Sri Lanka's new Inland Revenue Act will be tabled next month, the country's finance minister, Mangala Samaraweera was quoted by Colombo Page as saying.
"The main objective of the new Inland Revenue Act is to reduce the indirect taxes levied from the people from 80% to 60% and increase the direct taxes from 20% to 40% within three years," Mr Samaraweera was quoted as saying at a press conference on Friday.
Earlier this year, IMF officials indicated the release of the third tranche of the IMF loan would be "contingent on the gazetting of the new Inland Revenue Act bill", Moody's said in a statement published June 30, whilst also highlighting that Sri Lanka's very low level of government revenues was "a key constraint on the sovereign credit profile."
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