Sunday, August 6, 2017

Supreme Court snubs new IR Bill

  • Five clauses in new Act inconsistent with Constitution – SC 
  • Treasury official says will revise Bill to be consistent with Constitution 
1500By Ashwin Hemmathagama – Our Lobby Correspondent-Saturday, 5 August 2017

logoThe Supreme Court has shot-down the proposed Inland Revenue Bill highlighting inconsistencies with the Constitution.

The Bill was tabled in Parliament for the imposition of income tax for any year of assessment commencing on or after 1 April, 2017, and introducing a new income tax structure aimed at closing existing loopholes in revenue collection.