Sept 07, Colombo: Sri Lanka Parliament today passed the new Inland Revenue bill with a majority with amendments. When the division was taken, 90 voted in favor and 25 against.
The Draft Bill of the Inland Revenue Act was presented for the first time in July, and after the second reading debate today, the Third Reading Committee meeting was also concluded.
The Minister of Finance Mangala Samaraweera earlier said the main objective of the new Inland Revenue Act is to simplify the tax system in order to create an investor friendly environment that will attract more foreign direct investments.
The Act will reduce the indirect taxes levied from the people from 80% to 60% and increase the direct taxes from 20% to 40% within three years.