The Committee on Public Accounts (COPA) has recently directed the Inland Revenue Department (IRD) to submit a report on taxes and penalty defaults within the next two to five months.
The acting Chairperson further instructed the department to submit a report to the Committee on the amount of taxes and penalties in default to be recovered without any complications in relation to the RAMIS system, and the amount where recovery is possible but contains considerable issues.
According to the system, Rs. 18 billion had been identified as tax arrears of selected companies as of 30 March 2021, and it was disclosed that it was 17% of the total outstanding revenue of Rs. 107 billion as at 30 June 2020.
The Committee informed the IRD that all arrears pertaining to the system should be recovered expeditiously. The Committee had earlier instructed the Ministry of Justice to implement a programme to expedite the proceedings in the courts regarding the recovery of tax arrears and the process with regard this was taken into review.
The Ministry of Justice informed the Committee that the matter has been discussed with the Judicial Service Commission (JSC) and that a proper mechanism is currently underway to expedite cases in the court proceedings regarding the recovery of tax arrears.
COPA asks IRD to report before September
28 Apr 2021
COPA asks IRD to report before September
28 Apr 2021
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