Hold Tax Act till April ’18

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By 2017-07-18

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A leading business chamber is of the view that the new Inland Revenue Act, which was gazetted and tabled in Parliament, should be implemented in April 2018, providing adequate time for both tax payer and the tax office to become fully conversant.
The new Inland Revenue Bill, which was gazetted on 16 June 2017, was tabled in Parliament on 5 July 2017. Once passed by Parliament, this Bill will replace the existing Inland Revenue Act No. 10 of 2006.

The objective of introducing the new Bill is to broaden the existing tax base, rationalize the existing tax structure, and simplify the language and to align the tax rules with international best practice. The Ceylon Chamber of Commerce is in the view that formulation of tax policy is the prerogative of the government with due consideration for different stakeholder views.

The Chamber was engaged in the drafting stages of the Bill and made several representations to the government on behalf of its members and the general taxpaying public without compromising the government's effort of increasing revenue collection.
"Some of the key submission by the chamber were to maintain the current law relating to taxing dividends, interest, and the business of life insurance, sale of shares in the Colombo Stock Exchange, concessionary rate of tax for thrust industries such as agriculture, education and......exports, simplify the capital allowances structure proposed in the new Bill and to maintain the same tax structure," CCC said in a statement.

"We are happy to note that most submissions were accepted whilst the Chamber is yet negotiating with government to accept certain provisions to do with the practical implementation of the proposed law," it said.

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