Prime Minister Ranil Wickremesinghe proposes to amend the following acts to increase the revenue of the government.
-Inland Revenue Act
-Telecommunication Levy Act
-Betting & Gaming Levy Act
-Fiscal Management Act
The government has decided to introduce a relaxed tax policy later in 2019 to reduce the rates of value added tax, personal income tax, corporate income tax and to shrink the tax base on value added tax and income tax. As a result, government revenue has dropped significantly.
In this context, the cabinet of ministers approved the proposal presented by the Prime Minister in his capacity as the Minister of Finance, Economic Stabilization, and National Policies to instruct the legal Draftsmen to prepare the necessary Bills to amend the following Acts with a view to increasing Government Revenue.