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

Minister appoints Dr Swaminathan to IPACSL as Chairperson

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