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Big-time tax defaulters warned: Pay up now or face seizure of property and freezing of bank accounts
The Inland Revenue Department (IRD) has issued a final warning to large and medium-scale tax defaulters to settle bills amounting to Rs. 300 billion by the end of the year or face confiscation of their properties and freezing of bank accounts.
The businesses that come into the Large Taxpayer Units and Upper Corporates Tax categories and whose overdue amounts are less than Rs. 100 billion have to settle their dues by October 25, while those who are to pay more than this amount have time till December 25 to pay the arrears, Inland Revenue Department (IRD) Commissioner General Sepalika Chandrasekera said.
The due taxes are the Value Added Tax (VAT), with two-thirds of the defaulters being among the 1500 tax file holders who fall into the large and upper corporate tax categories.
“If we recover this amount by the end of the year, we can meet our annual target of Rs. 2024 billion,” Ms. Chandrasekera said.
She said notice had been sent in writing to the defaulters, while some had been summoned and informed of the IRD decision. “Some have ignored our notices and have avoided coming for meetings or answering the phones,” she said.
The IRD chief warned there would be no extension of these deadlines, and if the defaulters failed to settle the dues, their properties would be seized and their bank accounts would be frozen.
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