Large taxpayers, high-net-worth individuals to come under scrutiny in IRD’s RAMIS

The Inland Revenue Department (IRD) is aiming to specially target the high-net-worth individuals to boost tax revenue in the coming period, a senior Finance Ministry official said. “Large taxpayers and high-net-worth individuals are the centre point of the IRD’s RAMIS (Revenue Administration Management Information System),” Finance Ministry Tax Policy Advisor Thanuja Perera said.
She noted that the activities of the high-net-worth individuals would be closely monitored by its specialised High Wealth Individuals Unit.
“The IRD has a separate unit for close monitoring of high-net-worth individuals. They will be closely monitored and they will be assisted with tax filing by monitoring their activities. Through this information sharing mechanism, most of these individuals, who are engaged in high-value translations, will be reported to the IRD and they will be closely monitored,” said Perera.