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New gazette on property info to ensure proper tax collection

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Finance State Minister Dr. Ranjith Siyambalapitiya stated that the gazette to provide property information of citizens is not an imposition of a new law.

He explained that the purpose is to identify tax evaders and collect tax properly from them. “Although the President issued a gazette that the details of the movable and immovable properties of the citizens must be provided to the Inland Revenue Department (IRD) from July 1, it is not a new law.

This is only an effort to ensure the right of the Income Tax Department to obtain information from a third party as per Section 123 (8) of the Income Tax Law,” he added.

The minister said that these rules and regulations will never be implemented in such a way as to affect the past.

He said that what is happening is the implementation of a law that had been inactive, and accordingly, the Inland Revenue Commissioner issued the announcement of the implementation of the gazette notification issued on March 21 again on May 21 implementation. Accordingly, with effect from July 1, institutions that normally deal with revenue, such as the Land Registry Department, the Company Registrar, the Stock Market, Bank and Non-Bank Financial Institutions and the Motor Traffic Department should inform the Inland Revenue Department about their day-to-day transactions.

The Minister stressed that the lack of implementation of such laws has resulted in Sri Lanka becoming a country generating least state revenue and this had contributed significantly to the economic crisis.

“Also, 20 percent of the tax revenue of our country is from direct tax and the indirect tax imposed even on the common man of the country is 80 percent. Not implementing laws like the above also contributed to this anomaly,” he added.

He said that at a time when the society is facing difficulties, there is no intention to go back to the past and look for information and implement these laws to oppress the people further and the intention of the new effort was to ensure that tax is collected properly from those who have to pay income tax but have not paid it using various tactics.

(dailynews.lk)

(This story, originally published by dailynews.lk has not been edited by SLM staff)

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Zhuhai Airshow kicks off

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Zhuhai Airshow kicks offThe 15th China International Aviation and Aerospace Exhibition, also known as Airshow China or the Zhuhai Airshow, opened on Tuesday in Zhuhai City of south China’s Guangdong Province. 

The highly-anticipated biennial aerospace trade show will run until Sunday, and a four-hour flight demonstration, including performances of aerobatic teams and military jets, will be staged each day of the event. 

On the first day, China’s J-20 and J-35A stealth fighters, along with Russia’s Su-57 stealth fighter, performed stunning aerobatics on the same aerial stage for the first time. 

At the outdoor and indoor exhibition areas of the airshow, equipment of China’s army, navy and air forces are on display, including the debut of the J-15D carrier-based fighter, the debut of the HQ-19 surface-to-air missile weapon system, and the new reconnaissance and strike drone. 

This year’s airshow also features the debut of lunar soil samples brought back by China’s Chang’e-6 mission from the far side of the moon in June this year and a separate exhibition zone displaying unmanned aerial vehicles and unmanned ships. 

The airshow has attracted 1,022 companies from 47 countries and regions to showcase their star aviation and aerospace products, including a record number of products being debuted to the public at the event. 

On the sidelines of the airshow, domestic airlines signed orders with Commercial Aircraft Corporation of China (COMAC) for a total of 130 C909 and C919 passenger planes. 

Meanwhile, Air China has signed an intention agreement with COMAC to become the first customer of the C929 wide-body aircraft.

(CCTV +)

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Ex-MPs asked to hand over firearms by Dec. 30

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The Defence Ministry has notified former Members of Parliament, Provincial Councils and leaders of political parties and organisations, as well as officials in executive positions of the government, to surrender firearms and ammunition issued to them, by December 30, 2024. 

Issuing a statement today (Nov. 12), the Ministry requested that they be handed over to the nearest police station by the deadline.

The statement also said that Police OICs have been instructed to take steps to check which individuals had received firearms, and to take the weapons into custody.

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Gazette issued summoning new Parliament

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President Anura Kumara Dissanayake has issued a proclamation summoning the new Parliament to meet on Nov. 21 at 10.00 am.

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