New tax structure to have more facilitators

Gayan Kanchana

Sri Lanka’s new tax structure will have less administration and more facilitators to introduce new tax culture in the country. Treasury Secretary and the Finance and Planning Ministry and Economic Development Ministry Secretary Dr P B Jayasundera said, “The new tax culture we are planning will have less administration and more facilitators to simplify tax structure.”He was speaking at the Women’s Chamber of Industry and Commerce (WCIC) AGM which was held in Colombo last Tuesday.

“These reforms are essential and reforming people is the most difficult thing, but we expect the Tax Department will give their support and the senior management will give leadership to this initiative,” he said.

The Secretary also appealed to the tax consultants and the tax accountants to do the same. “This new tax culture will be simple, affordable and preferable,” he said.

The country has gained good stability and now Sri Lanka is an emerging economy in the world because the per capita income is between US $ 2000 to US $ 3000, he said.

Unemployment has declined to five percent from 15 percent in 1990 reflecting a relatively high growth and the decline in unemployment.

The incidence of poverty has declined from 24 percent in 1990 to 15 percent. Public debt has been reduced to near 80 percent of GDP and the budget deficit has been contained at around eight percent, Dr Jayasundera said.