Friday, February 23, 2024

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Current tax files reach approx. 700,000

Colombo (LNW): The Excise Department officials have reported a significant boost in monthly income amounting to Rs. 1 billion following intensified efforts to combat counterfeit stickers on liquor bottles.

This revelation came to light during a recent meeting of the Sectoral Oversight Committee on National Economic and Physical Plans held in Parliament under the chairmanship of MP Mahindananda Aluthgamage.

Summoning representatives from the Excise Department, Inland Revenue Department, and Sri Lanka Customs, the committee delved into issues highlighted in the report submitted to the President by the Sectoral Oversight Committee on National Economic and Physical Plans.

One key focus was the amendment of the Excise Ordinance Act. Emphasising the importance of sustaining the increased revenue of the Excise Department, the committee stressed that ongoing random raids would deter the proliferation of fake stickers on liquor bottles.

The Inland Revenue Department faced inquiries regarding the functionality of the RAMIS system, with the committee scrutinising its current status and the integration of this data system with other government institutions.

Officials assured the committee that existing deficiencies in the data system would be addressed, making it fully operational by January 2024. The Inland Revenue Department disclosed that the number of tax files presently stands at around 700,000, with expectations of reaching 1 million in the future.

In addition to these discussions, the committee recommended that officials concentrate on developing a system to assess parties accurately adhering to income tax payments.

Furthermore, the committee underscored the potential for customs to surpass anticipated tax revenue by amending relevant laws. Extensive deliberations took place on the customs’ strategies to ensure the collection of due taxes.

The committee’s comprehensive approach aims to strengthen fiscal measures and enhance revenue generation across various government departments.

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