The government has approached the Revenue Authority of Thailand and the ADB to move the Inland Revenue Department to a new administration structure from next year

The government has approached the Revenue Authority of Thailand and the ADB to move the Inland Revenue Department to a new administration structure from next year. This will include investment into human resources, automation, professional tax audits from next year. A new tax code is to also be rolled out shortly, Finance Minister Sarath Amunugama said Thursday during his budget speech.

Highlights:

• The government to aggressively tap global private equity funds to attract investment inflows into Sri Lanka.

• Subsidies on fuel, amounting to Rs. 8 bn this year, will be phased out gradually, but low income groups like three wheelers are to be protected from further fuel hikes.

• The government will up spending on infrastructure to Rs. 54.4 bn, going toward road projects, port and airport development, telecom and sanitation.

• Health and education budgets will also be added to, with Rs. 54.4 bn for education, Rs. 40.4 bn for health, and Rs. 180 mn to improve access to drinking water.

• Allocations for agriculture, plantations, livestock, and fisheries, Small and Medium enterprise Development and tourism will be upped to Rs. 26.5