December 11, Colombo (LNW): Sri Lanka’s Finance Ministry and the Inland Revenue Department have convened a high-level meeting to discuss measures aimed at expanding the tax base, simplifying the filing process, and cutting red tape, according to an official statement from the ministry.
The session was led by Deputy Minister of Economic Development, Nishantha Jayaweera, and attended by Inland Revenue Commissioner General Rukdevi Fernando alongside senior department officials.
Officials were instructed to promote voluntary tax compliance and intensify public awareness campaigns to ensure taxpayers are better informed. The Deputy Minister emphasised the need to reduce obstacles in filing returns and to simplify forms wherever possible.
A key focus of the discussion was the formulation of a practical strategy for the Inland Revenue Department to achieve the government’s revised revenue targets for 2025. The 2026 budget raised the projected tax revenue for 2025 from Rs. 4,590 billion to Rs. 4,725 billion, marking a 2.9 per cent increase.
This upward revision reflects expected growth in income tax collections as well as levies on goods and services, including vehicle import duties. The income tax target was set 3.7 per cent higher at Rs. 1,210 billion, while levies on goods and services were increased by 6.5 per cent to Rs. 2,953 billion.
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