Sri Lanka’s Finance Ministry and the Inland Revenue Department have held high-level discussions to broaden the tax base, simplify the tax filing process, and reduce bureaucratic barriers, the ministry said in a statement.
The meeting, chaired by Deputy Minister of Economic Development Nishantha Jayaweera, was attended by Inland Revenue Commissioner General Rukdevi Fernando and senior officials.
The Finance Ministry said officials were directed to take steps to encourage voluntary tax compliance and to accelerate taxpayer awareness initiatives.
During the meeting ,the Deputy Minister had instructed that taxpayer inconveniences in filing returns be minimized and that forms be simplified as much as possible.
He had also called for a practical plan from the Inland Revenue Department to meet the annual revenue target.
The discussion focused on strategies to achieve the government’s revised tax revenue goals for 2025.
According to the 2026 budget, Sri Lanka has raised its 2025 tax revenue target from Rs. 4,590 billion to Rs. 4,725 billion, an increase of 2.9%.
This revision is attributed to higher projected earnings from income tax and levies on goods and services, including vehicle import taxes.
The income tax target for 2025 was increased by 3.7% to Rs. 1,210 billion, while the target for goods and services levies rose by 6.5% to Rs. 2,953 billion. (Newswire)