The Cabinet of Ministers of Sri Lanka has approved the gazetting and parliamentary presentation of amendments to the Inland Revenue Act following clearance by the Attorney General of Sri Lanka.

The proposed amendments relate to the Inland Revenue Act No. 24 of 2017 and form part of a package of tax reforms intended to strengthen the tax system and support revenue-based fiscal consolidation. Cabinet approval to introduce changes to the law was granted last year.

The amended Inland Revenue (Amendment) Bill has been drafted by the Legal Draftsman and subsequently reviewed and cleared by the Attorney General, paving the way for the next stage of the legislative process.

Following this clearance, the Cabinet approved a proposal submitted by Anura Kumara Dissanayake, in his capacity as Minister of Finance, Planning, and Economic Development, to publish the Bill in the Government Gazette and table it in Parliament for approval.

Once gazetted, the Bill will be presented to Parliament, where it will be subject to debate and legislative approval before any amendments to the Inland Revenue Act take legal effect.