Some of the proposed Amendments to Existing Acts are as follows:

Value Added Tax (Amendment) Bill

President proposed a reduction of the VAT rate on financial services and on certain Goods and Services from 20% to 12% and introduction of a New VAT Suspension Scheme for exporters and deemed exporters.

Nation Building Tax

President Rajapaksa proposed to reduce present rate of 3% to 2%.

Economic Service Charge (Amendment) Bill

President proposes a simplification of the rates scheduled and introduction of annual returns in place of quarterly returns

Stamp Duty (Special Provisions) (Amendment) Bill was proposed to enable transferring of revenue collected by the Inland Revenue Department to the Provincial Councils

Debits Tax (Amendment) Bill

President proposed the removal of the Debits Tax.

Finance (Amendment) Bill

Removal of the Social Responsibility Levy and Cellular Mobile Subscribers' Levy was proposed.

Regional Infrastructures Development Levy

President proposed to remove the Levy with effect from January 1, 2011.

Levy on Telecommunication Industry

A telecommunication levy of 20% was proposed on telecommunication services in lieu of the existing levies which are being removed.

Cabinet approval was granted to submit the relevant fifteen (15) Bills in Parliament