Tuesday, 20 August 2019 07:07

Tax revenue arrears ballooned to over Rs. 323 billion

The revenue on tax in arrears to be recovered by Sri Lanka Customs , Inland Revenue Department and Excise department have been ballooned to Rs. 323 .73 billion up to the year 2017, official data showed.

The revenue on tax in arrears, which should have been recovered by Sri Lanka Customs by the end of the year under review, has amounted up to Rs. 19.48 billion.

80% out of the above amount is the revenue on tax, which is in arrears, in year 2015 and years prior to that year.

Arrears on the revenue on tax to the amount of Rs. 16.86 billion has been reported from the taxes such as import tax, petroleum production tax, special trade tax, and ports and airports development taxes and it held 86% from the total amount in arrears.

The Auditor General’s report revealed that Department of Inland Revenue has not followed a proper methodology to settle the taxes in arrears and penalty charges, which were due from tax payers.

Therefore, the revenue on tax, which was to be recovered by the end of the year under review, has amounted up to Rs. 323,732 million.

According to the information provided for the audit, it has become possible to recover Rs. 32.07 billion, which is 10 per cent, from the revenue in arrears.

The recovery of the remaining 90 per cent in arrears, which is Rs. 291.66 billion, has been temporarily suspended.

(LI)

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