measures will be taken to facilitate processors to generate revenue. There is a modest growth in government revenue and a revenue service centre will be set up at the Inland Revenue Department as a one-stop-shop to provide an efficient service to the public,” Treasury Secretary Dr. P.B. Jayasundera said.
The 15 Inland Revenue branches will be converted to centres of providing decent and credible information as a professional service to educate the public to enhance the tax payer base, he said. Emphasising that Sri Lanka is considered as a low tax regime, the Treasury Secretary said that voluntary compliance is promoted among potential tax payers and the current tax system is organised and simple.
“The system will become more buoyant and affordable and the there will be no changes in policy direction. With further consolidation taking place. Corrective measures have addressed the imbalances in the economy,” he said.
“We consider 2013 to be a positive year and $ 1.5 b FDIs are expected during the year. It is important to ensure credibility in the investment pipeline and $ one b from international lending institutions is expected to reduce domestic borrowings, as stated in the Budget.
We are optimistic that the targets could be met during the year and it is possible to maintain economic stability.
With favourable weather conditions, globaal recovery, China and India back on track, Sri Lanka could expect improved performance during the year, Dr. Jayasundera said.