ECONOMYNEXT – The Ceylon Chamber of Commerce has said the government should have public consultations before presenting its new Inland Revenue Bill that is to be implemented next month.
“Given the wide implications of a new Act governing the Inland Revenue regime on business operations and investor confidence, we believe consultations with the private sector are important prior to finalizing a new statute,” a statement said.
It referred to a statement by an International Monetary Fund team that held talks with the government last week that “…advancing the legislative process for the new Inland Revenue Act, with effective public consultations, is a critical step towards rebalancing the tax system toward a more predictable, efficient and equitable structure”.
The Chamber said it “fully supports” efforts to modernize the tax system in terms of tax policy, tax law and tax administration.
The Ceylon Chamber of Commerce made submissions last week to the Government containing recommendations and observations on the proposed new Inland Revenue Bill.
“We look forward to an early opportunity to engage with authorities to discuss our suggestions and concerns, and hope the Ministry of Finance and the Inland Revenue Department opens up this space,” the statement said.
It said the Chamber was alerted by its members that the Government is in the process of formulating a new Inland Revenue Bill, to be implemented with effect from 1 April 2017.
The Taxation Steering Committee of the Chamber, which has member representation across many sectors and is made up of professionals with tax expertise, met several times to discuss and compile a set of observations and recommendations on the draft bill.
(COLOMBO, March 13, 2017)