Oct 04, Colombo: In a measure to build a resilient economy the Sri Lankan government has decided to hold an annual Tax week to increase the awareness of government's tax system among the public.
The Cabinet of ministers that met on Wednesday has granted approval to implement a tax week annually from the 01st to 08th of November starting from this year.
The President, as the Minister of Finance and planning has proposed the implementation of a Tax Week annually in order to create awareness among the public in respect of the government tax system due to the rapid development taking place in the country.
Implementation of the Tax Week is aimed at building public confidence in tax administration and related activities of the Departments of Inland Revenue and Sri Lanka Customs to encourage the public to voluntarily comply with the tax laws.
The measure also aims to enlighten the public on the contribution they could render towards future prosperity of the country through timely payment of taxes and raise the public awareness in the tax reliefs and tax holidays granted by the new tax system which is being implemented since 2011.
The International Monetary Foundation (IMF) which granted a US$ 2.6 billion loan to Sri Lanka has urged the government to take measures to broaden the tax base, simplify the tax and tariff systems, and improve tax administration.