Lankapage Logo CP 18 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

Leading News from Sri Lanka::

* Ceylon Chamber makes submissions on proposed Inland Revenue Bill
Tue, Mar 14, 2017, 12:14 pm SL Time, ColomboPage News Desk, Sri Lanka.

Mar 14, Colombo: Sri Lanka's premium business chamber, the Ceylon Chamber of Commerce (CCC) last week has made submissions of suggestions and recommendations to the Government on the proposed new Inland Revenue Bill.

The Chamber was alerted by its members that the Government is in the process of formulating a new Inland Revenue Bill, to be implemented from April 1, 2017. The Taxation Steering Committee of the Chamber 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," the CCC said in a statement.

"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 March 7, 2017 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," the Chamber noted.

The Chamber said it fully supports efforts to modernize the tax system - both in terms of tax policy, tax law, and tax administration. We look forward to an early opportunity to engage with the authorities to discuss our suggestions and concerns and hope that the Finance Ministry and the Inland Revenue Department opens up this space.

The submission is available for download on the CCC website www.chamber.lk.

 


ColomboPage - Recent 10 Stories ::
Qatar Airways boosts Colombo service to four daily non-stop flights from 1 August
-- [39 minutes ago]
Cabinet approves Rs. 200 million monthly allowance for maintenance of services at Neville Fernando Hospital
-- [8 hours ago]
Sri Lanka to issue national guidelines for Day Care Centers
-- [9 hours ago]
Ex-LTTE cadre recruited children for war sentenced to life in prison
-- [9 hours ago]
Government makes Hambantota Port deal more beneficial to Sri Lanka
Sri Lanka Army aids in restoring fuel delivery hampered by the strike
Petroleum unions call off strike
Minister assures fuel distribution will be restored by evening
Sri Lanka President hopes to closely work with the new Indian President to strengthen bilateral times
European Court removes Sri Lanka's Tamil Tigers from terrorist list

Copyright © 2000, 2016 by LankaPage.com (LLC) :
The news and other contents on ColomboPage are copyrighted property of LankaPage.com, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from LankaPage.com, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.