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Sri Lanka cabinet approves changes to tax laws

ECONOMYNEXT – Sri Lanka’s cabinet of ministers had approved changes to a series of tax laws proposed by Prime Minister and Finance Minister Mahinda Rajapaksa to give effect to the tax policy of the current administration, a minister said.

The changes are to be tabled in parliament and published in the government budget, Minister Udaya Gammanpila told reporters.

The amendments already drafted relate to the laws on Nation Building Tax, Economic Services Charge, Ports and Airport Development Levy and the Finance Act.

Cabinet also approved to changes to the Inland Revenue Act and Value Added Tax to be sent to the legal draftsman.

Sri Lanka’s President Gotabaya Rajapaksa cut a series of taxes after coming in to power in December 2019, in a bid to impose a ‘fiscal stimulus’ tot the economy.

They were implemented ahead of parliamentary approval. (Colombo/Aug27/2020)