Sri Lanka is set to introduce an online system soon with the aim of increasing revenue collection and making it easy for taxpayers to file their tax returns and pay taxes.The automated system will enable tax payers to make their payments online from their homes, a senior official of the Inland Revenue Department (IRD) told the Business Times.
The IRD is moving towards the full automation of its core activities in a bid to improve efficiency, transparency and financial flexibility in a government saddled by dwindling revenue, he added.Revenue target of the IRD has been increased to Rs. 602 billion for 2016 from Rs.516 billion in 2015“Revenue Administration Management Information System (RAMIS)” phase one and two of the IRD will soon go online ensuring proper and effective management in revenue collection and administration while integrating with other relevant state institutions to streamlines its operations.
This will be a more accountable system for increasing revenue collection by providing access to timely and accurate information, monitoring collections, and enabling IRD to reach out to taxpayers in a more efficient and effective manner, he pointed out.The increased revenues resulting from the implementation of RAMIS will create the necessary fiscal space for the government to channel the resources towards addressing needs of the country.
Integrated Treasury Management Information System (ITMIS) of the Finance Ministry will be interfaced with the IRD’s “RAMIS to ensure that there is fiscal /revenue/consolidation having accounted for and having reconciled all aspects on more frequent basis, following and initial study of the Treasury business process and operations.This is a joint initiative with the Asian Development Bank as part of its on-going Financial Management Efficiency Project.
Courtesy of www.sundaytimes.lk