Govt. says amended IRD law provides relief to MSMEs

Wednesday, 20 May 2026 06:12 - - {{hitsCtrl.values.hits}}

Industry and Entrepreneurship Development Deputy Minister Chathuranga Abeysinghe yesterday told Parliament that micro, small and medium enterprises (MSMEs) that default on taxes have been provided relief under the IRD Amendment Bill.

“We know that MSMEs continue to experience serious challenges first from Ditwah and now from the impact of the Middle East crisis. So the amended IRD Bill enables the Commissioner to remove all penalties and interest on defaulted taxes, provided the outstanding taxes are paid within six months,” the Deputy Minister told Parliament.

Taxpayers who default have the opportunity to present their case to the IRD and work out a solution while the penal provisions included in the amendments target wilful tax avoiders and evaders, he said.