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    Govt. sets target to earn Rs. 512 billion in tax revenues this year

    February 23, 2016

    The government has set a target to earn Rs. 512 billion in tax revenues this year, according to the Commissioner General of Inland Revenue Department Kalyani Dahanayaka.

    The Commissioner General said that extensive programs will be implemented using new technological methods to achieve the government's target.

     

    Revenue targets are contingent on a 25 percent 'Super Gain Tax' on corporations or individuals earning above Rs. 2 billion, which is expected to generate Rs. 50 billion or two-thirds of total collections,

     

    The official has said that her Department has been able to surpass the target expected in the first two months of the year. Furthermore, the Department of Inland Revenue has been able to earn revenue of Rs. 550 billion last year exceeding this year's target of Rs. 516 billion.

     

    Inland Revenue Department collected Rs. 514 billion in 2014 recording an increase of Rs. 21 billion over that of the previous year. It was a 43 percent contribution to the total Government Revenue and 5.25% to the Gross Domestic Production (GDP) of the year.

     

    The International Monetary Fund (IMF) has said that Sri Lanka's tax revenues is among the lowest in the region and advised the authorities to broaden the tax revenue base.

    Last modified on Tuesday, 23 February 2016 15:57

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