Lankapage Logo Recent Top Stories
CP 14 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

Leading News from Sri Lanka::

* Sri Lanka Inland Revenue Department issues red notices to over 3,500 companies
Tue, Jun 3, 2014, 08:00 pm SL Time, ColomboPage News Desk, Sri Lanka.

June 03, Colombo: The Inland Revenue Department of Sri Lanka has issued red notices to 3,780 companies for defaulting in tax payments in the first quarter of this year.

During the period of January 2014 to April 2014, the Department has issued red notices to 497 large companies, 3,100 other companies and 113 partnerships and proprietors, according to local media reports.

Commissioner General of the Inland Revenue, Mallika Samarasekera has been quoted in Ceylon Today as saying that Rs. 167 million had been collected thus far as taxes for the four month period.

The Department has reportedly conducted 60 audits on large tax payers including companies and corporations and have been able to net Rs 2.9 billion (Rs 2,987 million) in additional taxes out of the 60 cases.

According to Samarasekera, the Department concentrates more on large companies and corporations.

The Commissioner General, pointing out the need to increase audits, has said that there are various reasons for defaulting such as financial difficulties and even purposefully avoiding.

She says the latter aspect is difficult to prove as intention is near impossible to identify.

"Evasion is when we identify amounts more than what we are shown. We need to consider their difficulties and this is why we give them a six to eight month concessionary period to pay," the Commissioner General has said.

ColomboPage - Recent 10 Stories
Sri Lanka Army allocates land free to set up new businesses for victims of Salawa explosion
-- [13 minutes ago]
Government rejects former president's allegations of selling national assets
-- [42 minutes ago]
Sri Lanka Fisheries Minister appoints committee to study illegal fishing methods
-- [1 hour and 36 minutes ago]
Fitch Ratings lowers Sri Lankan banks sector outlook for 2017 to negative from stable
-- [1 hour and 54 minutes ago]
Sri Lanka aims to make Hambanthota Port an income generating enterprise with Chinese support
-- [2 hours ago]
Sri Lanka's President calls for averting environment conducive for bribery and corruption in government
-- [3 hours ago]
New plan to revive Sri Lanka's struggling handloom industry
-- [4 hours ago]
Sri Lanka appoints ministerial sub-committee to achieve sustainable development goals by 2030
-- [5 hours ago]
Largest ever cocaine haul in South Asia detected in India-bound ship at Sri Lanka port
-- [5 hours ago]
Indian Garment N Fabric Expo - 2017 in Sri Lanka next month
-- [5 hours ago]

Copyright © 2000, 2014 by LankaPage.com (LLC) :
The news and other contents on ColomboPage are copyrighted property of LankaPage.com, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from LankaPage.com, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.