Inland Revenue Act to be amended

With the aim of further streamlining the country's tax system, thereby facilitating fiscal integration, the government has taken steps to amend the Inland Revenue Act No. 24 of 2017. Approval was granted at the Cabinet meeting held on May 19, 2025, to introduce amendments to the said Act, incorporating the proposed tax reforms.

The Legal Draftsman has already prepared this amended Bill, and the Attorney General's clearance has also been received for it. The relevant Bill is scheduled to be published in the Government Gazette and thereafter presented to Parliament for approval.

This proposal was presented to the Cabinet by the President, in his capacity as the Minister of Finance, Planning, and Economic Development, and it has received Cabinet approval.

This Bill aims to enhance the efficiency of the tax system and achieve state revenue targets.