Missing annual budget estimates amidst ITMIS and RAMIS crash
Sri Lanka’s lagging performance in revenue collection has resulted in a significant shortfall from the estimated income during the past seven months on the eve of the forthcoming budget 2024 in November 2023, the National Council Sub-Committee on Economic Stabilisation has observed.
The three revenue collection authorities have been able to collect Rs. 1,391 billion up to August 14 this year, less than 45 per cent of the total estimate of Rs.3101 billion amidst the malfunctioning of the Integrated Treasury Management Information System (ITMIS) and Random Access Management Information System (RAMIS).
Only 31,000 Sri Lankans out of some 500,000 persons with registered income tax files pay personal income tax while 328 registered limited companies out of 105,000 contribute to 82 per cent of tax revenue, a senior tax official said.
The Inland Revenue Department (IRD), Sri Lanka Customs and Excise Department are to be restructured providing necessary facilities including a digital data system linking the three entities in a bid to increase state revenue.
ITMIS and RAMIS installed at the Finance Ministry and the IRD have not been functioning properly at present.
This was due to poor technical handling of the two systems by officials coupled with corruption and irregularities connected to it. These details had been exposed by the Auditor General’s Department and the media but all such exposes have fallen on deaf ears during the past few years.
Chief of Staff of the President, Sagala Ratnayake has instructed the relevant departments recently to re-activate the system software within two months to facilitate the budgetary process.
The IRD has collected Rs. 797 billion during the period of January to August 14, 2023 and it was 48 per cent of the estimated tax revenue of Rs. 1,667 billion this year, official documents submitted to the sectorial committee shows.
In addition Sri Lanka Customs earned an income of Rs. 495 billion during the seven months and 14 day period out of an estimated revenue of Rs. 1,217 billion for this year. This was less than 41 per cent of the estimated revenue due to restrictions of imports,
The Excise Department has collected
Rs. 99 billion during the same period, less than 47 per cent of the estimated revenue of Rs. 217 billion.
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