27 May 2024 09:07 am Views - 60
The Inland Revenue Department (IRD) is to collect information on assets owned by taxpayers through third parties in line with global practice, State Minister of Finance Ranjith Siyambalapitiya said.
State Minister Siyambalapitiya told the media that a gazette notification was issued in March this year in line with the Inland Revenue Act.
“This is nothing new as the Inland Revenue Department has the power to collect information with regard to taxpayers through third parties.
This is also a global practice,” the State Minister said.
“The Inland Revenue Department will gather information on taxpayer assets from institutions such as the Registrar of Motor Vehicles, and Registrar of Companies. There is nothing new as there are legal provisions for the Inland Revenue Department to obtain taxpayer information through a third party,” he added.
The State Minister assured that there is no move to introduce any new direct taxes in the future.