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* 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.

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