Sri Lanka is to adopt the taxation best practices, Finance Minister Ravi Karunanayake said.
The minister was addressing the seventh IMF-Japan High Level Tax Conference for Asian Countries, organized by the International Monetory Fund in Tokyo, Japan recently with the participation of the Finance Ministers of the countries in the Asian Region.
Minister Karunanayake said Sri Lanka's history dates back to over 2,500 years, rich in culture, tradition and taxation.
Historical records depict evidence and information regarding organised tax systems spanning over a period from the time before Christ up to the modern tax system which came into effect in 1932. The first year of assessment dates back to the financial year of 1931/32 and the Tax Department had been formulated during the same year, he said. The tax conference will provide the necessary outlook for the delegates of the developing countries in the region to deliberate and address issues of domestic resource mobilization, including international taxation.
Collaboration will strengthen regional and professional relationships in addressing taxation issues, the minister said.
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