Connect with us

BIZ

FTZ Union requests Govt. to collar bigtime tax evaders

Published

on

The Free Trade Zones and General Services Employees’ Union (FTZ&GSEU) has made a call to take immediate action on companies that have become VAT and income tax defaulters, rather than increasing the indirect tax burden on the public.

In a letter to all MPs, the FTZ&GSEU says the following factors were revealed in a Parliament speech by MP Mahindananda Aluthgamage on Sep. 20.

  • Only 25,692 companies have paid taxes out of 100,005 business companies that have income tax files opened. Accordingly, 74,313 companies have defrauded in paying due taxes.
  • Out of the 60,721 enterprises registered for VAT only 185 have paid VAT charged from customers by September to the government. This means the remaining 60,536 enterprises have kept for themselves the VAT charged from customers.
  • Income tax has not been paid by a leading businessman who owns a popular chain of garment outlets and also by a businessman owning a popular supermarket chain.
  • Income tax is not paid by 75 MPs.

“Whatever the motive was for MP Aluthgamage to expose these defrauds, in a country where indirect tax total 83 percent, it is the general public who end up carrying this huge burden of tax defaults in billions of rupees by corrupt businessmen. People have been made to undergo all hardships due to these defaults with no government taking effective measures to recover defaulted tax money with surcharges from those who defraud. Instead of recovering defaulted tax money with penalties from corrupt defrauding businessmen, governments impose and increase indirect taxes on people who thus become unnecessarily punished,” the letter adds.

The FTZ&GSEU further urges the MPs to take the following measures in this regard :

  • Request the Minister of Finance to present a detailed report to Parliament including the names of businessmen who are related to tax frauds mentioned above, before the next budget is presented in parliament and also adopt resolutions in parliament to,
  • Immediately suspend the income tax imposed on personal incomes of one hundred thousand rupees (100,000) and above, until a final decision is taken by the NLAC on information provided by the ministry of finance on tax defrauds and
  • Remove the total VAT imposed on essential consumer goods and suspend the social security contribution levy of 2.5 percent in force with effect from the 01 st October 2022.

The complete letter of the FTZ&GSEU is as follows :

BIZ

Sathosa reduces prices of 10 items!

Published

on

By

In order to provide relief to the people, Lanka Sathosa has reduced the prices of 10 essential items with effect from today (24).

The revised prices;

Dry Chillies 1kg – Rs: 1,380
Garlic 1kg – Rs: 450
Sprats 1kg – Rs: 1,100
Chickpea 1kg – Rs: 555
Samba Rice (Local) 1kg – Rs: 199
Canned Fish 425g – Rs: 520
Big Onion 1kg – Rs: 119
Potatoes (local) 1kg – Rs: 270
White sugar 1kg – Rs: 210
Watana 1kg – Rs: 298

Continue Reading

BIZ

Sri Lankan rupee appreciates further

Published

on

By

The Sri Lankan Rupee (LKR) further appreciated against the US Dollar (USD) today.

Announcing the official exchange rates, the Central Bank of Sri Lanka (CBSL) declared the buying rate as Rs. 311.26 per USD and the selling rate as 328.60 per USD.

Meanwhile, the Middle Rate of the USD/LKR SPOT exchange rate stood at Rs. 317.31 today.

Continue Reading

BIZ

Milk Powder prices slashed

Published

on

By

Milk Powder importers have decided to reduce the price of imported milk powder products due to a drop in prices in the global market.

Accordingly, the price of a 1Kg and 400g packet of imported milk powder will be reduced by Rs. 200/- and Rs. 80/- respectively.

The price revision will be in effect from next Monday.

Continue Reading

Trending

Copyright © 2022 Sri Lanka Mirror. All Rights Reserved