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Sunday, 01 April 2018 - 8:59
New Inland Revenue Act comes into effect
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The New Inland Revenue Act will be in place from today (Apr 01).

Several key changes have been introduced to the tax system in the country while a tax file will be opened for every citizen above the age of 18.

One of the important additions is the capital gain tax where a 10% tax will be imposed on the gain, when selling a housing unit.

Meanwhile, the 12% tax imposed on those earning an annual income of Rs. 25.5 million has gone up to 24%.

Meanwhile, Former Minister Ravi Karunanayake expressed his views regarding the taxes and said that it is hard for the public to bear them.

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