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Debate on Inland Revenue Bill postponed till next Parliamentary sitting


The debate on the Inland Revenue Bill, which was scheduled to be taken up today, was put off till the next Parliamentary sitting date. 

Leader of the House and Higher Education Minister Lakshman Kiriella informed Parliament that the Bill would not be moved for debate as scheduled since the third reading of the Local Authorities Elections (Amendment) Bill took more time than expected.

The Government presented the Inland Revenue Bill in Parliament for the first reading on July 5.

The Bill stated that the imposition of Income Tax for any year of assessment commencing on or after April 1, 2017. 

The Bill, among other things, introduces a new income tax structure and is aimed at closing existing loopholes in revenue collection. 

The Inland Revenue Bill will also undergo a large number of amendments at its Committee stage.