VAT, NBT and Inland Revenue Act to be revised

Cabinet on Tuesday approved a proposal by the Finance Ministry to revise tax legislation, including those governing Value Added Tax (VAT), Nation Building Tax (NBT), and the Inland Revenue Act.   

The Cabinet of Ministers approved the proposal presented by Finance Minister Mangala Samaraweera to draft bills for revising Value Added Tax Act No. 14 of 2002, Nation Building Act No. 09 of 2009, Economic Service Charge Act No. 13 of 2006, Inland Revenue Act No. 24 of 2017, Finance Act, and Betting and Gaming Levy Act No. 40 of 1988 to insert necessary amendments.

Cabinet also gave approval for Directives on the Priority of Claims in winding up a Licensed Finance Company under Section 33 of Finance Business Act No. 42 of 2011, to be presented to Parliament. 

Directives approved by the Financial Board of the Central Bank of Sri Lanka have been published in Extra Ordinary Gazette No. 2125/58 dated 31.05.2019 under the signature of the Finance Minister, and the Cabinet of Ministers approved the proposal presented by the Minister to present this Gazette for parliamentary approval.