• Government has registered 14 previously overlooked fields for mandatory tax payments, which, along with stringent investigations by the Inland Revenue Department, has increased tax revenue from 8.3% to over 11% of GDP.

In a bid to increase tax revenue, the government has registered 14 previously overlooked fields for mandatory tax payments, Finance State Minister Ranjith Siyambalapitiya announced. The newly registered fields include private schools, private tutoring classes, large-scale private medical services, engineering services, legal services, and survey services. To ensure compliance, the Inland Revenue Department (IRD) is conducting stringent investigations into the incomes of these fields. These measures are part of the government’s effort to ensure no field escapes taxation, according to Siyambalapitiya.

In a statement to the media, Siyambalapitiya highlighted that the ongoing IRD investigations have helped the government increase its revenue from 8.3 percent to over 11 percent of GDP, while maintaining a positive figure in the primary account. He also stressed the need to address issues where businesses under-report their incomes and overstate their expenses to the IRD. Furthermore, the government plans to implement the Revenue Administration Management Information System (RAMIS) project nationwide to enhance tax administration and compliance.

Govt. throws tax net to 14 more fields | Daily Mirror