
“The elimination of tax exemptions through this new Act would create a level playing field for everyone to do business, moving away from the culture of preferential treatments”, Mangala Samaraweera said.
 
This new legislation carves a clear strategic direction about taxation in the country.
 
It aims to increase the share of direct income tax against indirect taxes.
 
The preferred ratio is 40% to 60% from the current level of 18% to 82%.
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