Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) President Arjuna Herath recently underscored the importance of a more proactive role between CA Sri Lanka and the Department of Inland Revenue, which will result in the further strengthening of the country’s tax framework and an improved relationship between the tax payer and the department.
Speaking at a felicitation ceremony organised to welcome the new Inland Revenue Commissioner General Kalyani Dahanayake, the CA Sri Lanka President said, “We would like to see our rapport strengthened further with the Inland Revenue and if possible we would like to see representatives of the Inland Revenue in our committee structure and similarly we will be happy to play a role in the activities of the department, as we believe that we understand the pulse of the tax payers -- and therefore we can make a significant contribution to the department.”
Emphasizing his point further, Herath said that CA Sri Lanka members and practitioners are very close to the commercial world and the tax payers and as they understand the tax payer well, the institute can make a significant contribution to the policymaking of the department.
“In that context, we like to explore possibilities in going forward under your leadership as to how we can strengthen the relationship between CA Sri Lanka and the Inland Revenue Department further,” he added.
Speaking at the event, Dahanayake expressed her agreement in the importance of developing a closer working relationship with the members of CA Sri Lanka, as tax and accounting professionals can be resourceful as they help invigorate the tax industry.
“Accountants enhance the effectiveness of the governance process which in turn prevents manipulation and that is why the concept of auditing is so important and vital in this process,” she said, while adding that the important service rendered by the tax and accounting professionals help bring in revenue to the country. She added that the services of these professionals were a requirement for a better tax structure in the country.
CA Sri Lanka Faculty of Taxation Chairman Duminda Hulangamuwa expressed his confidence that Dahanayake’s will guide the department against any challenges and will take it to greater heights.
“I am certain she will be instrumental in enhancing revenue collection, eliminating bias and ensuring an equitable tax administration, thereby guiding the department to greater heights as one of the most efficient and recognize departments in the country,” he added.