Ranil's decision on 5 tax bills to earn government revenue lost by the previous government !

Cabinet approval has been given to amend the Inland Revenue Act, the Value Added Tax Act, the Telecommunication Tax Act, the Betting and Gambling Tax Act and the Financial Management Act.

Cabinet approval has been granted to instruct the Legislative Draftsmen to amend the relevant Acts with a view to increasing government revenue.

The proposal was made by Prime Minister Ranil Wickremesinghe in his capacity as the Minister of Finance, Economic Stabilization and National Policies.

The Government has decided to reduce the rates of Value Added Tax, Personal Income Tax, Corporate Income Tax and reduce the tax base of Value Added Tax and Personal Income Tax by introducing a relaxed tax policy at the end of 2019. Revenue has declined.

At the same time, the decision has led to a widening budget deficit and public debt as a percentage of GDP.

Taking this situation into consideration, the relevant proposal has been made by the Prime Minister.