Sri Lanka’s income tax law enhances economic freedom: Finance Minister

ECONOMYNEXT – Finance Minister Mangala Samaraweera says Sri Lanka’s new income tax code which takes effect from 01 April 2018 will enhance economic freedoms and attract foreign direct investments.

"At the current phase of international economic standing as a middle-income country, Sri Lanka does not allure significant amount of foreign aid and grants," Samaraweera said.

"The elimination of tax exemptions will create a level playing field for everyone to do business, moving away from the culture of preferential treatments," he told a seminar on the new Inland Revenue Act on Monday.

Sri Lanka also aims to enhance tax payer protections and provide greater certainty.

The existing tax code was too complex. It had more than 200 ad-hoc tax concessions, the Finance Minister said.

"Our Government has shown steadfast commitment towards making an investor-friendly environment by carrying out necessary improvements in doing-business and providing infrastructure and other facilities.

"Every citizen who wishes to be an entrepreneur will have an environment of transparency, fairness and equity in a future Sri Lanka once our new rules-based legal system is in operation," Samaraweera said.

(COLOMBO, March 19, 2018)

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