Chamber urges Govt. to consult private sector on new Inland Revenue Bill

The Ceylon Chamber of Commerce (CCC) has urged the Government to have consultations with the private sector prior to finalizing the proposed new Inland Revenue Act.
Given the wide implications of a new Act governing the Inland Revenue regime, on business operations and investor confidence, we believe that consultations with the private sector is important, prior to finalizing a new statute,” the CCC said in a media statement.
It said the chamber made submissions last week to the Government containing recommendations and observations on the proposed new Inland Revenue Bill.
“The chamber was alerted by its members that the Government is in the process of formulating a new Inland Revenue Bill, to be implemented with effect from April 1. The Taxation Steering Committee of the Chamber which has member representation across many sectors, and is all professionals with expertise in this area, met several times, deliberated it in detail, and compiled a set of comprehensive observations and recommendations on the draft bill. As with all chamber submissions, the viewpoint was of the entire private sector, but bearing in mind national needs for enhancing revenue,” the release added.

It referred to an IMF statement issued on March 7 winding up its Sri Lanka mission which also stated that “… advancing the legislative process for the new Inland Revenue Act, with effective public consultations, is a critical step towards rebalancing the tax system toward a more predictable, efficient and equitable structure”.
The chamber said it fully supports efforts to modernize the tax system - both in terms of tax policy, tax law, and tax administration. “We look forward to an early opportunity to engage with the authorities to discuss our suggestions and concerns and hope that the Ministry of Finance and the Inland Revenue Department opens up this space,” the chamber added.