News
Tax arrears due to lengthy judicial process – COPA
The Commissioner General of Inland Revenue H. M. C Bandara had informed the Committee on Public Accounts (COPA) that his department had not been able to recover billions of rupees in tax arrears due to lengthy judicial process and the attendant delays, COPA Chairman Prof. Tissa Vitharana told a committee meeting recently.
The COPA stressed the need to expedite the court process to recover the arrears and prevent delays and decided to summon the Ministry of Justice, the Ministry of Finance and the Inland Revenue Department for a discussion.
COPA chairman Prof. Vitharana said that the tax system should be streamlined and steps taken to change laws, if necessary.
The COPA also said that the amount of tax that needed to be recovered was higher than what was recorded. It informed the Inland Revenue Department that it should be resolved soon. The Committee directed the Commissioner General of Inland Revenue to submit a report by March 31, 2021.
The Committee also directed the Inland Revenue Department to expedite the recovery of tax arrears and fines.
The Committee also pointed out the importance of merging institutions including the Department of Motor Traffic, Land Registry Offices with the Department of Inland Revenue for the tax collection process. The Inland Revenue Department said 29 connected institutions had been identified thus far and the COPA Chairman said that the Inland Revenue Department and other agencies would be summoned to discuss the matter.
State Minister Lasantha Alagiyawanna, Members of Parliament Tissa Attanayake, Niroshan Perera, Mohamed Muzammil, S. Sridharan, Dr. Upul Galappaththi, B.Y.G Ratnasekera, and Weerasumana Weerasinghe along with a group of government officials were present at the meeting.
News
Amendment of the Inland Revenue Act No. 24 of 2017
Approval of the Cabinet of Ministers has been granted at their meeting held on 19.05.2025 in order to introduce amendments to the Inland Revenue Act No. 24 of 2017 including the proposed tax revisions to enhance the tax structure paving way for state financial integrity based on revenue.
Accordingly, the revised draft bill has been prepared by the legal draftsman and clearance of the Attorney General has been received.
Therefore, the Cabinet of Ministers has granted approval for
the resolution furnished by the President in his capacity as the Minister of Finance, Policy Planning and Economic Development to publish the aforementioned draft bill in the government gazette notification and subsequently, forward the same to the Parliament for its concurrence.
News
Cabinet nod for “National Mineral Policy” – 2026
The National Mineral Policy was prepared for the first time in the year 1999, and the aforementioned policy has been amended in 2023 to cover matters such as preparing an updated data system related to mineral resources, adding value to the export of minerals, encouraging mineral-related industrialists, extracting mineral resources and managing the environment sustainably, and resolving the issues related to the ownership of the land arising in extracting mineral resources.
The revised National Mineral Policy has been reupdated in line with the manifesto “A Sustainable Resource Utilization – Generation of the Highest Benefit” under the policy statement of the current government” A Thriving Nation – A Beautiful Life.”
Accordingly, the Cabinet of Ministers has approved the resolution presented by the Minister of Industries and
Entrepreneurship to implement the so-formulated “National Mineral Policy—2026.”
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