Press briefing of Cabinet Decision taken on 2021-07-05

Implementation of New Tax Proposals

- Budget 2021 has proposed to impose legal provisions for the investors to pay only a “Tax on Voluntary Disclosure” at the rate of 1%, exempting them from a paying a tax, penalty or interest or from any investigation or prosecution in order to encourage such investors to disclose and invest undisclosed income and assets. Approval of the Cabinet has been granted at its meeting held on 2021‑02‑22 to draft the Finance Bill - 2021 in order to make provisions required for the purpose. Accordingly, the proposal made by the Hon. Prime Minister in his capacity as the Minister of Finance, to publish the draft bill so prepared in the Government Gazette and thereafter present the same in Parliament, was approved by the Cabinet.