Sri Lanka Advances Tax Digitization with Electronic Invoicing to Boost Transparency and Economic Growth

• Sri Lanka is advancing towards modernizing its tax system with electronic invoicing, though a real-time model is not yet fully operational.
• The initiative supports the national strategy to achieve digital economy goals by 2030, focusing on transparency, efficiency, and reducing tax evasion.
• The President and key ministries emphasize digitization as crucial for economic growth and tax system improvement.
• Goals include minimizing tax irregularities, simplifying the system, improving transparency, expanding the taxpayer base, and facilitating compliance.
• The existing RAMIS system will serve as the foundation for the new electronic invoicing model.

Source: edicomgroup.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.

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