Cabinet approval to gazette new Inland Revenue Bill and table in Parliament

The Cabinet of Ministers has granted approval to publish the bill prepared in order to introduce amendments to the Inland Revenue Act in the Government Gazette and to table it in the Parliament consequently, the Department of Government Information (DGI) said.

On June 28, the Cabinet approved to amend the Inland Revenue Act for revising the income tax rate levied on income earned by investing in Treasury Bonds by the Employee Provident Fund (EPF), 

  Employee Trust Fund (ETF), Pension Fund or Gratuity Fund and similar funds to facilitate the local debt optimization process.

The bill prepared accordingly by the legal draftsman has received the Attorney General’s clearance, the statement said.

Accordingly, the Cabinet of Ministers has now approved the proposal presented by President Ranil Wickremesinghe, in his capacity as the Minister of Finance, Economic Stabilization and National Polices, to publish the said bill in the Government Gazette and submit to the parliament consequently.