Govt. expects to implement new IRD Act in April

The Government yesterday announced that the new Inland Revenue Act would be implemented by April.

Noting that a lot of amendments which were proposed in the 2016 and 2017 Budgets were yet to be legislated, Finance Ministry Tax Policy Advisor Thanuja Perera said the revisions would be implemented with the new Inland Revenue Act.

“In the 2017 Budget we announced that the 2016 and 2017 amendments would come along in a single legislation by April with the new Inland Revenue Act,” she said at a tax seminar held in Colombo yesterday.

It was pointed out that the Finance Ministry and the Inland Revenue Department (IRD) faced many difficulties implementing some of the proposals due to court cases and as a result the majority of the amendments were delayed. 

However, she said that the Ministry was able to implement some of the key taxes such as VAT, NBT and PAL.