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IRD warns nearly 1,000 companies: Pay up or face property seizures

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Nearly 1,000 companies have been issued notice by the Inland Revenue Department (IRD) to pay up their tax arrears amounting to more than Rs 160 billion in six months or face seizure of bank accounts and property, Commissioner General Sepalika Chandrasekara said.

She told the Sunday Times that the arrears had been due up to the end of last year, and the companies had been given notice to pay the arrears in six months, without any extensions.

She said some of the companies had responded and agreed to the seizure of their properties, enabling the IRD to collect the arrears payments.

The Commissioner General said the companies that had defaulted on their tax payments were being summoned to the IRD to discuss the possibility of recovering the arrears.

She said that on the instructions from the Finance Ministry, they were following a strict procedure for collecting the arrears and that the maximum powers under the Inland Revenue Act would be imposed for the recovery.

Among the tax defaulters have been liquor companies, hotels and real estate firms.

The IRD has appointed an 11-member committee under a Deputy Commissioner General to collect the tax arrears.

Inland Revenue Service Union Secretary H.A.L. Udayasiri told the Sunday Times that among the defaulters were profit-making companies.

He said that in addition to the outstanding Rs 163 billion in tax arrears, there was another Rs 740 billion in tax dues, but cases were pending.

Mr. Udayasiri said the union was supporting the new system to seize properties and bank accounts as it was a faster way to recover the arrears.

He said they also had a court for tax matters to expedite the collection of arrears.

The IRD has been given a revenue collection target of Rs 2,024 billion for this year. Last year, a revenue target of Rs 1,553 billion was achieved, recording a 103 percent recovery. A Finance Ministry official said the IRD had been instructed to get strict on tax collections, making use of the IRD ACT.

(sundaytimes.lk)

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President calls for unified environment, climate change law

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President Ranil Wickremesinghe emphasized on-going efforts to enact unified legislation addressing environmental protection and climate change. He highlighted the government’s commitment to crafting economic policies geared not only towards fostering export-oriented competitiveness but also towards transitioning to a green economy, aiming to achieve net-zero by 2050. 

Acknowledging the recent prolonged spells of extreme climate conditions as indicative of future climate change impacts, the President stressed the urgency of addressing climate mitigation measures promptly. 
He made these remarks while addressing the inaugural session of the Sri Lanka Climate Summit which commenced yesterday (07) at the Shangri-La, Colombo.

The inaugural Sri Lankan Climate Change Conference, hosted by the Sri Lanka Chamber of Commerce, commenced yesterday under the theme “Climate Action for our Nation and the Planet.” Scheduled to run until May 09, the summit aims to foster a comprehensive understanding of the multifaceted climate crisis, both from a global and national standpoint. It seeks to assess potential disruptions to critical sectors of the economy and deliberate on policy reforms necessary for transitioning towards a low-emission, climate-resilient economic framework.

During his address, President Wickremesinghe highlighted the nation’s proactive approach to combating climate change. He announced the establishment of a dedicated climate change centre in Sri Lanka and his instructions to the officials to model legislation based on the United Kingdom’s Climate Act, endorsed by global financial institutions. The President emphasized the significance of Sri Lanka’s role in addressing climate change, particularly within the Indian Ocean and the tropical belt and outlined plans for the International Climate Change University to be established in the country.

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2100 Grama Niladhari officers given appointments

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President Ranil Wickremesinghe stressed that the enhancement of the rural economy pivots on agricultural advancement. He highlighted the pivotal role of dedicated government officials at the grassroots level in ensuring the success of various government initiatives aimed at rural development, notably the agricultural modernization program. 

The President made these remarks during his address at the ceremony held at the Temple Trees today (08), where 2100 new Grama Niladhari officers were awarded appointment letters.

Following the Grama Niladhari Service Examination held by the Department of Examinations on 02nd December, 2023, 2100 candidates with the highest scores at the Divisional Secretariat Divisional Level were granted Grama Niladhari positions. 

President Ranil Wickremesinghe participated symbolically in distributing the appointment letters. He briefed the new GN Officers on government initiatives like “Aswesuma” and “Urumaya”, aimed at uplifting low-income individuals, urging them to actively engage in these programs for the economic development of their communities.

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CoPF summons Public Security Secretary & Immigration CG

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The Committee of Public Finance (CoPF) has summoned the Secretary of the Public Security ministry and the Controller General of Immigration tomorrow (May 09) for a ‘balanced inquiry in to the ongoing visa fiasco’, the CoPF Chairman – Dr. Harsha de Silva has said.

“While it is customary for all public finance related legislation be routed through COPF, this strangely was not,” he has added on X.

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