Inland Revenue to warn bakery and hotel owners over tax concessions

The Inland Revenue Department has called a meeting of associations representing bakery owners and hotel owners today (18) for a discussion on passing the benefits of reduced VAT and NBT tax concessions onto consumers. 

Commissioner General of Inland Revenue, Nadun Guruge told Times Online that bakery owners and hotel owners were yet to pass on the benefits of reduced VAT and NBT concessions onto consumers. "We have asked them to come for a meeting to brief them on this situation. We will ask them to reduce their prices in line with the tax concessions that have been granted," he said. 

Mr Guruge added that if the bakery and hotel owners failed to heed the warning by the Inland Revenue Department, it would take steps to initiate legal action against the offenders. "We will also take measures to obtain the revenue that is due to us that they have been holding onto," he added. 

Mr Guruge further said their surveys have revealed that the benefits of the tax concessions given by the Government have not yet filtered down to consumers.