- Sri Lanka plans to create a Revenue Authority to monitor underperforming state income collecting bodies.
- The Inland Revenue Department (IRD), Excise Department, and Customs are the three main institutions being monitored.
- The government’s tax collection is far behind target, with a revenue shortfall of 20.5 percent predicted if the trend continues.
- The International Monetary Fund (IMF) has recommended expanding the tax net.
- The Revenue Authority aims to address inefficiency and corruption in the revenue collecting institutions.
- The Parliament Sectoral Oversight Committee has recommended establishing a body to monitor and regulate the institutions.
- Resistance to implementing the Revenue Administration Management Information System (RAMIS) has resulted in lost tax collections.
- The government has no choice but to create the monitoring authority to address the revenue shortfall.
Source: economynext.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
