Inland Revenue Act to be simplified and modernized
Posted by Editor on May 5, 2016 - 9:51 am
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)
Latest Headlines in Sri Lanka
- Sri Lanka introduces fuel QR override feature to resolve QR code access issues March 19, 2026
- Sri Lanka introduces odd-even fuel rule under QR system March 19, 2026
- Sri Lanka launches WhatsApp line for fuel QR issues March 18, 2026
- Sri Lanka to issue fuel based on license plate numbers from tomorrow March 18, 2026
- Sri Lanka GDP growth hits 5% in 2025 March 18, 2026
