Acting Minister of Finance Dr. Ranjith Siyambalapitiya says that he is ready to recover the income tax related to the amount of Rs. 16 billion lost to the government due to the reduction of the special commodity tax imposed on imported sugar.
The minister further points out that under the existing law, it is possible to collect 24% of that amount as income tax from the relevant companies.
The minister said this today (09) while presenting the report submitted by the Inland Revenue Commissioner to the Parliament based on the Auditor General’s report on the situation caused by the reduction of sugar tax.
Effective for a period of three months from October 14, 2020, the special merchandise tax of Rs. 50 per kilogram of imported sugar was reduced to 25 cents to control the rising price.
But by not giving the benefit of such reduction to the people and keeping it in the hands of the importers, the revenue sacrificed by the government is estimated to be Rs. 17.76 billion.
Thus, 10 companies have been identified which retained the income and one of them has imported 45% of the total amount of sugar.
The Auditor General’s report shows that the company’s sugar import has increased by 1220% during the period when this tax concession was granted compared to the same period last year.
The minister indicated that the relevant tax collection activities are expected to be carried out according to the powers of the Inland Revenue Commissioner and the government is ready to provide all necessary support.
The Minister requested all parties in the Parliament to support the collection of this amount, which can be collected under the prevailing legal conditions.
Mr. Siambalapitiya further said that in the future, the Ministry of Finance will ensure that decisions on such emergency tax reductions are not made without consultation with all parties.
Stories something like after eyes lost “SUN PRAYERS”
Commissioner General of Inland revenue and their commissioners assessors knew, IF NEEDED MORE INFORMATIONS from SLPA.
Very simple case during period who are sugar importers, what the amount they paid all taxes included duty according to the cusdec do filed the returns direct and indirect taxes.
On behalf of motherland use president power do the propper investigations liable taxes dues collect thruogh Inland revenue department.
What are the available black money deposit to treasury accounts.
If president involved in this case God bless to Sri Lanka.