Gazette issued on providing details of persons, institutions movable, immovable properties to IRD

Colombo, May 26 (Daily Mirror) - The Government has issued the Gazette Notice (2376/25) related to providing details of movable and immovable property of individuals and institutions to the Inland Revenue Department (IRD).

Accordingly, it is notified that the above information should be provided to the Inland Revenue Department from the first of July.

The gazette notification was issued on May 21 by the President in his capacity as the Minister of Finance, Economic Stabilization and National Policies.

According to the gazette notification, information on all movable and immovable properties of persons, including government institutions, must be provided as prescribed.

Ownership or title information of registered land and property, including transfers of persons and institutions, must be provided to the Commissioner General of Inland Revenue (CGIR) in real-time through a web-based platform or any other approved electronic platform. This includes data from the Registrar General’s Department, the Registrar-General of Companies, the Commissioner-General of Motor Traffic, government institutions in charge of granting contracts for goods and services, financial institutions regulated by the Central Bank of Sri Lanka, and the Colombo Stock Exchange.

According to the Gazette notification, the information received by the CGIR shall be incorporated into the risk module of the Revenue Administration Management Information System (RAMIS) of the IRD.

Persons referred to financial institutions, including banks and non-banking financial institutions, shall provide all information for every quarter on or before the twentieth day of the month after the end of each relevant quarter.

If any information is not maintained by any person or government institution prior to the date of this notification, such person or institution shall commence to maintain such information on or after July 1, 2024, and comply with this notification in respect of such information, effective from such date, the Gazette said.

The Gazette notification as follows: