Finance Panel Calls for AI Checks for Tax Refunds

Finance panel calls for AI checks for tax refunds

A parliamentary committee has identified a concerning surge in income tax refunds that are taking too long to process. To expedite genuine claims, they suggest leveraging artificial intelligence. Additionally, the committee pointed out serious issues with Goods and Services Tax evasion, citing uncollectible tax dues and fraudulent Input Tax Credit claims as critical areas requiring reform in tax administration through technological advancements.

FBR Deploys AI to Crack Down on Tax Underreporting

The Federal Board of Revenue (FBR) has stepped up the use of artificial intelligence (AI), third-party data and a faceless assessment system to identify tax discrepancies and curb income underreporting. FBR Chairman Shafqat Mahmood Langrial has warned taxpayers and tax consultants that traditional methods of exploiting gaps in the tax system are becoming increasingly ineffective […] The post FBR Deploys AI to Crack Down on Tax Underreporting app…

Committee on Ways and Means calls for tax administration reforms and digitalization

The Committee on Ways and Means has underscored the urgent need to modernize Sri Lanka’s tax administration through digital technology, expansion of the tax base, and strengthening of institutional capacity, as part of efforts to improve efficiency and fiscal stability. Meeting recently in Parliament under the chairmanship of MP Wijesiri Basnayake, the Committee reviewed the country’s fiscal performance, progress in tax revenue collection, and o…

Parliament Calls for Wider Tax Base and Faster Digitalisation of Revenue System - LNW Lanka News Web

August 10, Colombo (LNW): Sri Lanka needs to broaden its tax-paying population, strengthen compliance and accelerate the digital transformation of revenue collection, the Parliamentary Committee on Ways and Means has said. The issue was discussed at a committee meeting held in Parliament under the chairmanship of Parliamentarian Wijesiri Basnayake, with senior officials from the Ministry of Finance, Planning and Economic Development and the Inla…