NO EXEMPTIONS UNDER NEW TAX BILL
Minister of Finance Mangala Samaraweera has stated no tax exemptions will be granted under the new Inland Revenue Bill and that all individuals qualified to pay income tax would be required to do so.
Religious institutions would be required to pay taxes only if they engage in business.
Of the taxes collected by the state, 20 percent is direct and the rest is in the form of indirect taxes. The minister stated that to bring about social justice, the share of indirect taxes should be reduced to 60 percent while the contribution of direct taxes should be increased to 40 percent.