The final report of the Presidential Commission on Taxation 2009 was handed over to President Mahinda Rajapaksa by the Chairman of the Commission Prof. W.D Lakshman at Temple Trees recently.
President Rajapaksa appointed the ten-member Commission to study the country’s tax system and make recommendations to increase the revenues.
The President had outlined a series of measures of the current statute that needs scrutiny and examination. According to the Government Information Department, the Commission has been requested to cover all areas outlined by the President to improve the tax system in the country without placing burdens on the people.
The Commission has covered wide areas with regard to the taxation system in the country and has suggested measures to halt frequent changes to taxation.
The Commission studied various taxes operational at different levels of Government and proposed ways and means to nationalize such taxes at national, provincial, and local authority level with the view to maximize revenue objectives at each level.
The Commission was also to study Customs Tariff recognizing international trade agreements and propose necessary changes.
The International Monetary Foundation (IMF) which granted a US$ 2.6 billion loan to Sri Lanka has urged the government to take measures to broaden the tax base, simplify the tax and tariff systems, and improve tax administration.
Members of the Commission, Deputy Secretary to the Treasury Ministry of Finance and Planning Dr. R.H.S Samarathunga, Director General of Customs Sarath Jayatilleke, and Chairman Faculty of Taxation Institute of Charted Accountants of Sri Lanka Rajan Asiriwatham were also present.
Future of taxation!
The final report of the Presidential Commission on Taxation 2009 was handed over to President Mahinda Rajapaksa by the Chairman of the Commission Prof. W.D Lakshman at Temple Trees - Pic by Sudath Silva.