{"id":68966,"date":"2017-08-16T17:02:25","date_gmt":"2017-08-17T00:02:25","guid":{"rendered":"http:\/\/www.lankaweb.com\/news\/items\/?p=68966"},"modified":"2017-08-16T17:02:25","modified_gmt":"2017-08-17T00:02:25","slug":"sri-lanka-should-plug-revenue-holes-imf","status":"publish","type":"post","link":"https:\/\/www.lankaweb.com\/news\/items\/2017\/08\/16\/sri-lanka-should-plug-revenue-holes-imf\/","title":{"rendered":"Sri Lanka Should Plug Revenue Holes: IMF"},"content":{"rendered":"<h2><span style=\"color: #0000ff;\"><em>by Ulrika Lomas, Tax-News.com, Brussels<\/em><\/span><\/h2>\n<h3>16 August 2017<\/h3>\n<p>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.<\/p>\n<p>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.<\/p>\n<p>The IMF said that &#8220;further revenue mobilization will rest on stronger tax administration and value-added tax (VAT) reforms.&#8221;<\/p>\n<p>Sri Lanka&#8217;s tax-to-GDP ratio is one of the lowest in the world, and the nation&#8217;s tax efficiency ratio is also below that of comparable countries, particularly for VAT, the IMF said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[102],"tags":[],"class_list":["post-68966","post","type-post","status-publish","format-standard","hentry","category-economy"],"_links":{"self":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts\/68966","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/comments?post=68966"}],"version-history":[{"count":0,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts\/68966\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/media?parent=68966"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/categories?post=68966"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/tags?post=68966"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}