Athula Ranaweera, a member of the Tax Committee of the CA Sri Lanka said that many of the existing tax laws under the old IR Act has undergone special modification so that both corporate and SME businesses and the general tax payer will effectively benefit from it.
The Inland Revenue Department (IRD) is hoping to increase the number of tax files to 2.2 million within the next two years.
Meanwhile of the yearly target of Rs. 625 billion, Rs 451 billion has been collected so far. Last year the tax collection amounted to only Rs. 348 billion,’ said Nadun Guruge, IRD’s Deputy Commissioner General.
Guruge also said that the department had received a sum of Rs 108 billion from major corporate and non- corporate taxes while the target was Rs 190 billion for this year.
“Even the yearly VAT collection had fallen short as only Rs. 203 billion was collected as opposed to the target of Rs. 232 billion for this year.’’ (VP)
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