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reprieve for 50,000 amnesty seekers? The Inland Revenue (Regulation of Amnesty) Bill which was introduced last week was put off on a request from the main opposition UNF which wanted time to study the amendments. The new regulations will now provide relief only to those declarants who have declared " new sources " while withdrawing all other benefits derived from the amnesty given by the UNF Government in 2003. Accordingly, once the new laws are passed, the Commissioner General of the Department of Inland Revenue will be empowered to carry out investigations based on the some 50,000 declarations made under the amnesty. Though the bill does not have retrospecive effect, the Commissioner General will have the powers to call for more information based on the declarations made as the declarations made under the amnesty stand null and void. The wide ranging amnesty offered in 2003 also in respect of Customs duties, Excise duties, General Services Tax (GST) and the National Defence Levy has also been removed with the amendments introduced by the UPFA government and approved by the Supreme Court. The new Bill requires only a simple majority in Parliament. Over 50,000 persons sought refuge under the tax amnesty offered by the UNF government drawing out the largest number of defaulters to make their declarations leading to the belief that they would enjoy the benefits of the amnesty and would be able to regularize their tax payments. It was not immediately clear how the 50,000 breakdown was in relation to income tax payments, and over the payments of other duties such as Customs, Excise, GST and Defence Levy, but the numbers who made their declarations were mostly on income tax. According to the amendments, in the event the person has failed to declare that the income was drawn through a new source of income the Commissioner General will be able to call for more information making that person liable for payment. |
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