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Last updateSat, 26 May 2018 8pm

Local News

State Minister of Finance says that a new Tax Act will be enacted to establish financial stability.

Sri Lanka's new income tax law will provide a more stable tax framework that giving more certainty for investors, State Minister for Finance Eran Wickramaratne said. A revamped income tax bill is to be presented to parliament shortly. The proposed law will reduce the discretion of the finance minister to make ad hoc decisions and all tax changes will go through parliament, he said. He said no one liked taxes, but the government needed revenues to provide services.