Parliamentarians under IRD radar for possible tax-related frauds

• New anti-corruption law provides for declaration of assets by MPs
• Govt. aims for a revenue collection of Rs. 4,106Bn in 2024
• IRD aims to widen tax net by targeting potential frauds among parliamentarians

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.