The Inland Revenue Department informed the parliamentary Committee on Public Finance that it has achieved 98 percent of the target set for the tax revenue in the first three months of this year.
With the new tax revision, 98% of the tax revenue target of Rs. 575.5 million given by the Ministry of Finance to the Inland Revenue Department for the first three months of this year has been achieved, the Committee on Public Finance chaired by MP Anura Priyadarshana recently was told.
The Committee on Public Finance commended the Inland Revenue Department, summoned to the parliament, for completing its objectives in the face of the global Covid crisis and emphasized that the government should increase the number of taxpayers in the country.
This was brought to the notice of the Committee on Public Finance when a number of amendments introduced to the Inland Revenue Act No. 24 of 2018 were taken for discussion.
According to the new tax amendments introduced for five years, the income limit of an individual who has to pay taxes has been increased from Rs. 500,000 to Rs. 03 million.
Also, a special feature of these approved new tax amendments is the complete exemption of taxpayers from certain taxes, such as the Nation Building Tax.
At the time, the Committee on Public Finance pointed out that according to the officials although there is a potential for unpaid tax revenues to be converted into savings, the Department should be vigilant about the sectors and industries that would be encouraged by that possibility.