The Cabinet of Ministers has granted approval to gazette and present in Parliament the Inland Revenue (Amendment) Bill following clearance given to proposed changes by the Attorney General.
The Cabinet granted approval to introduce amendments to the Inland Revenue Act No. 24 of 2017 last year.
Accordingly, amendments incorporate proposed tax reforms aimed at improving the tax system to facilitate revenue-based fiscal consolidation.
The amended Bill has been drafted by the Legal Draftsman and has received clearance from the Attorney General.
The Cabinet of Ministers has now approved the proposal presented by President Anura Kumara Dissanayake, in his capacity as Minister of Finance, Planning, and Economic Development, to publish the said Bill in the Government Gazette and subsequently table it in Parliament for approval.
