TAX SYSTEM SIMPLIFIED FROM NEXT YEAR – FINANCE SECRETARY

The Finance Secretary has said that the Government is geared to implement successful relief programmes for the people collecting taxes more correctly and in a streamlined manner. Dr. P.B. Jayasundera appraising investors about the new Budget said that the tax system will be simplified from next year.

The Finance Secretary said that the tax administration on a much smoother, efficient and systematic arrangement was planned from next year. They have also invested in the Department by bringing technology that they had been looking for many years. In Governments, unlike in the Private Sector, they cannot act as many people expect. He said procedures sometimes needed to be followed for the accountability that the people expect. Dr. Jayasundera said they need a simpler tax system not only low rate but that everybody in the system will have a simple return. He revealed that the Department was studying to bring this and was confident that the relevant experts will get together and develop a simpler tax system.