Sri Lanka Should Plug Revenue Holes: IMF
Posted on August 16th, 2017

by Ulrika Lomas, Tax-News.com, Brussels

16 August 2017

Sri Lanka is planning to revamp its tax system to reverse a steady erosion of its tax base over the past two decades, the International Monetary Fund (IMF) has said.

The country is planning to submit a new Inland Revenue Act to parliament, which would broaden the tax base by removing excessive tax exemptions, rationalize corporate tax incentives to establish an investment-oriented regime, and strengthen administrative powers.

The IMF said that “further revenue mobilization will rest on stronger tax administration and value-added tax (VAT) reforms.”

Sri Lanka’s tax-to-GDP ratio is one of the lowest in the world, and the nation’s tax efficiency ratio is also below that of comparable countries, particularly for VAT, the IMF said.

One Response to “Sri Lanka Should Plug Revenue Holes: IMF”

  1. Ananda-USA Says:

    Here is ONE MONEY LEAK being PLUGGED ….. FINALLY!

    BRAVO! FINALLY some ACTION on converting WASTE => ENERGY + FERTILIZER!

    Hope this FOUNDATION LAYING will not become another Hoaxwagen or Horana Tire Factory Debacle!

    ………………………………..
    Foundation laid for a waste-based electricity plant
    Fri, Aug 18, 2017, 11:06 am SL Time, ColomboPage News Desk, Sri Lanka.

    Aug 18, Colombo: Sri Lankan President Maithripala Sirisena Thursday laid the foundation for a waste-based electricity plant which generates electricity from garbage at the Karadiyana Waste Management Facility in Piliyandala.

    The President also named the Karadiyana Waste Management Project as the Mihisaru Viyamana Resources Management Centre, to streamline the solid waste management in the Colombo district.

    The project will be implemented under the Punarudaya national program for environmental conservation, by the Fairway Waste Management (PVT) Ltd, with the support of the Ministry of Megapolis and Western Development and the Ministry of Local Government & Provincial Councils making a reality of the concept of establishing large waste management Projects, introduced by the Waste Management Authority of the Western Provincial Council.

    Through the project 500 tons of solid waste received at the site per day will be turned into electricity and fertilizer. The project will produce green electricity to power more than 37,500 households and apart from generating electricity, organic fertilizer will also be produced.

    There will be a significant reduction of the amount of waste left out as 90 percent of waste will be converted into electricity and fertilizer. This will provide a sustainable solution for the environmental and social issues arisen due to the disposal of waste.

    Ministers Patali Champika Ranawaka, Ranjith Siyambalapitiya, Deputy Minister Lasantha Alagiyawanna, Western Province Chief Minister Isuru Devapriya were among those present at the occasion.

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