IRD goes after wealthy Sri Lankans
View(s):The Inland Revenue Department (IRD) is paying close attention to the tax compliance of highly wealthy Sri Lankans in the country as a part of the IRD’s efforts to restore fairness and confidence in Sri Lanka’s tax administration by ensuring that the wealthy contribute their fair share and pay the right amount of taxes.
For this purpose, a High Wealth Individuals Unit (HWIU) has been established at the IRD, which is located in the Large Taxpayer Office, the IRD said in a media release.
The HWIU has received additional resources to focus on high-income and high-wealth individuals. As a first measure, the HWIU will be contacting a select number of wealthy individuals and will work with them and their advisors to ensure that they are up to date with their filings of tax returns.
IRD will also help them identify and avoid mistakes or omissions early in the filing process. The HWIU will be conducting additional risk assessments and profiling of wealthy taxpayers to conduct audits on cases that have the highest risks.
At the same time, the IRD is enhancing its collaboration with both domestic and international organisations to access information that will help the HWIU to identify potential tax non-compliance.
The IRD will also be working closely with banks, the Financial lntelligence Unit (FIU) and other tax administrations through its extensive Treaty network with 45 countries.
This collaboration will help the HWIU to identify banking records and assets of wealthy individuals that may not have been disclosed.
“By enhancing the focus and engaging with them, the IRD can be confident that wealthy individuals are duly paying their right amount of taxes,” the statement from W.A. Sepalika Chandrasekara Commissioner General Inland Revenue Department, said.
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