Sri Lanka, Dec. 17 -- Economic Development Deputy Minister Nishantha Jayaweera said that the Inland Revenue Department is expected to generate an additional income of around Rs.50 billion, marking the highest revenue in recent history.

He added that the Department had already surpassed its revenue target of Rs.2,195 billion for 2025.

The Deputy Minister clarified that the Government's objective is not to increase tax rates but to broaden the tax base.

He affirmed the Government's readiness to provide the necessary facilities by enacting relevant laws and regulations.

He also revealed that new rules are being formulated to waive interest payments for tax defaulters if they settle their outstanding amounts in a single payment.

He made ...