6 July 2024 08:02 am Views - 3203
By Kelum Bandara
The Inland Revenue Department (IRD) is reported to have upped the ante on parliamentarians over possible involvement in tax frauds, Daily Mirror learns.
Sri Lanka’s new anti-corruption law provides for the declaration of assets by MPs.
An informed source said that the IRD, in its attempt, to widen the tax net, has targeted parliamentarians for possible frauds.
Sri Lanka recently took a host of measures for the increase of state revenue as stipulated in the programme with the International Monetary Fund (IMF). In addition to the increase of tax rates, it also took steps to widen the tax network.
Earlier, a top parliamentary committee informed that revenue collection mechanism should be strengthened to net those evading tax payments. Sri Lanka’s revenue-collecting bodies exceeded the tax revenue target by six per cent for the first quarter ended on March 31.
The government expects a revenue collection of Rs. 4,106 billion in 2024. Sri Lankan Customs, Excise Department and Inland Revenue Department are the three collection bodies.