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.