Saturday Nov 16, 2024
Saturday Nov 16, 2024
Friday, 12 August 2016 00:01 - - {{hitsCtrl.values.hits}}
Panel discussion at the official launch event with Dr. Harsha de Silva and BOI Chairman Upul Jayasuriya
Showcasing the Report: Sri Lanka 2016
Tax view point in The Report: Sri Lanka 2016 by BDO Managing Partner
Oxford Business Group, a global publication, research and consultancy firm specialising in economic country intelligence in various emerging and frontier markets across Asia, Africa, Middle East and Latin America recently launched its Report: Sri Lanka 2016.
The publication is the first of its kind in South Asia. The report covers a vast array of trends and developments across the economy as a whole and sector wise from a capital market, tax and legal perspective. The Oxford Business Group produces 36 annual reports in 32 countries.
The tax system in Sri Lanka is very dynamic and complex. To distill the complexity, BDO Partners teamed with the Oxford Business Group as the Tax Partner in the first publication of The Report Sri Lanka 2016. The contents of which will undoubtedly assist stakeholders and investors in making significant investment decisions.
The report Sri Lanka features viewpoints articles from elite and eminent personnel from both the public as the private sector including a tax viewpoint by Sujeewa Rajapakse, the Managing Partner of BDO Sri Lanka.
In his viewpoint, Rajapakse noted: “Several measures have been introduced over the past couple of years to streamline the declining tax revenue-to-GDP ratio. On the direct tax front, the corporate and personal income tax structure was consolidated by rationalising the tax exemptions and concessions, thereby attempting to improve the tax base. On the indirect tax front, the base of both value-added tax and nation-building tax was broadened. Several measures have been taken to enhance the efficiency of the tax system by simplifying the existing tax structure and strengthening the tax administration of revenue-collecting agencies.
“The tax administration has seen a significant improvement with the implementation of the Revenue Administration Management Information System, where a unique identification number is allocated to taxpayers, that links with the Inland Revenue Department. This computer system will be linked to many other regulatory authorities, which will ensure that there are no leakages of tax revenue.”
BDO Partners Sri Lanka is a leading professional service firm providing audit, advisory, tax and consultancy services to national and global businesses. BDO Partners Sri Lanka is a member of the global network sharing knowledge and expertise. The firm has expanded into various service lines providing the clientele a seamless array of professional services with high quality delivery. BDO Brand stands for exceptional client service, delivered by exceptional people.
