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Monday, 09 April 2018 - 21:15
Rating agency Moody's positive of Sri Lanka new tax Act
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International credit rating agency Moody’s Investors Service has said Sri Lanka’s new Inland Revenue Act would support government revenue generation and was positive for its credit profile.

It noted that Sri Lanka is saddled with heavy debt and repayment obligations.

The new Inland Revenue Act of Sri Lanka came into effect from 1st of April.

The new law is expected to rationalize the existing income tax structure.

The new law will also help broaden the income tax base by removing exemptions.
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