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Furthering excellence in public sector performance

It has now been over a year since the G-20 Finance Ministers and Central Banks Governors' Meeting in Moscow declared a "goal of strengthening the public sector balance sheet" and of "looking at transparency and comparability of public sector reporting, and monitoring the impact of financial sector vulnerabilities on public debt."

It has recently been reported that the sovereign debt crisis is easing. Thanks to the determined and concerted efforts of G-20, along with the Financial Stability Board (FSB) and global standard setters, to reform global financial regulation and ensure a safer and more sustainable financial system.

The job, however, is far from finished: much still needs to be done to raise the general standard of government reporting, transparency and accountability. An integral part of promoting such transparency and comparability is accrual-based financial reporting in accordance with high-quality, globally-accepted standards, such as the International Public Sector Accounting Standards (IPSASs) which aim to improve the quality and transparency of public sector financial reporting as well to enhance governments' financial management capabilities.

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Dwindling tax base and shrinking tax revenue in Sri Lanka


Taxation is necessary to raise money to finance public expenditure, as well as one of the main weapons used by the Government of the day in managing the economy. This includes the use of the tax system to offer incentives to earn and save.

Too much spending by the Government, accompanied by too little taxation, will cause inflation, which can lead to recession.
Sri Lanka, a country with 20.2 million people, has income tax payers of 897,000 persons. This figure includes 530,000 people paying taxes through the pay as you earn (PAYE) scheme and 367,000 others.