News
Taxable income of individuals revised
12 Oct, 2022
The taxable income of a resident or nonresident individual has been revised through the Inland Revenue (Amendment) Bill, which has now been gazetted.
President Ranil Wickremesinghe had said recently that the significant loss of tax revenues to the state coffers due to the low tax regime introduced by the Government in late 2019 combined with the COVID-19 pandemic in 2020/2021 and related developments, which affected the revenue generation process, had led to the critical situation prevailing today.
Therefore Wickremesinghe, in his capacity as the Minister of Finance, had proposed tax reforms to rebuild the country?s economy.
The tax reforms were also proposed to meet the expectations of the International Monetary Fund (IMF). (Colombo Gazette)
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