The second reading of the new Inland Revenue (Amendment) Bill and the Social Security Contribution Levy (Amendment) Bill will take place this evening(06) from 4.30 pm till 7.30 pm. 

Parliament Media said the debate on the two amendment bills will continue on Thursday from 4.30 pm and will be taken for third and final reading. 

President Ranil Wickremesinghe addressing the Parliament today requested all MPs to extend their support for the amendments to be approved without delay. He said if MPs are not willing to debate today and tomorrow, it will be taken for debate on Saturday and requested the Speaker to hand over the document on Sunday. 

He assured that there will be no major negative impact to the EPF/ETF funds. 

“All other corporations are paying a 30 percent income tax. The EPF/ETF has to pay the income tax of 30 percent or as an alternative they will pay only 14 percent if they opt for the domestic debt optimization,” the President said. 

On Tuesday, Speaker Mahinda Yapa Abeywardena said he received the Determination of the Supreme Court in respect of the Inland Revenue(Amendment) Bill which was challenged in the SC in terms of Article 121 (1) of the Constitution. 

In the Determination, the SC has held that neither the Bill nor any of its provisions is inconsistent with Article 12 or any provisions of the Constitution. 

He announced that the Bill can be validly passed by a simple majority of the legislature.