As a Sri Lankan citizen I think the Golden Key (GK) case has to be looked at differently.
The GK issue is turning out to be unfair on the part of the courts, ruling that Golden Key assets should be sold and depositors be settled immediately.
The depositors are partly to blame for the situation, since they invested on their own free will. Out of the many financial institutions and banks they chose GK due to the high return and attractive interest rates. Everyone knows that it is safer to deposit money in banks, especially state banks. But due to the interest rates they chose to take a higher risk.
This is the basis of any business if you invest with a higher risk the returns are higher. It is very clear that to evade income tax payments they chose to deposit their money into Golden Key. First and foremost, the Inland Revenue should take immediate action against the depositors and charge them for the taxes due to the country.
The Inland Revenue should immediately recover the income tax on the monthly interest collected by the depositors. Why is it that the general public and staff have to pay PAYE and income tax out of their hard earned salaries every month, while, such big deposits and returns on these deposits go un-taxed?
While Golden Key is getting all the justice it deserves, it is only fair that the CID form a special unit to investigate the depositors for the following:
Ascertain how the depositors acquired these monies (this will open traces and links to illegal sources and businesses in our country).
Ascertain the depositors business /companies to see if they have paid turnover tax, BTT and income tax on par with deposit amounts (not just payment of small amounts of taxes).
Whilst innocent people are slogging, slaving and paying taxes the GK depositors seem to be among the most privileged group of investors with no taxation.
Concerned Citizen |
E-mail