The Cabinet has approved the Cabinet Memorandum submitted by the Prime Minister and Minister of Finance Ranil Wickremesinghe to increase government revenue.
In his cabinet memorandum, Ranil Wickremesinghe pointed out that government revenue had declined significantly through the tax reform introduced in 2019 with the introduction of a relaxed tax policy, and sought approval to amend several tax bills to increase tax revenue.
Accordingly, the Prime Minister proposes to amend
Financial Management (Liability) Act No. 03 of 2003
Inland Revenue Act No. 24 of 2017
Value Added Tax Act No. 14 of 2002
Telecommunication Tax Act No. 21 of 2011
Betting and Gaming Tax Act No. 40 of 1988
The proposal has been approved by the Cabinet and the draftsman will be instructed to draft the relevant Acts accordingly.
