Sri Lanka Simplifies Tax System as New Bill Clears Parliament

COLOMBO (News 1st); Sri Lanka’s Parliament today passed the Inland Revenue (Amendment) Bill with amendments, following a debate in the House.

During the committee stage, the government introduced several amendments that had previously been agreed upon in court.

The legislation is aimed at boosting tax revenue by reducing complexities within the system and introducing a more simplified tax structure.

It also expands legal provisions to facilitate action against individuals who intentionally evade paying taxes without reaching agreements with the Inland Revenue Department.

During the debate, the opposition proposed several changes, including extending the period for the collection of penalties from 30 days to 90 days. However, these proposals did not receive approval.