The Government is to introduce a series of tax reforms including the reduction on VAT from the current 22 percent to 12 percent. Minister Anura Priyadarshana Yapa said the Cabinet has given the nod for the presentation of Bills to grant tax relief. The Minister was addressing the weekly Cabinet news briefing today.
Cabinet approved a proposal submitted by President Rajapaksa as the Finance Minister to for the presentation of the Bill. The tax structure is to be more simplified as proposed in the last budget. Amendment will be made to 14 existing Acts