New Inland Revenue Act: Several taxes come into effect from October

Several taxes in the new Inland Revenue Act will come into effect from October, the Finance and Mass Media Ministry said in a press statement yesterday.

Accordingly, the Remittance tax, Capital Gains tax, Withholding tax, and PAYE tax will come into effect from October and the rest of the provisions in the Act will come into effect from April 1, 2018.

The new Inland Revenue Bill got through Parliament last week with a majority of 65 votes. It replaces the Inland Revenue Act No 10 of 2006.

The new Act introduces a new income tax structure with the aim of raising the state revenue by closing existing loopholes in revenue collection.

The employees who earn salaries less than Rs.100,000 per month have been exempted from the PAYE tax. The main aim of the new Act is to increase state revenue by focusing more on direct taxes while reducing the dependency on indirect taxes. 

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