The Chamber was alerted by its members that the Government is in the process of introducing a new Inland Revenue Bill, to be implemented with effect from next month.
The Taxation Steering Committee of the Chamber which has member representation across many sectors, and is all professionals with expertise in this area, met several times, deliberated it in detail, and compiled a set of comprehensive observations and recommendations on the draft bill.
As with all Chamber submissions, the viewpoint was of the entire private sector, but bearing in mind national needs for enhancing revenue, a media release of the Ceylon Chamber of Commerce said.
Given the wide implications of a new Act governing the Inland Revenue regime, on business operations and investor confidence, the Chamber expressed the belief that consultations with the private sector is important, prior to finalizing a new statute. IMF statement issued on the 7th March 2017 winding up its Sri Lanka Mission, also stated that “…advancing the legislative process for the new Inland Revenue Act, with effective public consultations, is a critical step towards rebalancing the tax system toward a more predictable, efficient and equitable structure”.
The Chamber fully supports efforts to modernize the tax system - both in terms of tax policy, tax law, and tax administration.