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”Embracing innovative tax solutions imperative for modernizing revenue system”

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Taxation equips states with resources to progressively achieve sustainable development goals (SDGs) and these revenues represent public resources that need to be deployed with a view to optimizing social returns said State Minister of Finance Shehan Semasinghe,

“Considering this relationship, a national dialogue on taxation is a necessity and serves a constructive contribution to Sri Lanka’s democratic process,” he said.

In light of the ongoing economic reforms and the need to bring in citizens’ perspectives, the National Dialogue drew attention to tax morale, social/fiscal contract, fairness in taxation, transparency and accountability of revenue institutions and digitalisation of public service delivery.

He made these comments at the opening of the United Nations Development Programme (UNDP) in Sri Lanka, in collaboration with the Ministry of Finance, Inland Revenue Department, University of Moratuwa, and the National Innovation Agency of Sri Lanka co-convened the first-ever National Tax Dialogue.

This was to address contemporary issues surrounding taxation and fiscal policies in the island. Commenting on the crucial role of innovation in taxation for enhancing the efficiency of revenue administration, the Commissioner General of the Inland Revenue Department, W.A.S. Chandrasekara added “Embracing innovative tax solutions is imperative for modernizing our revenue systems. By leveraging technology and fostering a culture of continuous improvement, we can enhance our efficiency, reduce compliance costs, and ultimately build a more resilient and responsive tax administration.”

UNDP in Sri Lanka, Resident Representative, Azusa Kubota pointed out that “Sri Lanka’s economic crisis offers a historic opportunity to optimise theuse of resources for SDG attainment. This entails concerted efforts to strengthen the linkages among planning, budgeting, monitoring and oversight and citizens’ engagement.”

“Therefore, the National Tax Dialogue is timely to foster a whole-of-society understanding and commitment to improving tax morale for effective SDG attainment. The Dialogue assumes global significance, especially as the UN Secretary-Generalin February 2023 called for an ‘SDG Push’, a surge in investment of $500 billion annually in affordable long-term finance for developing countries.”

Encouraging mutual collaboration and engagement in the tax system underscores Sri Lanka’s commitment to ensuring sustainable economic recovery and fostering a more inclusive and prosperous future by encouraging citizens to participate as partners in societal progress.

The event featured plenaries of global experts renowned for their exceptional expertise in the realm of taxation and brought together over 100 stakeholders representing diverse sectors.

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