Inland Revenue Act to be simplified and modernized

Cabinet of Ministers has approved the proposal made by Minister of Finance Ravi Karunanayake to instruct the Legal Draftsman to redraft the Inland Revenue Act in par with international standards and improving clarity and transparency as proposed by the budget 2016.

Inland Revenue Act No 10 of 2016 provides legal provisions to impose income tax in Sri Lanka but the periodical amendments to the Act have complicated the procedure. According to the Minister, the simplification and modernization of the act will help attracting investors; a timely requirement.

(Government News Portal)