8 March 2024 10:55 am Views - 128
By Chaturanga Pradeep Samarawickrama
As part of its efforts to restore fairness and confidence in Sri Lanka’s tax administration, the Inland Revenue Department (IRD) will intensify scrutiny of tax compliance among high-net-worth individuals in the country, IRD Commissioner General W.A. Sepalika Chandrasekara said.
She said the programme aims to ensure that the affluent contribute their fair share and fulfil their tax obligations accurately.
“The IRD has established a High Wealth Individuals Unit (HWIU) within the Large Taxpayer Office to specifically address the tax matters of high-income and high-wealth individuals. The HWIU has been allocated additional resources for this purpose. “As an initial step, the HWIU will reach out to a chosen group of affluent individuals, collaborating with them and their advisors to ensure they are current with their Tax Returns filings.
“The IRD will also help them identify and avoid mistakes or omissions early in the filing process. The HWIU will be conducting additional risk assessments and profiling of wealthy taxpayers to conduct audits on cases that have the highest risks. “The IRD is dedicated to overseeing the tax compliance of affluent individuals and their affiliated groups. By intensifying our focus and active engagement with them, the IRD aims to ensure that wealthy individuals fulfil their tax obligations accurately. This approach seeks to enhance their willingness to actively participate and contribute to the government’s revenue collection efforts, addressing critical socio-economic challenges faced by the country,” she added.