Sri Lankan reforms aims to simplify tax, increase base, compliance: Minister

Aug 24, 2016 (Reuters) – Sri Lanka’s new government is drafting reforms aimed at simplifying taxes, widening the tax base and increasing compliance, Finance Minister Ravi Karunanayake said on Wednesday.

“The reforms are aimed at more simplified taxes, bigger tax base, and higher compliance,” he said in an interview with Reuters.

The International Monetary Fund (IMF), which disbursed the first tranche of a $1.5 billion, three-year loan in June, has repeatedly asked the south Asian country for reforms to raise tax revenues.