BusinessThe Sri Lanka Government’s decision to delay the implementation of the new Inland Revenue Act to April 1, 2018 – six months from now -, has been welcomed by the Ceylon Chamber of Commerce (CCC). The chamber in congratulating the Ministry of Finance on the successful passage of the legislation in Parliament said it had also strongly urged a change of date in its implementation. We look forward to the same level of openness and consultation in the formulation of the National Budget 2018. “The business community strongly opposes retroactive legislation in dealing with the tax regime. Domestic and foreign investors must have confidence in the stability of a tax system, when formulating their business plans,” it said.

Source: Sunday Times September 18, 2017 05:15 UTC