CA Sri Lanka submits budget proposals to support national revival and growth
View(s):The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) has submitted a set of proposals for consideration in the upcoming government budget for the year 2025. These proposals aim to bolster Sri Lanka’s economic revival and growth trajectory while promoting governance, transparency, and accountability to restore public confidence in fiscal policy, the institute said in a media release.
The proposals were submitted to Dr. Harshana Suriyapperuma, Deputy Minister of Finance and Planning on Thursday by Heshana Kuruppu, President of CA Sri Lanka, along with Tishan Subasinghe, Vice President, Ms. Sarah Afker, Chairperson of the Faculty of Taxation, Saman SriLal, Alternate Chair, Members of the Faculty, and Ms. Lakmali Priyangika, Chief Executive Officer of CA Sri Lanka.
CA Sri Lanka has emphasised the importance of efficient utilisation of public resources for sustained economic progress. The proposals highlight the need for robust policy planning and effective implementation to achieve long-term economic growth and fiscal discipline. Key recommendations include the introduction of a Tax Ombudsman, minimising cash transactions through accelerated digitisation, expanding bilateral and multilateral agreements, and revising administrative provisions.
The recommendations submitted by CA Sri Lanka are the culmination of a series of consultations, as well as from the Annual Tax Oration, a two-day Economic and Tax Symposium, a public perception survey on Sri Lanka’s tax system, as well as from seminars and webinars, all dedicated to generating constructive
suggestions on tax, policy planning and implementation.
Under Policy Planning and Implementation, CA Sri Lanka advocates for inclusive policy formulation by engaging industry clusters, trade associations, and relevant authorities to develop impactful policies. To ensure timely and effective implementation, the institute proposes forming a dedicated task force comprising representatives from both the public and private sectors. A key recommendation is also the establishment of a Tax Ombudsman, an independent authority designed to address tax-related grievances fairly and impartially, thereby fostering taxpayer confidence. Furthermore, CA Sri Lanka calls for the reinstatement of a professional tax cluster to conduct regular reviews and provide feedback on tax policies, ensuring they remain adaptable and aligned with national economic goals.
In the area of Digitisation and Transparency, the institute recommends minimising cash transactions by promoting digital payments and setting clear transaction limits. This shift will improve transparency and broaden the tax base. To support this transition, CA Sri Lanka emphasises the need for robust infrastructure and public training. Additionally, a Digital Integration Proposal is presented, advocating for a centralised national database that links citizen data across key institutions. This initiative would facilitate pre-filled tax returns, streamlining processes and enhancing accuracy.
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