On 7 September 2017, the Sri Lankan Parliament reportedly passed legislation for a new Inland Revenue Act, including changes meant to simplify the country's tax system, expand the tax base, and increase revenue as agreed with the IMF in order to secure funding under a credit agreement. The overall focus of the new Act is to increase revenue from direct taxes while reducing the indirect tax burden. One of the main changes is the removal of several corporate tax exemptions and the consolidation…