Sri Lanka’s tax policy should not be changed according to whims and fancies of lobby groups, KPMG Sri Lanka -Principal –Tax and Regulatory Suresh Perera said.
Noting that Sri Lanka must have a proper tax policy framework in order to make policies more sense or sound, Perera stressed the need for Sri Lanka to form a National Tax Council, consisting of eight experts, who will decide the short-term and long-term tax policy of Sri Lanka.
“The National Tax Council should have a long-term existence and should be empowered to take the decisions or recommendations. The Finance Ministry should act on those recommendations, so there will not be exemptions given for racing cars or many other items.” Perera told a seminar on Tax Reforms in Sri Lanka, conducted by the Organization of Professional Associations of Sri Lanka (OPA Sri Lanka).
Speaking at the event, AJMA & Co. Founder and Partner N.R. Gajendran stressed the need for preventing corrupt personnel getting into institutions, especially parliament itself.
“Even if they get into these organizations, corruption should be made impossible. Moreover, fit and proper personnel should be appointed to relevant organizations not to make sound policies.”
Other speakers at the event highlighted the need to have a clear policy backing for industrialists to increase domestic production for the country’s survival and the development. It was further shared that short term recovery actions to ensure the support of the IMF and addressing Long term national economic policies through long-term plans are imperative to bring macroeconomic stability.
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