News
COPF questions Inland Revenue Dept. on a wide range of subjects
The Inland Revenue Department (IRD) has been able to collect only 10 percent of taxes due from the eight million strong workforce, it was revealed during a probe conducted by the Committee on Public Finance of Parliament.
This was revealed during a COPE probe on IRD at the parliamentary complex on Tuesday (18), parliament sources said.
The COPF chaired by Dr. Harsha de Silva summoned to discuss the Inland Revenue (Amendment) Bill to amend the Inland Revenue Act, No. 24 of 2017.
The issue that IRD has only been able to collect taxes from 800,000 when there are approximately 8 million in the workforce came up when the Committee took into consideration the proposal that PIT (Personal Income Tax) relief to be increased from Rs. 1,200,000 per annum to Rs. 1,800,000 per annum under the Bill.
The Bill while proposing PIT relief be increased from Rs. 1,200,000 per annum to Rs. 1,800,000 per annum, also Income Tax rate on betting and gaming, tobacco and liquor industries to be increased from 40% to 45%.
Furthermore, export of services will be liable for income tax at the rate of 15% and proposals have also been made that Withholding Tax (WHT) rate on interest to be increased from 5% to 10%.
Considering PAYE data analysis in-depth, the COPF concluded that there is an error in the existing data. Accordingly, the Committee Chair directed the officials to provide an accurate data analysis to the Committee.
Moreover, it was also disclosed at the Committee on Public Finance that the implementation of obtaining a Taxpayer Identification Number (TIN) while being essential for paying taxes / importing/exporting or obtaining any services from the Inland Revenue, is not functioning. The Committee instructed the officials present to update the Committee on the status regarding the smooth execution of the process.
Considering the proposal on Income Tax rate on betting and gaming, tobacco and liquor industries to be increased from 40% to 45% the Committee expressed its dissatisfaction over the failure of the Ministry to duly establish a casino regulator. Furthermore, the Committee Chair also expressed its dissatisfaction given that the Inland Revenue Department had failed to provide proper data requested by the Committee previously on the revenue received from Casino operations of the last five years.
The Committee also questioned official present regarding having to pay 25% against a tax appeal. The Committee questioned if it is ethical to demand a cash deposit instead of a bank guarantee when making an appeal.This meeting was attended by Deputy Minister Dr Harshana Suriyapperuma along with MPs Ravi Karunanayake, Wijesiri Basnayake, Nimal Palihena.
Members of the South Asian Journalists Forum have gathered at the University of New Delhi for a two day conference themed ‘Peace and Co-operation’.
Journalists from Bangladesh, Nepal, Sri Lanka and India are attending the conference hosted by the University of Delhi in collaboration with the India Chapter of SJF, and will deliberate on how the media can act as a catalyst for regional stability and mutual coexsistence.
A tree plantation campaign was also held at the Ghandi Bhawan premises of the University to mark the event and symbolize growing regional ties.
The Sri Lanka delegation is led by President of SJF’s Sri Lanka Chapter Rahul Samantha Hettiarachchi.
The Governor of the of Gujarat, Acharya Devvrat, along with the Deputy Chief Minister of Gujarat, Harsh Sanghvi, met with Prime Minister Dr. Harini Amarasuriya on Thursdy [February 05] at the Parliamentary Complex to discuss the arrangements related to the exposition of the Devnimori Sacred Relics of Lord Buddha, which have been brought to Sri Lanka under the patronage of Indian Prime Minister Narendra Modi and the Government of India.
These sacred relics of Lord Buddha were discovered during archaeological excavations conducted in the 1960s at the historic Devnimori site in Gujarat, the home state of Indian Prime Minister Narendra Modi. Until now, these relics had never been taken outside India. As a result of discussions held between President Anura Kumara Dissanayake and Indian Prime Minister Narendra Modi during his recent visit to Sri Lanka, the people of Sri Lanka have been granted this rare opportunity to venerate these sacred relics.
The exposition of the relics is being held for a period of seven days, from February 05 to February 11, at the Gangaramaya Temple in Hunupitiya, Colombo. Discussions were held between both parties regarding the arrangements related to this event.
The discussion was attended by Samar Nanda, Joint Secretary of the Indian Ministry of Culture; Dr. Satyanjal Pandey, Acting High Commissioner of India in Sri Lanka; Abhijit Halder, Director General of the International Buddhist Confederation; along with several others.
[Prime Minister’s Media Division]
The Indian Naval Ship (INS) GHARIAL made a port call in Colombo for operational turnarounds on 04 Feb 26. The Sri Lanka Navy welcomed the visiting ship in compliance with naval traditions.
Commanded by Commander Gaurav Tewari, INS GHARIAL is a vessel with a length of 124.8 meters.
During this visit, ten (10) Bailey Bridges, brought by ship, through the coordination of the High Commission of India in Sri Lanka, will be handed over to the Disaster Management Center. These bridges will provide temporary transportation links while bridges damaged across the island by adverse weather conditions are repaired.
The crew’s itinerary features scheduled goodwill activities with the Sri Lanka Navy, alongside visits to several tourist attractions across the island.
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