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Second reading of Inland Revenue Bill to take place today
Sep 07, 201709:46 AM
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Second reading of Inland Revenue Bill to take place today
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The second reading debate on the new Inland Revenue Bill is due to be held today (07).

 

Following the tabling of the second reading debate, the committee stage debate is also due to be held today.

 

The draft bill was presented to Parliament back in July.

 

The Ministry of Finance and Media stated that recipients of the Employees’ Provident Fund (EPF) and those employed overseas who send money to Sri Lanka would not be taxed under the new bill.

 

The Ministry further said that the bill also proposed to replace the existing tax rates with three simple tax rates.

 

The Ministry added that the existing free boundary of Rs. 750,000 on tax on interest would also be increased to Rs. 1.2 million.

 

 

 

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