Impact of Inland Revenue (Amendment) Bill that was passed with a majority of 45 votes

The Inland Revenue Bill had to be amended in order to facilitate the proposed DDR to achieve debt sustainability. Superannuation funds that include EPF and EPF were subjected to restructuring to bring some debt relief to the government which is short of income to settle the liabilities.

The COPA discussion with relevant officials (CBSL, EPF, IRD, etc.) revealed information about the impact on superannuation funds with the amendment of the bill. It is learned that a 30% tax is liable for all the superannuation funds forever but funds that accept the DDR will be taxed only at 14%.