Sri Lanka revenue bill amendments on track: State Minister
ECONOMYNEXT – Sri Lanka is amending a proposed income tax law to comply with a ruling by the Supreme Court, which said several clauses were against the constitution, State Minister for Finance Eran Wickramaratne said.
Even before the court ruling, the finance ministry had been entertaining representation and suggestions concerning the bill, which included some of the areas mentioned, he said.
"We are taking the supreme court advise to make the bill legally compliant and robust, and we have already worked on the amendments," Wickramaratne said. "Most clauses related to the administrative areas we want to address. Others relate to protecting the rights of the taxpayer, which we are in agreement in principle."
The required changes are now going through a legal vetting process. The amendments are expected to be presented during the second reading of the bill.
"We don’t see any delay in presenting the bill to parliament and getting approval," Minister Wickramaratne said. "This is a part of the larger reform process the government has undertaken to have fiscal discipline and increase revenue; it also gives a much longer-term framework for fiscal stability." (Colombo/Aug09/2017)