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New tax bill: Sri Lanka’s corporates wary about ‘subtle’ non-deductions-By Sanath Nanayakkare Source:Island Say draconian powers drafted to be given to Inland Revenue Chief Calls for independent body to get a fair hearing The new tax bill is one that demotivates taxpayers from being compliant and one that restricts existing taxpayers from their legitimate deductions, Nisreen Rehmanjee, head of corporate finance, group tax and social entrepreneurship project, John Keells Group said on Tuesday. She said so at a webinar hosted by the Ceylon Chamber of Commerce (CCC) titled,” Implications of Amendments to the Inland Revenue Act.” Predominantly taking a corporate view of the bill, she said,” Considering the financial situation of the country, I think that everyone has to pay more tax. That is a policy issue and I don’t have any problems with that. But we are concerned about proposed provisions on deductions, tax administration and taxpayer rights. The ...