Siyambalapitiya announces registration of 14 new sectors for tax payment

Tuesday, 9 July 2024 00:58 -     - {{hitsCtrl.values.hits}}

State Minister of Finance Ranjith Siyambalapitiya yesterday announced that 14 sectors, previously overlooked, have now been registered for tax payments and are required to pay taxes. 

He highlighted that this marks an unprecedented focus on ensuring all eligible sectors contribute to the tax net. 

Siyambalapitiya emphasised that no sector is exempt from taxation, countering claims that private schools, tutoring classes, large-scale private medical service providers, engineering services, legal services, and surveyor services were not being taxed. 

“Since last year, these sectors, among others, have been newly brought under tax regulations. The Inland Revenue Department is rigorously auditing the income of those registered in these sectors. This effort has successfully increased the Government’s revenue from 8.3% to over 11% of the gross domestic product (GDP) within a short period,” he added. 

The State Minister attributed this rise to stringent investigations and the collection of revenue from previously untaxed sectors, which helped maintain a balanced primary account. 

Siyambalapitiya acknowledged the need to address issues where some businesses underreport their income and overstate their expenses. “To address these discrepancies, the RAMIS project will be expanded to ensure accurate reporting and compliance across all sectors,” he added.