Government To Introduce A New Tax To Increase Revenue

Government To Introduce A New Tax To Increase Revenue
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Finance Minister Ravi Karunanayake states that a new tax revenue proposal, which has yet to be approved by the parliament, would be introduced to increase government coffers in the coming years.

Finance Minister Ravi Karunanayake said while the state wanted to give a benefit for individuals who were taking a greater risk and investing in stocks, it did not want to give a tax loophole for companies to use mutual funds as a device for escaping tax.
“The new tax structure is an incentive for investors,” he said. “Unlike earlier, the more you invest, the more concessions you get.”

The International Monetary Fund (IMF), which approved a $1.5 billion loan last year, urged the government earlier this month to submit to parliament a new Inland Revenue Act, as a prior action to disburse a third tranche of aid in June.

 

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