A Brief Colonial History Of Ceylon(SriLanka)
Sri Lanka: One Island Two Nations
A Brief Colonial History Of Ceylon(SriLanka)
Sri Lanka: One Island Two Nations
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Thiranjala Weerasinghe sj.- One Island Two Nations
?????????????????????????????????????????????????Wednesday, May 3, 2017
New inland revenue act, a carbon copy from Ghana
Arrangements
are underway to introduce a new inland revenue act with the intention
of simplifying and modernizing the act as per the 2016 budget proposals,
but financial experts say the one to be introduced is a carbon copy of
the inland revenue act by the IMF given to Ghana in 2016. Various inland
revenue act models have been prepared in consideration of the economic
capabilities and national revenue of the respective countries. The one
given to Ghana is one such model.
This situation has arisen due to the relevant authorities’ failure to
establish a proper tax policy for the country, as demanded by the IMF
for some time now. As a result, Sri Lanka has been made to accept the
model for another country. Furthermore, it is too early to estimate
success of Ghana’s model. Therefore, the matter needs careful
consideration despite whatever form the Sri Lankan act takes, they say.
Cabinet approval has been given to advice the legal draftsman on a new
inland revenue act to be based on a concept paper already prepared with
the inclusion of new powers, solutions to a weakened tax basis and tax
evasions, modernizing and simplifying tax administration and
implementation of the capital gains tax policy to make tax
administration by the Inland Revenue Department more efficient and at
the same time improving the safety of the taxpayers and expanding
regulations relating to revenue sources.
However, the inland revenue trade unions joint committee says the
authorities are introducing a new act at the insistence of the IMF. It
says every attempt will be made to defeat the privatization of the state
tax administration through that.
Sathhanda