It was imparted at the Committee on Public Finance chaired by Anura Pryarshana Yapa that with the new tax revision, 98% of the tax revenue target of Rs. 575.5 million given by the Ministry of Finance to the Inland Revenue Department for the first three months of this year, has been met.
Whilst appreciating the Inland Revenue Department for the achievement of its targets in the face of a global crisis, the Committee also emphasised that the Inland Revenue Department should increase the number of taxpayers in Sri Lanka.
Attention of the Committee on Public Finance was drawn to the aforesaid while a number of Amendments being introduced to the Inland Revenue Act No. 24 of 2018 was taken into discussion. According to the new tax Amendments introduced for a period of five years, the income limit of an individual who has to pay taxes has been increased from Rs. 500,000 to Rs. 3 million.
Also, exemptions from certain taxes, such as the Nation Building Tax, is also a salient feature of the new tax amendments. The Committee pointed out that although there is potential for non-tax revenue to be converted into savings, the department should be vigilant about the sectors and industries that will be encouraged as also pointed out by the officials.
Committee on Public Finance Chair Anura Pryarshana Yapa stated that he appreciates the interest of the Inland Revenue Department in promoting local industries and investments as well as in digitising institutions such as the Film Corporation.
Committee on Public Finance Chair Anura Pryarshana Yapa, State Minister Susil Premajayantha, State Minister Vidura Wickramanayaka, Minister Sarath Weerasekara, and Members of Parliament Dilan Perera, Prof. Ranjith Bandara, Isuru Dodangoda, Nalin Fernando, and Samanpriya Herath, on the premission of the Chair, were present at the Committee meeting held.