Home / Front Page/ Ceylon Chamber welcomes amended Inland Revenue bill

Ceylon Chamber welcomes amended Inland Revenue bill


Comments / {{hitsCtrl.values.hits}} Views / Monday, 18 September 2017 00:51

Facebook

The Ceylon Chamber of Commerce, in a statement yesterday lauded the Finance Ministry’s passage of the new Inland Revenue Bill, after it says it was “extensively engaged throughout the process of drafting the new legislation, and is grateful for the space provided by the Government to have our views heard”. The following is the full statement

The Ceylon Chamber of Commerce congratulates the Ministry of Finance on the successful passing in Parliament of a new Inland Revenue Bill that aims to modernise and streamline Sri Lanka’s income tax system. We are particularly encouraged by the recent decision to change the implementation date of the Act to 1 April 2018 – a proposal that the Ceylon Chamber had been strongly advocating.

The Ceylon Chamber stayed extensively engaged throughout the process of drafting the new legislation, and is grateful for the space provided by the Government to have our views heard. The Ministers Mangala Samaraweera, Malik Samarawickrama and Eran Wickramaratne, as well as officials of the Ministry of Finance, were sensitive to private sector concerns and suggestions submitted by this Chamber. This was a fine example of a collaborative approach to policymaking, and we hope that other policymakers too will adopt a similar approach. We look forward to the same level of openness and consultation in the formulation of the National Budget 2018. The Chamber has always advocated for, and supported the process of, a healthy dialogue between the public and private sector on the basis that such consultations are essential for sustainable policymaking.

To achieve the Government’s Vision 2025 of ‘An Enriched Country’, a thriving private sector is essential. In order that the private sector may better contribute to the achievement of this vision, we look forward to predictability in the levy of taxes. The business community strongly opposes retroactive legislation in dealing with the tax regime. Domestic and foreign investors must have confidence in the stability of a tax system when formulating their business plans.

 The Chamber will continue to engage with the Ministry of Finance with regard to implementation issues that will be identified following an internal review process.

 


Share This Article

Facebook Twitter


DISCLAIMER:

1. All comments will be moderated by the Daily FT Web Editor.

2. Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.

3. We may remove hyperlinks within comments.

4. Kindly use a genuine email ID and provide your name.

5. Spamming the comments section under different user names may result in being blacklisted.

COMMENTS

Today's Columnists

Those who go by social proof are easy prey to crafty schemers

Monday, 17 June 2019

Going after social proof Swiss writer and novelist, Rolf Dobelli, in one of the essays in his 2013 book ‘The Art of Thinking Clearly’, has given a fine warning to his readers. He has warned against going by ‘social proof’ or ‘majority view


Poson ponderings on positional power: ‘Authority vested’ vs. ‘authority wasted’

Monday, 17 June 2019

We witnessed a serene Poson Poya, in a far more improved security setting in Sri Lanka. Whilst the Sri Lankan life slowly returning to normal, political fronts do not appear to show the same. Has the political power become the people ‘pava’ (sin)


Emperors without clothes: Is Mother Lanka naked too?

Monday, 17 June 2019

The expression ‘The Emperor without clothes’ derives from the Hans Anderson tale that is based on Sufi wisdom. The Emperor in Anderson’s story was without doubt, the finest dressed man in the land and he loved wearing fine clothes and spent al


The confusion of the collision is becoming indescribable!

Monday, 17 June 2019

Strange are the things we are witnessing in the political scene. The fast-evaporating trust and confidence in politicians and the Government are seriously destroying the harmony of the nation. The Prime Minister of the country has admitted that the


Columnists More