By Sanath Nanayakkare

The International Monetary Fund said in Colombo yesterday that authorities need to publish governance diagnostics periodically in relation to tax collection, tax exemptions and tax concessions to dispel any doubts in the public mind whether any parties or individuals would be evading taxes through the loopholes.

“We have heard concerns from people in Sri Lanka that tax administration here is not effective enough to include all those who should be paying taxes. Therefore, we have given Sri Lanka the benchmarks to meet in this regard due to which the public will see greater transparency in the tax landscape of the country, Peter Breuer, IMF’s Senior Mission Chief for Sri Lanka said addressing a press briefing at the Central Bank of Sri Lanka.

He also emphasised the fact that IMF has urged the government to establish an anti-corruption commission to tackle rampant corruption in Sri Lanka which would be a vital component in the recovery and sustainable growth path of the country.

“It has been proposed to ask each and every government entity to submit their own suggestions and plans to eliminate corruption in their organizations. So, our understanding is that the government will be unveiling its official plans on minimizing corruption and tax transparency measures by March 2024,” he said.