Govt. advances tax revenue reforms: Siyambalapitiya

Monday, 10 June 2024 01:29 - - {{hitsCtrl.values.hits}}

State Minister of Finance Ranjith Siyambalapitiya

State Minister of Finance Ranjith Siyambalapitiya last week announced that the Government is progressively implementing measures to develop and regularise tax revenue collection through its various revenue departments.

Speaking during the Parliamentary debate on the Public Debt Management Act last Friday, Siyambalapitiya highlighted the role of the Parliamentary Committee on Ways and Means in overseeing the country’s financial affairs.

“This committee is tasked with addressing issues related to taxation, duties, and other Government levies, and proposing appropriate methods to the Finance, Economic Stabilisation and National Policy Ministry,” he added.

The State Minister emphasised that this oversight has been instrumental in supporting policy changes and improving revenue collection strategies.

Siyambalapitiya noted that the Inland Revenue Department (IRD) is already leveraging new recommendations to streamline taxpayer registration processes and enhance the recovery of outstanding taxes.

He mentioned that while the department is working within the existing legal framework, efforts are underway to amend laws to better reflect current needs and remove any legal obstacles hindering efficient tax collection.

Furthermore, the minister outlined that the Customs Department, Excise Department, banks, financial institutions, and other related entities are now utilising information technology to identify taxpayers and facilitate online information sharing with the Inland Revenue Department.

This integration aims to improve transparency and efficiency in tax collection.

Siyambalapitiya also noted that various risk management measures have been introduced to bolster the tax revenue system, ensuring a more robust and accountable financial structure for the country.