Sri Lanka modernises revenue administration amidst dwindling income By Bandula Sirimanna View(s): View(s):Sri Lanka will be modernising revenue administration to support recent tax policy reforms by improving the quantity and quality of revenue collection authorities, the Finance Ministry announced. Revenue collection authorities including the Inland Revenue Department (IRD) and Customs are moving towards the automation of its core activities in a bid to improve efficiency, transparency and financial flexibility in a government saddled by dwindling revenue. The International Monetary Fund (IMF) will support the ministry in implementing the reform plan aimed at upgrading the services of the two revenue collection authorities, he disclosed. With respect to income tax administration, a concrete plan is critical to ensure that the IRA is implemented in a timely and effective manner, including the training of tax officers. IRD will adopt compliance strategies for corporate and personal income taxes (structural benchmark), following a successful implementation of the new IRA.

Source: Sunday Times May 25, 2019 19:18 UTC