Issues of Inland Revenue Act No 24 of 2017 in Sri Lanka : Perceptions of Professionals
Purpose: In Sri Lanka, tax revenue is the main income generation source of the government that is governed according to the provisions of the Inland Revenue Act No 24 of 2017. Only limited literatures have been explored issues in Inland Revenue Act No 24 of 2017 in a general point of view whilst not in the professional perspective. The purpose of this research is to identify the most highlighted issues and the least highlighted issues exist in the current enacted Act on the perspective of the professionals based on their knowledge and the experiences and ascertain the disparity of the perceptions of such issues between and among the various demographic groups. Design/Methodology/Approach: Quantitative research approach was used for this study and primary data were collected through distributing questionnaire among the professionals and undergraduates who are following Advanced Taxation and Tax Planning Course at University of Sri Jayewardenepura and obtained responds from 88 participants. By using SPSS first, performed descriptive analysis to identify the most highlighted and the least highlighted issues in Inland Revenue Act. After that performed independent sample t test and One-way ANOVA test to identify whether there are different perceptions of issues concerning respondents’ demographic factors: nature of industry employed/engaged, experience in current capacity, status in the current organization. Findings: The analysis reveals that all identified issues are subjected to the significant differences based on the nature of the firm employed in, job level and the experience in current capacity of the professionals. Further frequent changes to the Inland Revenue Act is the most critical issue and ineffective, time consuming and bias appeal process involved is the least critical issue. Finally, complicated tax return forms, discretionary power vested in Inland Revenue Department (IRD) without sufficient check and balances and complexity of the tax computation are ranked as second, third and fourth in the list of issues respectively.Research limitations/implications: This research was limited as that was conducted with a sample of purposefully selected professionals and undergraduates. As a result, this paper merely based on cross sectional research design, it actuates to out date findings based on subsequent amendments enacted by the government to the Act.Originality/value: This study mainly focus the most significant and least significant issues of Inland Revenue Act of Sri Lanka according to the professionals’ perspective and identifying disparities among issues in term of significant demographic factors. It is vital to overcome future failures when developing advanced provisions to the Inland Revenue Act
Year of publication: |
[2023]
|
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Authors: | Rasanthika, Dulani |
Publisher: |
[S.l.] : SSRN |
Subject: | Sri Lanka | Finanzverwaltung | Fiscal administration |
Saved in:
freely available
Extent: | 1 Online-Ressource (20 p) |
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Type of publication: | Book / Working Paper |
Language: | English |
Notes: | Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments June 28, 2023 erstellt |
Other identifiers: | 10.2139/ssrn.4494139 [DOI] |
Source: | ECONIS - Online Catalogue of the ZBW |
Persistent link: https://www.econbiz.de/10014349740
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