IRD collects 98% of Rs. 575 b targeted tax revenue in Q1

The Inland Revenue Department (IRD) has met 98% of the tax revenue target of Rs. 575.5 billion given by the Ministry of Finance for the first three months of this year, the Committee on Public Finance informed.

The Committee chaired by MP Anura Priyadharshana Yapa expressed his appreciation to the IRD for its achievement of the set target amidst a global crisis and emphasised the need to increase the number of taxpayers in Sri Lanka.

According to the new tax amendments introduced for a period of five years effective from 2018, the income limit of an individual who must pay taxes has been increased from Rs. 500,000 to Rs. 3 million.

Also, exemptions from certain taxes, such as the Nation Building Tax (NBT), is also a salient feature of the new tax amendments.

The Committee pointed out that although there is potential for non-tax revenue to be converted into savings, the Department should be vigilant about the sectors and industries that will be encouraged as also pointed out by the officials.

Committee members Susil Premajayantha, State Minister Vidura Wickramanayaka, Minister Sarath Weerasekara, Dilan Perera, Ranjith Bandara, Isuru Dodangoda, Nalin Fernando and Samanpriya Herath attended the meeting.