Finance and Mass Media Minister Mangala Samaraweera said that the objective of the new Inland Revenue Act is to simplify the tax system in order to create an investor friendly environment.
He said this at a meeting held yesterday with the Inland Revenue Department (IRD) at the Finance Ministry in Colombo.
The Minister said that the current tax system is complicated and that foreign investors find it difficult to understand it.
‘The new Inland Revenue Bill will broad-base the tax system and incorporate globally accepted new tax principles to deal with international cross border relations’, Minister Samaraweera said.
Furthermore Minister Samaraweera opened an opportunity for the IRD employees to submit their proposals and to discuss any other issues faced by them.
He said that he will consider the trade union’s concerns to enhance the tax revenue of the government.
The trade union representatives briefed Minister Samaraweera on certain administrative and technical issues in the department.
