Cabinet approval has been granted to implement a number of tax changes ahead of the commencement of the new tax year.

According to the Daily FT, the tax changes are those that were introduced in 2019 and also proposed in the Budget 2021.

Cabinet Spokesman Minister Keheliya Rambukwella told reporters yesterday that Cabinet approval has been given to the changes proposed to the Inland Revenue Act No. 24 of 2017 and the Value Added Tax No. 14 of 2002.

Stating that approval has been given by the Attorney General to these amendments, the Minister said the Cabinet approved the paper presented by Prime Minister Mahinda Rajapaksa as the Finance Minister.

He said approval has been granted to publish the necessary regulations as a gazette and submit the same to Parliament.

The Government has said the tax changes were aimed at simplifying Sri Lanka’s tax system so public revenue could be increased while establishing a stable policy environment for the private sector