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FM to introduce amendments to close loopholes in new Inland Revenue Act

A series of Amendments to rectify the identified loopholes of the newly introduced Inland Revenue Act would be presented to Parliament in the first week of July, Finance and Mass Media Minister Mangala Samaraweera said yesterday.

 

Speaking in Parliament, he said the removal of 15 percent VAT on channeling at private hospitals, exemption of all savings accounts of children less than 18 years from income tax and exemption of royalty payments up to Rs 50,000 per month from income tax were included in those amendments.

 

He said the amendments had already received the Cabinet approval. “We have already informed our officers not to charge these taxes, as we hope to pass the amendments soon,” he added.

 

He said artistes who earned more than Rs 50,000 per month from royalty payments would still have to pay the income tax. He said 15 percent VAT would continue for those who obtain residential treatment in private hospitals.

 

The new Inland Revenue Act came into operation from April 1. It introduced a new income tax structure to raise the state revenue by closing existing loopholes in revenue collection.

 

 

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