• Finance Ministry to gazette and present to Parliament amendments by Legal Draftsman 

Cabinet has approved the drafting of an amendment to the Inland Revenue Act to incorporate all the tax changes introduced by the Government since it came to power in November. 

The tax acts applicable for the implementation of the tax policy proposals under the ‘Economic Restoration Initiation Programme’ previously approved by Cabinet need to be amended. 

Accordingly, the Cabinet Memorandum was submitted by Finance, Economic and Policy Development Minister Mahinda Rajapaksa for providing instructions to the Legal Draftsman for formulation of draft acts with a view to amend the Inland Revenue Act. 

The draft will include proposed revisions in relation to releasing income from interest from the retention tax, amendment of tax rates of payment on earnings, amendment of income tax rates applicable to end service tax, releasing income tax as well as a change of rates, which were approved by Cabinet. 

Accordingly, Cabinet has approved the Cabinet memorandum submitted by the Finance, Economic and Policy Development Minister publishing the drafts of the National Building Tax (Amendment) Act, Ports and Airports Development Tax (Amendment) Act, Economic Service Charges (Amendment) Act, Economic Service Charges (Amendment) Act as well as the Value Added Tax (Amendment) Act prepared by the Legal Draftsman in the Government gazette and submitted to Parliament for its approval. 

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