The Sri Lankan Cabinet has given the green light for amendments to the Value Added Tax (VAT) and Inland Revenue Acts to be published in the government gazette before being presented to Parliament for final approval.
As per government sources, the Legal Draftsman was instructed to draft these amendments following Cabinet decisions made in December 2024 and February 2025. The proposed changes pertain to the Value Added Tax Act No. 14 of 2002 and the Inland Revenue Act No. 24 of 2017.
These amendments, now finalized and cleared by the Attorney General, have been incorporated into the respective acts. Accordingly, the Cabinet, led by the President in his role as Minister of Finance, has sanctioned the publication of these draft bills in the gazette and their subsequent submission to Parliament for approval.