SEOUL: The Export-Import Bank of Korea (Korea Eximbank) is to help establish an automated taxation system in the Sri Lankan capital Colombo which generates considerably high amounts of tax revenue.
The support from Korea Eximbank, which provides Official Development Assistance (ODA) for international development and cooperation, will include an analysis of the current status of the tax system and property information in Colombo.
The South Korean embassy said in a statement the project, done through the Knowledge Sharing Program, known as KSP, is expected to be completed in July 2018.
KSP is a special technical assistance program provided by the Korea Eximbank under the Ministry of Strategy and Finance of Korea to share Korea’s development experience and knowledge accumulated over the past decades with partner countries.
An automated taxation system in the Colombo Municipality is needed as local authorities in Sri Lanka currently face challenges such as uncertain data on taxable property, omissions in charging taxes, and inefficient administrative procedures due to existing manual taxing methods.
