Sri Lanka launches ‘National Tax Week’ to boost state revenue
COLOMBO – Sri Lanka launched its inaugural National Tax Week on Monday (6) with the objective of strengthening State revenue generation and accelerating the country’s future development process, the President’s office said.
The National Tax Week aims to transform the negative public perception of taxation into a positive one while fostering a culture of voluntary tax compliance. The Week will be observed across the island from July 6 to 10.
“The government recognizes its responsibility to ensure that tax revenue collected fairly is managed prudently and utilized for the benefit of society,” Deputy Finance Minister Anil Jayantha said while addressing the event.
“If the government fails to demonstrate sound financial discipline, people will lose confidence and become reluctant to pay taxes. This was evident in the past,” he added.
The government this year has aimed for a record tax revenue of Rs 4,910 billion, and revenue collection authorities are expanding the tax net while increasing the compliance rate.
Critics say the number of direct taxpayers is still low, though 12 million tax identification numbers (TINs) have already been provided.
“We will not tolerate fraud, corruption or waste. If we are to rebuild this country, every citizen must contribute willingly and with a sense of national responsibility,” the Deputy Minister said.
“This should not be driven solely by legal obligation. We are confident that the people of Sri Lanka will fulfil this responsibility.”
–economynext.com
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