The Cabinet today approved a proposal by Prime Minister and Finance Minister Mahinda Rajapaksa to amend the Inland Revenue Act.
Earlier this month a Cabinet memorandum submitted by the Minister of Finance, to provide instructions to the Legal Draughtsman for the formulation of draft acts to amend the Inland Revenue Act, including the proposed revisions in relation to releasing the income from interests related to retention tax, amendment of tax rates of payment on earnings, amendment of income tax rates applicable on end-service tax, releasing income tax, as well as the change of rates, was approved.
Accordingly, the amendment was submitted to cabinet today and was approved.
(Colombo Gazette)