30 September 2023 07:11 am Views - 5646
In the wake of the International Monetary Board (IMF) revenue mobilization gains-while improved relative to last year--are expected to fall short of initial projections by nearly 15 per cent by year-end, the state coffers are deprived of a whopping Rs.500 billion annually due to inefficiency and corruption of bureaucrats and the absence of properly developed systems at three institutions Inland Revenue Department, Sri Lanka Customs and Excise Department, as revealed by a top parliamentary committee.
The Sectoral Oversight Committee on National Economic and Physical Plans of Parliament has identified such losses, prompting it to mull the establishment of a special committee comprising 50 officials to monitor these institutions.
Its Chairman Mahindananda Aluthgamage told Daily Mirror that as much as 86 per cent of revenue collected by the Inland Revenue Department originates from only 464 clients, triggering concerns why it had been unable to expand the collection base despite having a staff of around 2,500.
He charged that even top businessmen, including a leading mill owner, are among the tax evaders. (Kelum Bandara)