Cabinet approves tax amendments | Daily News


 

Cabinet approves tax amendments

The Cabinet of Ministers has approved amendments to the Inland Revenue Act to make the tax regime more simple,transparent and effective as pledged by the government in the run up to the presidential poll.

Prime Minister Mahinda Rajapaksa as Finance Minister presented the cabinet memorandum. President Gotabaya Rajapaksa tabled a cabinet paper at the maiden cabinet meeting of the new government for the revival of the economy.

The President through this proposal envisages new tax amendments which help to promote easy tax administration and introduce self-compliance for tax payments. The Finance Ministry said this Inland Revenue Bill will be presented in parliament for approval. Withholding tax will not be levied up to Rs. 250,000 under the new tax amendments. PAYE tax limits have also been imposed.

 


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