Press briefing of Cabinet Decision taken on 2023-07-17

Amendments to the Inland Revenue Act, No. 24 of 2017

- The Cabinet at its meeting held on 2023‑06‑28 has granted approval to introduce relevant amendments to the Inland Revenue Act No. 24 of 2017 to revise the income tax rate applicable on the income earned from investment made in Treasury Bonds by the Employees Trust Fund, Employees Provident Fund (EPF), Pension Fund or Gratuity Fund and similar Funds in order to facilitate the Domestic Debt Optimizing process. The clearance of the Attorney General has been received for the draft prepared by the Legal Draftsman accordingly. The proposal made by the Hon. President in his capacity as the Minister of Finance, Economic Stabilization and National Policies to publish the said Bill in the Government Gazette and submit the same thereafter, to Parliament for approval, was approved by the Cabinet.