The Ceylon Chamber of Commerce made submissions containing recommendations and observations on the proposed new Inland Revenue Bill, to the Government last week.
The Government is in the process of formulating a new Inland Revenue Bill, to be implemented from April 1 this year.
The Taxation Steering Committee of the Chamber which has member representation across many sectors, comprising professionals with expertise in this area, met several times, deliberated in detail, and compiled a set of comprehensive observations and recommendations on the draft bill. As with all Chamber submissions, the viewpoint was of the entire private sector, but bearing in mind national needs for enhancing revenue, a Chamber media release said.
Given the wide implications of a new Act governing the Inland Revenue regime, on business operations and investor confidence, we believe that consultations with the private sector is important, prior to finalizing a new statute.
The IMF statement issued on the March 7, winding up its Sri Lanka Mission, also stated that “…advancing the legislative process for the new Inland Revenue Act, with effective public consultations, is a critical step towards rebalancing the tax system toward a more predictable, efficient and equitable structure”.