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SLRC has not paid VAT for 5 yrs?

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State owned national TV – Sri Lanka Rupavahini Corporation owes the Department of Inland Revenue (IRD) nearly Rs. 750 million as unpaid Value-added Tax (VAT), reports reveal.

It is said that the SLRC had not paid VAT for nearly 05 years.

In this backdrop, the IRD is reportedly taking measures to collect these unpaid taxes from companies that owe money to the SLRC.

Accordingly, the Acting Commissioner General of the IRD has informed the Development Lotteries Board to pay the IRD nearly Rs. 40 million it owes the SLRC monthly, for telecasting lottery draws.

Meanwhile, Dr. Prasad Samarasinghe, who has been functioning as the Chairman of the SLRC for nearly 05 months now, has also reportedly pulled strings to evade paying this tax.

It is said higher officials and the Acting Commissioner General of the IRD have been pressured over the matter, through Media Minister – Bandula Gunawardena, requesting leniency until the end of this year.

However, if a small scale entrepreneur had chosen to pay salaries and other expenses while leaving the taxes unpaid, the IRD would have sought legal redress.

The cause given by the SLRC Chairman for this tax evasion, is the major income slump being faced by the channel.

However, Trade Union representatives are of the view that the Chairman has been trying to peck into the SLRC’s YouTube channel earnings instead of motivating the staff to come up with productions to elevate the channel.

Meanwhile, it is also reported that the conduct of Mr. Samarasinghe had led to IRD doubting whether he is correctly paying taxes due for his local and offshore properties in Australia.

Busy day
Upon contacting the Acting Commissioner General of the IRD  – Mr. Upul Jayawardena in this regard, ‘Sri Lanka Mirror’ was told that he is unable to answer our query today as he is tied up with several discussions related to Budget 2024, throughout the day.

VAT increase due to this?
Meanwhile, Cabinet approval was recently granted to increase VAT from 15% to 18% from Jan. 01, 2024.

Speaking to ‘Sri Lanka Mirror’ on condition of anonymity, several company owners that are paying taxes, claimed that non-payment of taxes by state institutions had been a factor behind the decision to increase VAT.

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Sri Lanka Mirror wishes everyone a happy Sinhala and Tamil New Year!

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The 2024 Sinhala and Tamil New Year dawned at 09.05 pm last night (April 13).

‘Sri Lanka Mirror’ extends heartfelt New Year greetings to all our readers. May this upcoming year be filled with boundless happiness, prosperity, and success for each and everyone of you.

–  Sri Lanka Mirror team

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Derailed train causes delays on coastal line

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A train has derailed at the Kalutara South railway station on Saturday morning (13).

Trains operating on the Coastal Line are thus experiencing delays, Sri Lanka Railways said.

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Kristalina Georgieva to head IMF for a 2nd term

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The Executive Board of the International Monetary Fund (IMF) has selected Kristalina Georgieva to serve as IMF Managing Director for a second five-year term starting on October 1, 2024.

The appointment comes ahead of the start of the fund’s spring meetings in Washington next week.

Georgieva, who has been in the role since the autumn of 2019, was the sole candidate for the position. However, it was only after European leaders signalled that they would endorse her last month that her candidacy was assured.

In a statement, the coordinators of the Executive Board, Mr. Afonso S. Bevilaqua and Mr. Abdullah F. BinZarah has said, “Looking ahead, the Board welcomes Ms. Georgieva’s ongoing emphasis on issues of macroeconomic and financial stability, while also ensuring that the Fund continues to adapt and evolve to meet the needs of its entire membership. It recognizes her focus on strengthening the Fund’s support to its members through effective policy advice, capacity development and financing. The Board looks forward to continuing to work closely with the Managing Director.”

“I am deeply grateful for the trust and support of the Fund’s Executive Board, representing our 190 members, and honored to continue to lead the IMF as Managing Director for a second five-year term,” Ms. Georgieva has said.

The Bulgarian national has served as Managing Director since October 1, 2019. The Managing Director is the chief of the IMF’s operating staff and Chair of the Executive Board. The Managing Director is assisted by four Deputy Managing Directors in overseeing the Fund’s operations, which serve its membership through about 3,100 staff.

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