Korea Eximbank provides consultation for establishment of automated taxation system in Colombo

Tuesday, 1 May 2018 00:00 - - {{hitsCtrl.values.hits}}

The Export-Import Bank of Korea (Korea Eximbank) has agreed to provide KSP (Knowledge Sharing Program) policy consultation to establish an automated taxation system in the Colombo Municipality. The Korean consultant team conducted the inception workshop at the Colombo Municipal Council under the chairmanship of her worship the Mayor Rosy Senanayake. The KSP is expected to be completed in July.

Local authorities in Sri Lanka, including the Colombo Municipal Council, are currently facing challenges such as uncertain data on taxable property, omissions in charging taxes, inefficient administrative procedures due to existing manual taxing methods, etc. Considering this urgent need to build a strong tax information system, especially for the Colombo city which generates considerably high amounts of tax, the KSP team will design a plan for establishing a tax information system optimal for the Colombo city.

This KSP will also include a specific analysis of the current status of the tax system and property information in Colombo, the sharing of a case study on the taxation system operated by the Seoul city and capacity building programs.

The Korea Eximbank provides Official Development Assistance (ODA) for international development and cooperation. The bank signed its first ODA loan agreement with Sri Lanka in 1990, for the rehabilitation of the Colombo-Galle road. As of now, the Bank has approved $ 785.07 million for 29 development projects in Sri Lanka.

Korea Eximbank also provides financing for international trade and overseas investment, to promote bilateral economic cooperation. Since 1978, it has provided $ 386 million both for trade between Sri Lanka and Korea, and for Korean companies’ foreign direct investments in Sri Lanka.

KSP (Knowledge Sharing Program) is a special technical assistance program provided by the Korea Eximbank under the auspices of the Ministry of Strategy and Finance of Korea, to share Korea’s development experience and knowledge accumulated over the past decades with partner countries. KSP offers Joint Consulting Programs with Multilateral Development Banks, Modularization Projects, and Policy Consultation tailored to the needs of partner countries encompassing in-depth analysis, policy recommendations, and training opportunities.