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The government has taken the initiative to boost revenue in Sri Lanka, which has been adversely impacted by the present economic crisis.
In 2019, the government chose to lower the rates of value-added tax, personal income tax, and corporate income tax, as well as cut the tax base for value-added tax and income tax, resulting in a large decrease in government revenue.
In this regard, the Prime Minister, in his capacity as Minister of Finance, Economic Stabilization, and National Policies, has proposed amending essential Bills to enhance government revenue.
As a result, the Cabinet accepted the proposal to direct legal Draftsmen to write the required Bills to change the following Acts.
- Inland Revenue Act, No. 24 OF 2017
- Value Added Tax Act, No. 14 of 2002
- Telecommunication Levy Act No21 of 2011
- Betting and Gaming Levy Act, No.40 of 1988
- Fiscal Management (Responsibility) Act No. 3 of 2003
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