Sri Lanka, June 24 -- Inland Revenue Department's Tax Policy Division Senior Deputy Commissioner N. C. Wijewardena stated that the Government had decided not to impose tax on transactions below Rs.500,000, aiming to discourage large cash dealings and promote bank and card payments.

He noted that a new set of regulations introduced under the Inland Revenue (Amendment) Act had imposed strict conditions on large cash transactions between individuals.

Wijewardena explained that these new laws would directly affect taxpaying businesses and individuals, warning that a lack of proper understanding could result in the loss of their entitled tax relief. He made these remarks during a special media awareness programme on the Inland Revenue (Amend...