(LANKAPUVATH | COLOMBO) – The Inland Revenue (Amendment) Draft Bill has been published in the gazette by the Government Printer.
The gazette has been issued by the Minister of Finance, Economic Stabilization and National Policies to amend the Inland Revenue Act, No.24 of 2017.
Accordingly, if passed in Parliament, the proposed bill will revise a number of levies and will also further empower the Inland Revenue Department as the primary agent for collecting taxes and dealing with issues arising with taxes on behalf of the government.
Earlier this year, the Cabinet of Ministers granted approval to amend the Value Added Tax Act (No. 14 of 2002), Telecommunications Levy Act (Act No. 21 of 2011), Betting and Gaming Levy Act (Act No.40 of 1988) and the Fiscal Management Act (Act No. 3 of 2003) in addition to the Inland Revenue Act (No. 24 of 2017).