Financial Times

IRD to recover Rs 12 bln tax dues in two years


The Inland Revenue Department (IRD) plans to recover Rs. 12 billion in taxes owed by tax payers in the next two years. It will grant some relief for tax defaulters by allowing them to repay their dues in installments. The government has directed the IRD to net in tax defaulters without fear or favour as the state needed such revenue for development work after restoring peace in the country.

A special unit has been assigned to identify business entities that evade taxes, according to the Commissioner General of Inland Revenue, Mahinda Medagoda in an interview with the Sunday Times FT. He appealed to all tax payers to honour their commitment to direct this revenue towards development.

The IRD plans to change the ratio between indirect and direct taxes from 60/40 % to at least 40/60 % to increase tax revenue, he said. The Department has collected a sum of Rs.140 billion from tax payers during the first six months of this year while the target for the year is Rs. 312 billion.

The tax collection process will be streamlined and expedited to meet this year’s target with the assistance of the IRD staff he said. He noted that he has delegated powers to the newly appointed Additional Commissioner General and Deputy Commissioners to take collective action to improve tax collection. Seminars will be conducted countrywide by the department to create awareness on taxation and the responsibilities of taxpayers as well as concessions granted to genuine taxpayers.

He said that genuine taxpayers with gold and silver cards issued by the department have been given several concessions including, housing loans and leasing facilities for purchase of vehicles and office equipments at reduced interest rates from Peoples Bank and the Bank of Ceylon. Action has also been taken to establish cordial relations between the Inland Revenue Department and tax payers. He said that only 700,000 tax files have been maintained at the IRD and action has been taken to open more tax files by creating awareness and motivating Inland Revenue officers to collect direct taxes to boost the national economy.

Top to the page  |  E-mail  |  views[1]
Other Financial Times Articles
> CIC looks for new name
> PBJ not fit to hold public office-respondent says
> Lankan firm produces top rubber glove
> Hayleys to shed Lighthouse?
> IMF loan: CB to prevent sharp rupee gains
> IRD to recover Rs 12 bln tax dues in two years
> Small miracle or small mistake
> COMMENT - Exposing corruption in Sri Lanka
> Attempt to block streams of justice
> Call to eliminate permanent tax exemptions
> Finlays Tea Estates annual awards ceremony
> HSBC top-rated by prestigious magazine for its Internet banking
> Forex fraud at Ceylinco Shriram Ltd revealed
> UK freight forwarder invests in Sri Lanka
> SIA opens new service centre at Ion Orchard
> BOI receives ISO 9001:2000 accreditation
> Kanchana Ratwatte gets new post
> Lankan firms should look to invest in India
> SCB CEO aggressively pushed for hedging deals-former employee
> CSE to set up in Jaffna
> Prolink Atom Netbook introduced
> One computer for every 100 children today
> Seminar on directors’ responsibilities during a financial crisis
> Fitch confirms HNB National Rating
> Office bearers of the Sunday Times Business Club
> Mobile phones for inward remittances, awaiting guidelines
> JKH profits down, but optimistic about the future
> Seylan Bank shows Rs 188 mln profit in 6-mth period
> Sri Lankan elected President of CNA World in Italy
> 29 GK-affiliated companies to be listed in the CSE
> Airtel to go to East by year-end
> CBL to launch medicinal garlic in pure bees honey
> Ogilvy Action marks 10 years
> Competition from India to increase with peace
> Book Review
> IMF: Government committed to implementing programme
> IMF facility is good for the country- readers say
> Fund to monitor foreign commercial borrowings and re-payments
> Sri Lanka targets Northeast for tourism expansion
> Recovering EPF contributions
> ICASL seminar on Companies Act
> Hameedia launches in the Maldives
> Golden Key depositor commits suicide


Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
© Copyright 2009 | Wijeya Newspapers Ltd.Colombo. Sri Lanka. All Rights Reserved.| Site best viewed in IE ver 6.0 @ 1024 x 768 resolution