The establishment of a fully automatic revenue generation system for the Colombo Municipal Council (CMC) under the funds of the Korea International Cooperation Agency (KOICA) has received Cabinet approval.
According to the government, the CMC generates a significant amount of revenue from the four main sources of assessment tax, license fees, trade tax, and stamp duty.
The CMC, the Ministry of Public Administration, the Provincial Councils and Local Government, and the Department of External Resources have collaboratively submitted a concept paper to the Korea International Cooperation Agency to enhance the generation of overall revenue through the automation of the aforementioned four main sources.
The Korea International Cooperation Agency has agreed to provide US$ 8.5 million for this purpose, which has received the clearance from the Attorney General and the agreement from the Ministry of Foreign Affairs, Foreign Employment, and Tourism for this accord.
Accordingly, the Cabinet of Ministers has approved the proposal presented by the Minister of Public Administration, Provincial Councils, and Local Government to enter into an accord for the implementation of an automatic revenue generation system for the CMC using the funds provided by KOICA. (Newswire)