📈 IMF & RARMB Hold Talks on Sri Lanka Revenue Reforms

A high-level meeting between the International Monetary Fund (IMF) and the Revenue Administration Reform and Modernisation Bureau (RARMB) reviewed Sri Lanka's Medium-Term Revenue Strategy (MTRS) at the Presidential Secretariat. • Overall Institutional Reforms: The IMF recognized RARMB as a 'reform hub with a strong governance framework' and committed to continued technical and advisory support to modernize the country's public revenue collection. • Inland Revenue Department: Structured restructuring has reorganized branches into Medium Corporate, Metro, and Regional Offices. Consequently, tax compliance has significantly increased from 40–45% up to 70–75%. • Sri Lanka Customs: A new draft Bill to amend the decades-old Customs Ordinance has been submitted to the Legal Draftsman’s Department. Upcoming measures include simplifying the tariff structure, transitioning to paperless processes, and enhancing exporter facilitation. • Department of Excise: Operational modernization is currently underway through the introduction of a new Excise Management System. • Data Integration & Compliance: A unified, integrated coordination mechanism has been established between Customs and Inland Revenue to enable joint audits, data sharing, and real-time verification of importer tax compliance. The discussions primarily focused on accelerating digital transformation, broadening the tax base, and driving human resource and leadership development across revenue-collecting agencies.