New Inland Revenue Act likely from April

A senior Finance Ministry official said yesterday a new Inland Revenue Act may come into force from April 1, 2017, but hinted a possible delay is likely, should the piece of legislation be challenged in parliament. “Hopefully, we are waiting for the new Inland Revenue Act. We are planning to have it drafted, finalized and passed before  March 31. “However, if we are unable to finalize before the said period, then it will definitely come as an amendment to the existing law,” said Tax Policy Advisor to the Finance Ministry, Thanuja Perera, addressing a forum on taxation in Colombo facilitated by UTO Edu Consult and KPMG. According to Perera, the new Inland Revenue Act has already been drafted and is put forward for the Cabinet approval. While a feedback is expected in three weeks time, if approved, the Act will be implemented on the said date. “We are certain we will have it by the 1st of April if it is not challenged. But due to any reason beyond our control, there could be delays,” Perera added. The current status of Sri Lanka’s taxation is rather complex according to tax experts from KPMG. The scenario around taxes is deemed complex largely due to the fact that while some taxes were passed, some are pending to be enacted, whereas with regard to a number of tax polices, it is unsure if they will be enacted at all.  The two budgets of the unity government announced a number of tax proposals. But, the implementation of some of those tax proposals were delayed due to them being challenged by  various parties.    – See more at:

http://www.dailymirror.lk/article/New-Inland-Revenue-Act-likely-from-April-123216.html#sthash.rsYQMaut.dpuf

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