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 ::
Sri Lanka Navy arrests 16 Indian fishermen for poaching in island waters
-- [5 hours ago]
Private sector technical team proposes to hold off the abolition of current SVAT system
-- [5 hours ago]
Pakistan, Sri Lanka relations firmly standing on the pillars of mutual trust and respect - High Commissioner
-- [6 hours ago]
Sri Lanka to introduce new legislation to replace old Acts in financial sector to meet present day needs
-- [6 hours ago]
Sri Lankan woman nabbed at Bangalore airport for drug smuggling
-- [8 hours ago]
U.S. suggests Sri Lanka government to make a public strategy and time table to fulfill UN commitments
-- [8 hours ago]
Pakistan to showcase Gandhara art in Sri Lanka at the Vesak Festival
-- [9 hours ago]
Major General Mahesh Senanayake appointed Chief of Staff in Sri Lanka Army
World Water Day: U.S. Embassy helps provide clean drinking water in rural Sri Lanka
Finance Minister pays surprise visit to Sri Lanka Customs

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.