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.