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Sri Lanka’s Inland Revenue Department has appointed a 6-member committee to interpret the provisions of tax laws and regulations to clear any impediments in the implementation of such enactments, a senior IRD official said.
The move comes a week after the Business Tines reported that the Government was aiming to reactivate tax circulars with repercussions to offenders as there was a tendency to ignore or evade these taxes.
Tax revenue fell by Rs.1, 005.9 billion from the budgetary target of Rs.1,131 billion last year according to the Central Bank.
The aim is to streamline tax collection clearing any doubts of taxpayers, he said adding that the complex nature of some tax laws has warranted the IRD authorities to give the correct interpretation of these laws.
The committee will also issue necessary guidelines and instructions to ensure uniformity in the application of respective provisions, he disclosed.
Acts relating to Betting and Gaming Levy, Value Added tax, Economic Service Charge, Nation Building Tax, Stamp Duty Tax and several other tax laws are currently administered under the purview of the Commissioner General of Inland Revenue.
Another objective of the appointing of this committee is to prevent tax consultants from making use of the complex nature of tax laws to mislead their clients.
It ensures tax compliance blocking loop- holes in tax administration, the official said.
http://www.sundaytimes.lk/140504/business-times/6-member-committee-to-interpret-tax-laws-94210.html
The move comes a week after the Business Tines reported that the Government was aiming to reactivate tax circulars with repercussions to offenders as there was a tendency to ignore or evade these taxes.
Tax revenue fell by Rs.1, 005.9 billion from the budgetary target of Rs.1,131 billion last year according to the Central Bank.
The aim is to streamline tax collection clearing any doubts of taxpayers, he said adding that the complex nature of some tax laws has warranted the IRD authorities to give the correct interpretation of these laws.
The committee will also issue necessary guidelines and instructions to ensure uniformity in the application of respective provisions, he disclosed.
Acts relating to Betting and Gaming Levy, Value Added tax, Economic Service Charge, Nation Building Tax, Stamp Duty Tax and several other tax laws are currently administered under the purview of the Commissioner General of Inland Revenue.
Another objective of the appointing of this committee is to prevent tax consultants from making use of the complex nature of tax laws to mislead their clients.
It ensures tax compliance blocking loop- holes in tax administration, the official said.
http://www.sundaytimes.lk/140504/business-times/6-member-committee-to-interpret-tax-laws-94210.html
