Govt. explores ways to widen tax net and ease red tape

Sri Lanka
By Editor_1
Finance Ministry and the Inland Revenue Department (IRD) officials held high-level discussions aimed at widening the tax net, boosting state revenue, and easing the process for taxpayers, the ministry announced in a statement - EN

COLOMBO – Sri Lanka’s Finance Ministry and the Inland Revenue Department (IRD) held high-level discussions aimed at widening the tax net, boosting state revenue, and easing the process for taxpayers, the ministry announced in a statement.

The meeting, chaired by Deputy Minister of Economic Development Nishantha Jayaweera, brought together Commissioner General of Inland Revenue Rukdevi Fernando and other senior officials for an in-depth review of current revenue strategies and administrative bottlenecks.

According to the ministry, officials were instructed to take urgent measures to improve voluntary tax compliance, strengthen taxpayer awareness campaigns, and minimize red tape that often discourages individuals and businesses from filing returns.

“The Deputy Minister instructed that inconvenience faced by taxpayers in filing their tax returns be minimized, and that tax returns be simplified as much as possible,” the statement said. He also directed the IRD to develop and submit a practical and immediate program to meet annual revenue targets.

The discussion also focused on the government’s broader plans to meet its revised revenue goals for 2025, following stronger-than-expected performance in income tax collection and levies on goods and services, particularly taxes related to vehicle imports.

Sri Lanka’s 2026 Budget has already revised tax revenue estimates upward, citing improved fiscal performance. The government had initially targeted 4,590 billion rupees in tax revenue for 2025. This figure has now been raised by 2.9 percent to 4,725 billion rupees, according to official budget documents.

Within this, the target for income tax has been increased by 3.7% to 1,210 billion rupees, while expected revenue from goods and services levies has been raised by 6.5% to 2,953 billion rupees.

The Finance Ministry said further discussions will continue as Sri Lanka intensifies its efforts to stabilise government finances and strengthen long-term revenue administration.

-EN/ENCL

Editor_1
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