COLOMBO: Sri Lanka’s government expects to raise Rs60 billion a year in additional tax revenue with the implementation of the new tax law, Finance Ministry Deputy Secretary S.R. Attygalle said.
This year the government expects to get Rs30 billion more from taxes under the new Inland Revenue Act which came into effect 1 April 2018.
That’s because the additional revenue will effectively be generated only in the last two quarters of the year, Attygalle told a news conference.
“A whole heap of tax exemptions have been removed – tax holidays are out, so we expect more revenue should come. When exemptions are removed, the tax base gets expanded.
Attygalle also said that strengthening the tax administration was the key to widening the tax base and increasing revenue.
