Sri Lanka aims to streamline tax structure, boost collections
COLOMBO - Crisis-hit Sri Lanka will focus on improving tax collection as it streamlines the structure of the tax system, the treasury secretary said on Wednesday, with new legislation planned to improve public finances.
Besides tackling debt management, the government wants to restructure loss-making state-owned enterprises, he said, with plans to introduce new legislation to reform loss-making commercial public firms before the end of the year. The IMF had urged the Indian Ocean nation to strengthen tax administration, scrap exemptions and stamp out evasion so as to boost revenues and signal better governance.
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