President Mahinda Rajapaksa has appointed a ten member commission to study the country's tax system, assess why revenue on GDP has declined and make proposals to remedy the situation.

The Taxation Commission will cover wide areas and adopt measures to halt frequent changes to taxation.

It comprises Prof. W.D. Lakshman, Dr. R.H.S. Samaratunga, Sarath Jayatilleke, Rajan Asiriwatham, Nihal Fonseka, B.R.L. Fernando, Dr. Saman Kelegama, Samantha Kumarasinghe, R.P.L. Weerasinghe and K.J. Weerasinghe.

The Commission will study various taxes operational at different levels of government and propose way and means to nationalize such taxes with the view to maximizing revenue objectives.

It will also examine broad problems connected with the implementation of the Value Added Tax and the connected refund system.

Customs tariff will be yet another area that will be studied by the Commission in recognition of international trade agreements and propose necessary changes.

The President has outlined a series of measures of the current statute that need scrutiny and examination.

The Commission has been requested to cover all areas outlined by the President to improve the tax system in the country without placing burdens on the people.