Cabinet approves amendments to IR Act 

The Cabinet has approved a proposal by Finance Minister Basil Rajapaksa to amend several provisions in the Inland Revenue Act No. 24 of 2017. The amendments are to increase clarity and remove confusion in the Act.

New amendments will also be introduced to the Act to increase tax compliance and facilitate taxation, encouraging investment and exports while providing relief to emerging sectors of the economy. Cabinet approved the proposal and instructed the Legal Draftsman to prepare the Bill.