Mar 20, 2018

'Eliminating tax exemptions would create level playing field'

Minister of Finance - Mangala Samaraweera says that the elimination of tax exemptions through the new Inland Revenue Act would "would create a level playing field for everyone to do business, moving away from the culture of preferential treatments."

He was speaking on “Implementation of New Inland Revenue Act” during an IRD Awareness Programme held yesterday (19).

He added that the government expected to increase the share of direct income tax against indirect taxes.

"We expect to share of direct income tax against indirect taxes. The preferred ratio is 40% to 60% from the current level of 18% to 82%. That is one of the hallmarks of a fairer tax system. Yet, we are fully cognisant that this is an enormously challenging goal. The new Inland Revenue Act is a timely step in that direction. I hope we will have a smooth transition and a better system with the passage of time."

Click here to read minister Samaraweera's complete speech

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