The Stamp Duty Calculation System for the Department of Revenue in the Western Province is a pivotal initiative that commenced in 2018 and is currently ongoing. It was conceived as part of the broader Integrated Land Registry (e-LR) initiative initiated by the Government of Sri Lanka to enhance the investment climate and elevate the country's ranking in the World Bank’s Ease of Doing Business Index (EoDBI). To achieve this, National Task Forces were established under the Ministry of Development Strategies and International Trade in 2017.
The primary objectives of this project revolve around maintaining property valuation and stamp duty records in a digital format, thus improving efficiency and accuracy in asset valuation processes. Through this initiative, the goal is to streamline the valuation of assets and increase the reliability and precision of stamp duty rates.
The scope of this ambitious venture encompasses information system development, the provision of computers and accessories, and improvements in infrastructure facilities. Additionally, a critical component is the capacity building programs designed to empower the stakeholders involved, ensuring the project's success.
The anticipated outcomes of this project are highly promising. It is expected to significantly enhance the asset valuation process, ultimately influencing stamp duty rates. The digitization of information and the facilitation of data sharing among organizations are expected to bring about transformative changes. Moreover, this initiative is anticipated to eliminate fraudulent practices, enhance field observations leading to higher staff satisfaction, facilitate faster compensation benefiting the public, and boost the income levels of local authorities.
As the project moves forward, the next level of its evolution involves the integration of the systems. This integration will further streamline processes and data sharing, maximizing the impact and efficiency of this crucial initiative.