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Press briefing of Cabinet Decision taken on 2018-03-27
Amending the Inland Revenue Act, No.24 of 2017 to provide for Transitional Provisions and to avoid the practical impediments in the implementation
The Inland Revenue Act, No.24 of 2017 will be in force from April, 2018. Under this, the transitional provisions necessary to be provided to the tax payers such as claiming the unexpired losses, capital allowances, tax holidays etc., which had been granted by the previous Inland Revenue Act, have to be issued by way of Regulations. Further, in order to avoid the practical impediments which may arise in the implementation of the new Act certain provisions in the Act require amendments. As such, the proposal made by Hon. Mangala Samaraweera, the Minister of Finance and Mass Media, to amend the Inland Revenue Act, No.24 of 2017 for the purpose, was approved by the Cabinet