President Ranil Wickremesinghe has set targets for the Inland Revenue Department, Excise Department, and Customs Department, effective from next year.
This decision follows concerns raised by the International Monetary Fund (IMF), highlighting the inadequacies of these institutions in boosting Government revenue.
The IMF’s assessment underscores the need for enhanced efficiency within these departments. The local revenue department has been identified as the weakest link in revenue generation.
The President’s directive will address these shortcomings and bolster revenue collection. Targets including specific income benchmarks, will be assigned to each institution to ensure a more robust financial performance. This will fortify the financial stability of the Government and meet international expectations.
A senior spokesperson for the Government said that in compliance with the President’s orders, these institutions will have to work diligently towards the specified goals starting from next year. – DF
