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No change in EPF taxation

Salaries of workers paying Employees Provident Fund will continue to be taxed as at present with no change, Deputy State Minister Eran Wickramaratne said.   “The status quo will remain,” he told reporters.   Former President Mahinda Rajapaksa had warned that under a new Inland Revenue Act, the taxable gross …

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Inland Revenue Bill put off till Sept. 06

The debate on the Inland Revenue Bill, which was scheduled to be taken up yesterday, was put off to the next Parliamentary sitting date (Sept. 06).   Leader of the House and Highways and Higher Education Minister Lakshman Kiriella told the House that the Bill would not be moved for …

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Business chambers discuss on Budget proposals

The Ceylon Chamber of Commerce (CCC) will conduct meetings next week regarding the budget proposals, its Economist Anushka Wijesingha told the Sunday Observer. “We will have meetings every day for five days and will hold a series of meetings focusing on all the sectors, to generate proposals for Budget 2018, …

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Increase of sugar import levy effective from midnight

The Ministry of Finance has announced that the special import levy imposed on sugar will be increased by Rs. 8 per kilogram. The increase will be made effective from 12.00 am tomorrow (16). The existing levy of Rs. 10 will accordingly be increased to Rs. 18. The Ministry stated that …

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Govt. to present modified IR Bill in House this week

The government will present the draft of the Inland Revenue Bill, modified according to the Supreme Court ruling, to Parliament during the next parliamentary session, a minister revealed. Earlier, the Supreme Court determined that the Bill contained provisions which were inconsistent with the Constitution. State Minister of Finance Eran Wickramaratne …

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