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Meaningful, Lasting Reforms Needed In Sri Lanka: IMF

by Mary Swire, Tax-News.com, Hong Kong

16 December 2015


The Government of Sri Lanka has been encouraged to ensure that its finances are sustainable, after temporarily buoying its fiscal position with largely one-off measures.

In a new report, the International Monetary Fund said that Sri Lanka's 2015 deficit target will likely be very difficult to achieve, with the Government's revenue targets said to be optimistic.

The IMF warned authorities in Sri Lanka that revenues will likely drop in 2016 as one-off measures expire. Lawmakers therefore need to look at measures to permanently increase receipts, it said.

The report recommended that Sri Lanka needs to review its tax expenditures, and resist introducing further tax breaks. The IMF said the 2016 Budget should include measures to broaden the tax base and improve tax administration.

The Sri Lankan Government emphasized its commitment to continued fiscal consolidation, while introducing a more progressive tax system. It said it is determined to address weak revenue performance after the election.

TAGS: tax | Sri Lanka | revenue guidance | budget | International Monetary Fund (IMF) | tax breaks | tax reform

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