Cabinet nod for new Inland Revenue Act

The Government this week has approved the new Inland Revenue Bill presented by Finance Minister Ravi Karunanayake to be gazetted and presented in Parliament. A brief statement issued by the Government Information Department said that the “new Inland Revenue Bill drafted by the Legal Draftsman as proposed by Budget 2016, was approved by the Cabinet of Ministers”.

Different stakeholders have been protesting against the introduction of a brand new bill, including commissioners of Inland Revenue, claiming that the exercise would be a waste of resources. They also claimed that the newly-introduced RAMIS would be obsolete if a new bill were introduced. 

The Government also approved draft bill to amend Nation Building Tax Act No. 09 of 2009 by including amendments proposed by Budget 2017 to be gazetted and presented in Parliament. 

Further the Government also approved the proposal made by Development Strategies and International Trade Minister Malik Samarawickrama to present the Gazette Extraordinary No. 2011/09 dated 21 March on revision of Cess Levy in Parliament.