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Last updateThu, 13 Sep 2018 10am

Business News

The new Inland Revenue act comes into force

 

The new Inland Revenue act comes into force . Finance minister Mangala Samaraweera says the act will ease the burden on the low-income people and effectively implement the revenue laws on the high-income group. He notes that there has been no increase in tax revenue parallel to the upsurge in the country's income. The minister says Sri Lanka's tax revenue remains low when compared to other countries in the region.

According to him, the new Inland Revenue act will make it obligatory for eligible taxpayers to pay their taxes. The act aims to change the present ratios of direct and indirect taxes of 80 per cent and 20 per cent, to 60 per cent and 40 per cent respectively. Minister Samaraweera adds that the Treasury and the Inland Revenue Department have taken measures to realize that objective by 2020.

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