COLOMBO: The government’s tax revenue has recorded a 23 percent growth during the last four months.
The reason being that the government has demonstrated proper accountability, good governance and best fiscal management practices, Finance Minister Ravi Karunanayake said.
“The government during the 100 day programme demonstrated proper revenue practices, good governance and accountability.That resulted in that the government’s financial situation now being in safe hands because the previous regime put the economy in a dereliction state, Karunanayake said at the Convocation Ceremony of the Sri Lanka Institute of Taxation.
The event was held at the Sri Lanka Foundation Institute where 72 new tax professionals obtained their certificates.
“Proper collection of tax revenue helped the government to increase revenue. This will help to ease the burden on the people. Due to the complexity of the tax system, services of tax professionals are the need of the hour, he said.
He also said the proper collection of tax by the Excise Department has also increased by 123 percent due to imposing tax on ethanol and certain items that come under the Excise Department’s mandate.
Karunanayake also said that since the economy is in the safe hands,benefits to the public will be passed on to them in the next few months.
Further, to strengthen the tax revue collection in the country they are looking for a suitable place for the Inland Revenue Department that will help not only tax officers but also for tax payers in the country, he said.
He also said that newly graduated tax professionals will help the addition of new tax files, which will help to increase government revenue in the next few months.
President of the Institute of Taxation M.N Gunaskera said that 90 percent of the government revenue comes by way of taxation and therefore the role of tax professionals have become important now.
Under these circumstances the role of the tax professionals becomes more important and crucial, he said.He also said that their members are recognised and accepted by all organisations because of their high standard and dynamism.
