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....Sri Lanka needs to minimize tax exemptions to broaden tax base: Central Bank: Sri Lanka needs to minimize tax exemptions and improve direct taxation in order to broaden the tax base, Deputy Governor of the Central Bank said. “If you look at the tax exemptions, there are a large number of tax exemptions.” Deputy Governor Dr. Nandalal Weerasinghe said. “When you do tax reforms, there are lots of political pressures coming up asking various tax exemptions for this area and that area,” “Actually it is very difficult to broad base the tax system with that kind of policy. You should have firm policy and should stick to it,” Sri Lanka needs to simplify the tax system further and strengthen the tax administration to improve revenue collection. Further measures are to be introduced to reduce over dependence on indirect taxation, he said. Over the medium term Sri Lanka aims to increase
revenue to GDP ratio from current 11.6% of GDP to around 16%. Budget deficit in 2014 was 5.7% of GDP slightly higher than 5.4% recorded in 2013. “This was mainly due to low revenue mobilization during the period.” he said......
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