Sri Lanka: Inland Revenue (Amendment) Bill 2023 issued
The bill has been issued based on the Cabinet approval granted to facilitate the local debt optimization process.
Inland Revenue (Amendment) Bill 2023 issued
A bill to amend the Inland Revenue Act, No. 24 of 2017 has been ordered to be published by the Minister of Finance, Economic Stabilization and National Policies in the government Gazette.
The bill has been issued based on the Cabinet approval granted to facilitate the local debt optimization process. The effective date is 1 April 2023 (subject to the enactment of the bill).
When the fund prepares accounts based on an alternative period of 12 months for the computation of income tax payable for the year of assessment commencing on 1 April 2023, the income tax rate would be applied considering such alternative period of 12 months.
Read a July 2023 report [PDF 175 KB] prepared by the KPMG member firm in Sri Lanka
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