Tax professional role vital for country - Treasury Secretary

Anjana Samarasinghe

Tax professionals have a vital role to play in the country's economy where they could encourage and build confidence among taxpayers to meet their tax compliances said Secretary to the Treasury, Ministry of Finance and Planning Sumith Abeysinghe.

He was speaking at the second convocation of Sri Lanka Institute of Taxation (SLIT) which was held in last week.

"Taxation mobilizes the resources for development. Tax structure become more complicated when it has multiple purposes. The country provides incentives for investments, exports and subsidies through the taxes and depends on direct tax.

The country needs to focus more on enhancing direct tax and the job of the tax professionals has become a necessity," he said.

"We have made several attempts to get the contribution of tax professionals in making tax policies in the country. It is important to uplift the institutes such as SLIT for facilitating tax professionals in the country," he said.

"There is a forbear for taxpayers coming into the tax net and it is vital to develop taxpayer culture in the country.

We are happy to say that the attitudes of the Inland Revenue officials have changed and now they are moving towards the more taxpayer friendly culture," he said.

"With the current global economic crisis there is a necessity of tax revenue and tax professionals need to encourage tax compliances. Tax professionals should adopt high standards that could persuade taxpayers on meeting their obligations.

These professionals also need to guide by code of ethics and conducts to improve the professionalism in the industry," he said.

President of the SLIT M.N Gunasekera said taxation is a very interesting subject and tax professionals help the government to improve its tax revenue. It is important for government to make more investment on facilitating tax professionals' education and improve the standards of taxation in the country.