Press briefing of Cabinet Decision taken on 2020-02-05

Finance (Amendment) Bill

- The Debt Repayment Levy which was imposed under the Finance Act, No.35 of 2018, is required to be abolished in line with the Economic Revival Initiative Programme introduced by H.E. the President, as approved by the Cabinet of Ministers by its decision dated 2019‑11‑27. Accordingly, the proposal made by the Minister of Finance, Economic and Policy Development to submit the Finance (Amendment) Bill, which has been prepared by the Legal Draftsman incorporating the necessary legal provisions to abolish the Debt Repayment Levy with effect from 2020‑01‑01, for the approval of Parliament subsequent to publishing the same in the Government Gazette, was approved by the Cabinet.