Direct to indirect tax ratio of 20:80 to change to 60:40
The main objective of the proposed Inland Revenue Bill (IRB) is to introduce a 60:40 direct to indirect tax ratio from the current direct to indirect tax ratio of 20:80 within the next three years with an across-the-board tax regime for taxable income including those at religious places of worship, Finance Minister Mangala Samaraweera said yesterday.