News1st submits request to obtain copy of Draft Income Tax Bill

News1st submits request to obtain copy of Draft Income Tax Bill

News1st submits request to obtain copy of Draft Income Tax Bill

Written by Keshala Dias

27 Mar, 2017 | 10:37 pm

Sri Lanka’s tax system has undergone different changes during different periods under different governments, to align itself with varying policies.

At present, income tax is covered under the Inland Revenue Act No. 10 of 2006.

However, there are new moves to amend this Act. But there is little or no information in the public domain as to the impact of the proposed Legislation.

On March 27, News1st submitted a written request in terms of the Right to Information Act No. 12 of 2016 to obtain a copy of the Draft Income Tax Bill.

Under the current law, where an Assessor does not accept a return, it is mandatory that ”he shall communicate to such person in writing his reasons for not accepting the return”.

However, according to the Chamber of Commerce submission on the proposed Inland Revenue Bill, it says that:

Under the current assessment procedure, the Assessor must give reasons for rejecting a tax return. In the new law, that section has been removed and an Assessor need not give reasons for rejecting a return. If there is no Provision to give reasons by law, it will result in the Assessors raising arbitrary assessments on the tax payers.

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