The Cabinet of Ministers approved Prime Minister Ranil Wickremesinghe’s proposal as the Finance, Economic Stabilization and National Policies Minister to instruct the Legal Draftsman to prepare the necessary Bills to amend five Acts to increase Government Revenue.
The government introduced a relaxed tax policy later in 2019 to reduce the rates of the 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 had dropped significantly.
It has been decided therefore to amend the Inland Revenue Act No. 24 of 2017, Value Added Tax Act No.14 of 2002, Telecommunication Levy Act No.21 of 2011, Betting and Gaming Levy Act, No.40 of 1988 and the Fiscal Management (Responsibility) Act No. 3 of 2003.