5 Acts to be amended to boost revenue; Rs. 695 b supplementary budget coming
Tuesday, 31 May 2022 11:17
The Cabinet of Ministers has approved a proposal by Prime Minister and Finance Minister Ranil Wickremesinghe to amend five Act of Parliament to boost Government revenue
The five are
- Inland Revenue Act
- VAT Act
- Telecommunication Levy Act
- Betting & Gaming Levy Act
- Fiscal Management Act.
The move is in line with the new interim government pronouncements that State revenue has to be considerably increased to meet essential expenditure amidst economic crisis.
The Government has announced a relief Budget as an interim measure.
Cabinet on Monday also approved to present a Rs. 695 billion supplementary budget to Parliament.