Sri Lanka to bring transitional provisions on new income tax law
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)