The government has taken several steps to boost revenue in Sri Lanka, which has been severely impacted by the current economic crisis.
In 2019, the government decided to lower the rates of value-added tax, personal income tax, and corporate income tax, as well as reduce the tax base for value-added tax and income tax, resulting in a significant decrease in government revenue.
In this regard, the Prime Minister, in his capacity as Minister of Finance, Economic Stabilization, and National Policies, has proposed amending necessary Bills to increase government revenue.
As a result, the Cabinet approved the proposal to direct legal Draftsmen to prepare the necessary Bills to amend the following Acts.
INLAND REVENUE ACT, No. 24 OF 2017
• Value Added Tax Act, No. 14 of 2002
• Telecommunication Levy Act No21 of 2011
• Betting and Gaming Levy Act, No.40 of 1988
• Fiscal Management (Responsibility) Act No. 3 of 200