ICCSL hails WHT removal

Wednesday, 19 February 2020 02:54 - - {{hitsCtrl.values.hits}}

The International Chamber of Commerce

Sri Lanka (ICCSL), a national committee of ICC Paris, noted the Government’s recent move to reduce the tax on profits and gains to 14% for Construction services and Healthcare services and exempt farming was a progressive step to promote the development of the SME sector.

The compliance burden of WHT payments for SMEs made to Sri Lankan residents for professional services, renting of properties, interest on deposits, and distribution of partnership profits and for contracts have now been passed onto the receiver, which is also a positive move, said ICCSL Chairman Dinesh Weerakkody.

However the statement noted the Inland Revenue Department should clearly notify the taxpayers of the new requirements.

ICCSL noted the focus once again on the development goals to bring about economic stability for the business community to invest, grow and contribute to national development was a very positive move and clearly a step in the right direction.

ICCSL is the domestic chapter of the Paris-based international world business organisation, the International Chamber of Commerce (ICC). The chamber has over six million member companies and 43 million members globally in over 130 countries.