INSUBCONTINENT EXCLUSIVE:
A correct system must be carried out to collect taxes appropriately on non-cash benefits beginning with the President of the nation to all
ministers, members of parliament and authorities, the chairman of the Committee on Public Finance (COPF) MP Harsha De Silva says.Explaining
that non-cash benefits consist of automobiles, houses, employees, and so on owned by a person holding a certain position, the COPF chairman
mentioned that these taxes need to be thoroughly checked out, thinking about all elements.MP De Silva made these remarks when the Inland
Revenue Department (IRD) was summoned by the COPF just recently (Jan
10) to discuss the Road Map for Tax Collection for the year 2023
The Commissioner-General of Inland Revenue explained during the conversation that the amount of tax gathered in the year 2022 is Rs
860 billion and the amount of tax anticipated to be gathered for the year 2023 is Rs
Appropriately, compared to last year, it is anticipated to get Rs
922 billion more tax money this year, he added.The biggest amount of awaited tax profits in 2023, totaling up to Rs
603 billion, is anticipated from business earnings tax
The regional earnings officials also showed that an income of Rs
553 billion is expected from the value-added tax (VAT)
The committee likewise went over at length the conditioning of this tax collection program and the IRD provided info about the issues
consisting of the hold-up in the cases in the court related to tax payment defaults
The chairman of the committee stated that the COPF will intervene to examine these problems and offer solutions.Accordingly, the COPF
chairman informed the Inland Revenue Department to report to the committee in February about the development of tax collection.The attention
of the committee was likewise drawn to some media reports, that taxes were levied on the pension of disabled war heroes
The officials of the Inland Revenue Department explained that no such tax is levied on a pension in any way.The policies in Gazette No
2307/12 under the Import and Export Control Act were also submitted to the committee for approval
This gazette was released to ease the import restrictions imposed on sports products, train extra parts, and specific items in the cosmetics
industry.The committee authorized the gazette and stressed that it is more suitable to enable the import of products needed for industries
such as tourism and cosmetics under the recommendations of the appropriate institutions by charging a greater tax
Otherwise, it was gone over in the committee, that the black market organizations can not be avoided in this regard.Furthermore, the
Committee approved the orders under the Foreign Exchange Act published in Gazette No
