Cabinet approves Prime Minister Ranil Wickremesinghe’s proposal to amend Acts to increase state revenue
Posted by Editor on May 31, 2022 - 11:25 am
Sri Lanka’s Prime Minister Ranil Wickremesinghe. (BLOOMBERG / Buddhika Weerasinghe)
Sri Lankan Prime Minister Ranil Wickremesinghe has proposed to amend a number of financial acts to increase the revenue of the government.
Accordingly, Sri Lanka’s Cabinet of Ministers has granted approval to amend several Acts to increase the revenue of the government.
The following Acts will be amended:
- Value Added Tax Act (No. 14 of 2002)
- Inland Revenue Act (No. 24 OF 2017)
- Telecommunications Levy Act (Act No. 21 of 2011)
- Betting and Gaming Levy Act (Act No.40 of 1988)
- Fiscal Management Act (Act No. 3 of 2003)
The Department of Government Information said that the government decided to introduce a relaxed tax policy 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.
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This CHURCHILL does not have the ba**s to bring back the stolen money stashed in overseas accounts.
He is trying to milk the population to protect his friends in the Raja Pavula.
A new name has emerged for our PM, RW-CHURCHILL.
The new name is RANIL RAJAPAKSA, the 5th brother in the Raja Pavula !!!