Saturday July 21, 2018

Sri Lanka to bring transitional provisions on new income tax law

Mar 29, 2018 11:29 AM GMT+0530 | 1 Comment(s)

ECONOMYNEXT - Sri Lanka will bring changes to a new income tax law effective this year to tide over practical difficulties encountered and also introduce transitional provisions in the change-over from the old act.

Finance Minister Mangala Samaraweera had proposed transitional provisions covering unexpired tax holidays and capital allowances which have to be issued as regulations, the state information office said.

Some directions of the new act also had to be changed to take into account practical difficulties encountered, the cabinet was told.

The cabinet had approved the proposals. (Colombo/Mar29/2018)


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  1. kt March 29, 06:21 AM

    Why did you have to wait so long or till the last minute to do it. So many requests and discussions were had and there was no execution. Some industries and individuals are already paying the price. Too little too late. Another dissaponted citizen.

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