Sri Lanka Should Plug Revenue Holes: IMF
by Ulrika Lomas, Tax-News.com, Brussels
16 August 2017
Sri Lanka is planning to revamp its tax system to reverse a steady erosion of its tax base over the past two decades, the International Monetary Fund (IMF) has said.
The country is planning to submit a new Inland Revenue Act to parliament, which would broaden the tax base by removing excessive tax exemptions, rationalize corporate tax incentives to establish an investment-oriented regime, and strengthen administrative powers.
The IMF said that "further revenue mobilization will rest on stronger tax administration and value-added tax (VAT) reforms."
Sri Lanka's tax-to-GDP ratio is one of the lowest in the world, and the nation's tax efficiency ratio is also below that of comparable countries, particularly for VAT, the IMF said.
To see today's news, click here.
Tax-News Reviews
A review and forecast of Cyprus's international business, legal and investment climate.
A review and forecast of Malta's international business, legal and investment climate.
A review and forecast of Jersey's international business, legal and investment climate.
A review of the latest budget news and government financial statements from around the world.
Stay Updated
Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.
By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.
To manage your mailing list preferences, please click here »
Network Blogs and Features
- Tax Tinkering Takes Precedence »
- Seven Benefits of using Mail Forwarding for small business »
- A Direct Look At Indirect Taxes »
- Governments Look To The Future »
- (Tax) Life Goes On? »
- What are the general compliance requirements of a Hong Kong company? »
- Governments Chase The COVID Cash »
- Governments Get Creative Over COVID-19 »
- Governments Taking (In)Direct Tax Action In Response To Pandemic »
- Forming an LLC in California: Step by Step Guide »