It was revealed at the Parliament’s Committee on Public Finance that with the new tax revision, 98% of the tax revenue target of Rs. 575.5 million given by the Finance Ministry to the Inland Revenue Department (IRD) for the first three months of this year has been met.
The Committee on Public Finance chaired by MP Anura Priyadharshana Yapa while appreciating the Inland Revenue Department for its achievement of its targets in the face of a global crisis, 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 Priyadharshana 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.
Public Finance Committee Chairman Anura Priyadharshana Yapa, State Ministers Susil Premajayantha, Vidura Wickramanayaka, Sarath Weerasekara, MPs Dilan Perera, Prof. Ranjith Bandara, Isuru Dodangoda, Nalin Fernando and Samanpriya Herath were present at the Committee meeting.