Sri Lanka tax structure to be streamlined

[TamilNet, Monday, 03 August 2009, 05:12 GMT]
Against the backdrop of the massive IMF loan of US$ 2.6 billion the government is preparing a complete overhaul of Sri Lanka’s tax structure with the intention of streamlining and enhancing tax revenue, the presidential secretariat said.

The Letter Of Intent signed between the Sri Lankan government and the IMF on July 16 underlines the necessity to rebuild and strengthen the country’s economy.

With this in mind President Mahinda Rajapakse has appointed a 10-member presidential commission headed by former Colombo University Vice Chancellor W.D. Lakshman to recommend changes to the tax structure, it said.

The Commission is expected to study the country’s existing tax system, the category of taxes, the framework of both personal and corporate income taxation, problems connected with the implementation of VAT, the refund mechanism of VAT, the Custom Tariff regime, Excise tax regime and Excise Ordinance, various Cess schemes among other matters before making recommendations for a thorough overall of the tax structure.

It will investigate concessions granted by way of tax holidays and exemptions under the Inland Revenue Act, Customs and BOI laws since 1977, the administrative structure of the Inland Revenue Department, The Sri Lanka Customs and Excise Department.

President Rajapakse had on Thursday expressed his disappointment over the small number of people paying income tax.

Prof. Lakshman said it was obvious that the country’s tax structure and revenue collecting mechanism need a complete overhaul and the Commission is expected to submit an interim report by October 31 after the public hearing and submissions.


Latest 15 Reports
11.07.20 03:40   Photo
CBK, Kadirgamar condemned at Navaali genocidal massacre remembrance event
10.07.20 00:05   Photo
SL Police harasses Shivajilingam at 25th Remembrance of Navaali massacre in Jaffna
09.07.20 09:33  
SL Navy brutally assaults Tamil fishers in Mullaith-theevu
08.07.20 16:33   Photo
Sinhala colonists encroach into Kangku-veali, Mean-kamam reservoirs in Trincomalee
07.07.20 19:36   Photo
Colombo schemes to expand ilmenite scooping into North from Pulmoaddai in East
06.07.20 19:06  
Colombo transfers Tamil Political Prisoners to notorious Anuradhapura prison
05.07.20 23:06   Photo
University students, Shivajilingam brave SL harassment to commemorate fallen Black Tigers
04.07.20 22:28   Photo
Monk commanding Sinhala-Buddhicisation of North-East threatens Tamil villagers in Batticaloa
03.07.20 19:28   Photo
After Naavat-kuzhi, Colombo targets Poonakari for Sinhala colonisation across Jaffna lagoon
02.07.20 22:26  
Colombo imposes restrictions on Tamil valour related symbolism in schools of North
01.07.20 13:22  
New secret unit among four SL military and police squads competing to arrest Tamil youth in North
30.06.20 22:10  
Tamils blocked from accessing properties near SL Navy training base in Champoor, Trincomalee
29.06.20 23:29   Photo
Moragoda advising Gotabaya prompts Sinhala parties to scrap Provincial Councils
28.06.20 22:06  
India privileging BRIC/RIC over Quad ‘discordant’, says former US top diplomat
27.06.20 22:11  
Indo-Pacific expert wants US to seek opportunities in ‘Sri Lanka’
Find this article at: