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)
