INSUBCONTINENT EXCLUSIVE:
The Inland Revenue Department (IRD) has found that a large number of traders, business establishments and bakeries do not pass the
VAT reduction benefits to the consumer and as such the IRD would round up errant commercial establishments with the assistance of the
Consumer Affairs Authority (VAA) and take legal action against them, Commissioner General of the IRD Nadun Guruge said.Mr
Guruge added that the IRD did not have provisions to take legal action directly against commercial ventures who fail to reduce their prices
of commodities following the recent tax cuts but the CAA has been empowered to do so
The island wide raids on errant trade establishments and legal action will be launched starting from the last week of this month.
