Amended Inland Revenue Bill in Parliament soon | Sunday Observer

Amended Inland Revenue Bill in Parliament soon

The Inland Revenue Bill with amendments made to fall in line with the guidance given by the Supreme Court, will be presented to Parliament without any delay, State Minister of Finance, Eran Wickramaratne said.

Speaking to the Sunday Observer he said that the Supreme Court decision is not viewed as an impediment but rather as a means of further bettering the Bill.

“The initial drafting of the Bill was done before the minister and myself took office, however, since then we have been entertaining public submissions for amendments in order to improve the bill. The Supreme Court order gives us further guidance as to how we should take this further,” the Minister said.

Pointing out some areas highlighted within the judgment, he stated it relates more on administrative issues.

While stating that they are confident that the issues highlighted will be dealt with swiftly he went on to state; “We have taken cognizance of the Supreme Court judgment and it will be used to compose a more robust and effective legislation.”

The Supreme Court order tabled in Parliament was sent for a Supreme Court determination on its validity, which it reverted to Parliament yesterday.

Speaker, Karu Jayasuriya announcing the determination in Parliament on Friday stated that clause 200 which refers to interpretation and avoidance of doubt, it was ruled that it should be passed with a special majority in parliament or approved by the people at a referendum.

It further stated that Sections 97, 98 and 101 which refers to administration and delegation of powers, section 167 addressing recovery of taxes and section 200 should either be amended as stated in the determination or passed with a special majority or at a referendum.

According to Minister Wickramaratne, this piece of legislation which will address loopholes in revenue collection and which introduces a new tax structure, is much needed for a comprehensive long term fiscal sustainability and long term macroeconomic policies favourable for the country’s growth.