Sept 14, Colombo: Sri Lanka's new Inland Revenue Act that was passed in parliament last week will take effect from the 1st of April next year.
Minister of Finance and Mass Media Mangala Samaraweera said all the provisions of the new Inland Revenue Act will be implemented from the 1st of April 2018.
Upon the advice of the Finance Minister the Treasury has decided to enforce the newly passed act from the new tax year commencing April 2018.
The Minister 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.