Income tax defaulters liable for fine and interests Under the new Inland Revenue Act

By Ajithlal Shanthaudaya   

Commissioner General of Inland Revenue Nadun Guruge said the income tax defaulters will be liable to a fine and interest up to Rs.400,000 under the new Inland Revenue Act effective from April 01, 2019. The income tax payers should make payments on the due date and forward income tax records on or before November 30.  

Addressing a meeting of tax payers, income tax consultants and accountants to create awareness on preparing tax returns in terms of the new Inland Revenue Act, he pointed out that the Inland Revenue Act No.24 of 2017 had been effective from April 01. He said the income tax defaulters would be liable to increased penalties under the new tax regulations. The meeting was held  in Kuruwita. “ I am not empowered to exempt anyone from fines and interest. However several special concessions have been provided to the tax payers. A payer of income tax amounting to Rs.500,000 and above per year would be entitled two additional marks at the interview to get his children admitted to Grade 1 of a popular school. This concession would not be available to every tax payer as misinterpreted. Payers of income tax amounting to Rs.500,000 will be entitled to the Silver Card and those paying Rs.1 million to the Gold Card. Only these two categories of tax payers will be entitled to the additional two marks at school admissions”, he said.   

He further said that the tax payers would be entitled to several other concessions in case of obtaining bank loans, going abroad and obtaining the services of local authorities. Deputy Commissioner General M.J.Gunasiri, Senior Commissioners Mahinda Gunaweera, Chandrika Weerakoon, Ratnapura Regional Commissioner J.D.Dimantha and several senior officials of the department were present.