The Investor Sentiment - Equity and investments forum for Sri Lankans
Search
 
 

Display results as :
 


Rechercher Advanced Search

Latest topics
» Banking Sector
Today at 11:17 am by lanka

» Sri Lanka needs prudent fiscal policy to retain confidence, refinance debt: Economist
Today at 9:51 am by The Invisible

» EPF needs governance overhaul, proxy advisor, to invest in Sri Lanka stock market
Today at 9:49 am by The Invisible

» 17-pct of Sri Lankans stunted: World Bank Human Capital Index
Today at 9:45 am by The Invisible

» Coalition politics hurt Sri Lanka liberalization drive: Harsha
Today at 9:44 am by The Invisible

» Sri Lanka President calls to expand Nixon shock as rupee falls
Today at 9:43 am by The Invisible

» Sri Lanka new car registrations down 40-pct in September
Today at 9:39 am by The Invisible

» Sri Lanka stocks up 0.37-pct, rupee ends marginally lower
Today at 9:38 am by The Invisible

» Sri Lanka’s Nations Trust Bank gets US$50mn from Dutch lender
Today at 7:58 am by serene

» JKH shares trade Rs1.1bn worth at 126-127/share in today’s trades
Yesterday at 8:45 pm by PANTOMATH

» Only 8-pct of Sri Lanka’s 2018 budget promises progressing on track: Verité
Yesterday at 7:14 pm by serene

» Fed Rate hike , Rs Devaluation PART 2 : Should CSE be like this? Whose FAULT is it?
Yesterday at 1:10 pm by කිත්සිරි ද සිල්වා

» වෙළෙඳපොළ වැටුණු මොහොතේ නිමල් රු. බිලියන 2 ක කොටස් අරන්
Yesterday at 11:35 am by Ethical Trader

» බැඳුම්කර මගඩියෙන් අර්ථසාධක අරමුදලට වූ පාඩු පියවා ගන්න මහ බැංකුව සිවිල් නඩුකර පවරයි
Yesterday at 11:32 am by Ethical Trader

» සිංගර් කොටස් ගනුදෙනුවෙන් පසු ශුද්ධ විදේශීය ගලායාම රු. බිලියන 8 ඉක්මවයි
Yesterday at 11:23 am by Ethical Trader

» Hayleys buys balance 9.47-stake in Singer Sri Lanka
Yesterday at 8:24 am by yellow knife

» Sri Lanka's All Share index falls below 5,800 points
Yesterday at 7:50 am by serene

» Sri Lanka stocks end 0.70-pct lower, rupee lose some gains
Yesterday at 7:33 am by The Invisible

» Sri Lanka gilt yield curve flattens amid currency pressure
Yesterday at 7:30 am by The Invisible

» Global stocks mixed as oil gains amid scrutiny of Saudi Arabia
Yesterday at 7:24 am by The Invisible

» චීන සංවර්ධන බැංකුවේ සරණින් රුපියල අළු ගසා නැගිටියි
Mon Oct 15, 2018 6:11 pm by serene

» Will take care of debt issues of Belt and Road projects: China
Mon Oct 15, 2018 6:07 pm by serene

» සිංගර් ඉතුරු කොටස ධම්මික අද මිල දී ගනී
Mon Oct 15, 2018 4:57 pm by The Invisible

» ලංකා හා මහජන බැංකු කොටස් අලෙවියක්
Mon Oct 15, 2018 12:23 pm by nihal123

» රුපියල ශක්තිමත් කිරීමට අතේ ඇති ඩොලර් විසි කිරීමේ අවාසිය
Mon Oct 15, 2018 9:32 am by The Invisible

» Global stocks stumble as Trump attacks Fed
Mon Oct 15, 2018 9:29 am by The Invisible

» අහිමි වෙන ඉරාන තේ වෙළෙඳපොළ වෙනුවට රජය විකල්ප සොයාගෙන නෑ
Mon Oct 15, 2018 9:28 am by The Invisible

» Sri Lanka apparel exports up 7.8-pct in Aug despite Brexit hit
Mon Oct 15, 2018 9:25 am by The Invisible

» 'Shock not over' as Asian stocks extend slide
Mon Oct 15, 2018 9:24 am by The Invisible

» "The unreasonable man" - Rohan Pallewatte
Sun Oct 14, 2018 10:55 am by කිත්සිරි ද සිල්වා

» අනං මනං! #/+?.<>
Sat Oct 13, 2018 7:09 pm by Yin-Yang

» Investing in stocks - how to find the best time to buy or sell
Sat Oct 13, 2018 5:15 pm by nihal123

»  How To Identify Stock Market Direction (Trends) Part 1
Sat Oct 13, 2018 5:06 pm by nihal123

» Backroom moves over Sri Lanka Chief Justice pick
Sat Oct 13, 2018 12:22 pm by කිත්සිරි ද සිල්වා

» Sri Lanka makes second forced bond sale, yields up
Sat Oct 13, 2018 8:31 am by The Invisible

» Sri Lanka stocks end 0.40 percent lower, rupee in sharp rebound
Sat Oct 13, 2018 8:30 am by The Invisible

» Sri Lanka's Lion Brewery regrets leaving Indian market
Sat Oct 13, 2018 8:28 am by The Invisible

» Sri Lanka looks to shed massage parlour image for billion dollar wellness industry
Sat Oct 13, 2018 8:22 am by The Invisible

» ලෝක වෙළඳපොලේ තෙල් මිල ඉහළට
Fri Oct 12, 2018 5:32 pm by nihal123

» අත්‍යාවශ්‍ය නොවන භාණ්ඩ ආනයනයට ඩොලර් නිකුත් කිරීම මහ බැංකුව තහනම් කරයි
Fri Oct 12, 2018 5:30 pm by nihal123

» MTD WALKERS - KAPI
Fri Oct 12, 2018 5:24 pm by Ethical Trader

» මහ බැංකුවටත් වඩා බලවත් බාහිර සාධක
Fri Oct 12, 2018 7:50 am by serene

» Rising debt is shared concern of both creditors, debtors, Sri Lanka says
Fri Oct 12, 2018 7:43 am by serene

» Sri Lanka stocks end 0.57-pct lower, rupee weakens marginally
Fri Oct 12, 2018 7:38 am by serene

» Sri Lanka widens bank dollar trading positions
Fri Oct 12, 2018 7:36 am by serene

» Sri Lanka says small nations face chaos from financial and natural turmoil
Fri Oct 12, 2018 7:32 am by serene

» BOC New Internet Banking System
Thu Oct 11, 2018 9:23 pm by xmart

» ආණ්ඩුවේ හෝටල් දෙකක් මාස 6 ක් තුළ විකිණීමේ සූදානමක්
Thu Oct 11, 2018 6:10 pm by Ethical Trader

» ඩොලරය රු. 173 සමීපයට පැමිණෙයි
Thu Oct 11, 2018 2:01 pm by The Invisible

» Sri Lanka opposition’s toppling bid runs into snags
Thu Oct 11, 2018 10:03 am by Ethical Trader

October 2018
SunMonTueWedThuFriSat
 123456
78910111213
14151617181920
21222324252627
28293031   

Calendar Calendar

Disclaimer


Information posted in this forum are entirely of the respective members' personal views. The views posted on this open online forum of contributors do not constitute a recommendation buy or sell. The site nor the connected parties will be responsible for the posts posted on the forum and will take best possible action to remove any unlawful or inappropriate posts.
All rights to articles of value authored by members posted on the forum belong to the respective authors. Re-using without the consent of the authors is prohibited. Due credit with links to original source should be given when quoting content from the forum.
This is an educational portal and not one that gives recommendations. Please obtain investment advises from a Registered Investment Advisor through a stock broker

Monitor luxury consumption to combat Sri Lanka tax evasion: central bank

Go down

Monitor luxury consumption to combat Sri Lanka tax evasion: central bank

Post by The Invisible on Sat Apr 28, 2018 6:45 pm

ECONOMYNEXT – Sri Lanka’s central bank has called for close monitoring of high end transactions such as luxury car and property sales to fight widespread tax evasion that has led to a fall in direct tax revenue.



Recent government commitment to increase revenue through tax reforms has yielded results, it said.



But there is scope to enhance direct tax revenue by strengthening tax administration through Information and Communication Technology (ICT) to bring in tax evaders into the tax net, the central bank said in its annual report for 2017.



“Tax evasion by individuals and corporates has been one of the primary reasons for the decline in direct tax revenue as a percentage of GDP,” it said.



“Tax evaders deliberately understate or avoid reporting the true state of their net worth and income to the tax authorities to reduce tax liability.”



The central bank an effective method to address tax evasion is by the close monitoring of high end consumption driven transactions.



“This requires reconciling income declarations with data retrieved from high end transactions such as luxury car sales and property sales,” it said.



“Although, the Inland Revenue Department (IRD) carries out such examinations and follows up with semi automated systems, a sophisticated electronic system linking up relevant institutions with the tax system is essential to efficiently confront tax evasion.”



The central bank noted that the tax department had already started an automation process with various reforms initiated to improve tax administration, including the introduction of the Revenue Administration Management Information System (RAMIS).



“The full implementation of the RAMIS is expected to connect the system with over 20 other external institutions including the Central Bank, licensed banks, Sri Lanka Customs, Registrar of Motor Vehicles, Condominium Management Authority, Colombo Stock Exchange and the Land Registry, for effective tax reconciliation.”



The central bank said that addressing the remaining infrastructure and human resource bottlenecks to implement the much needed system would enable authorities to tackle tax evasion efficiently.



It would also enable the government to “address the obvious disconnect between the growth of high end economic activity and the declining direct tax revenue to GDP ratio,” the report said.

(COLOMBO, April 27, 2018)
avatar
The Invisible

Posts : 393
Join date : 2016-11-28
Age : 39

Back to top Go down

Back to top


 
Permissions in this forum:
You cannot reply to topics in this forum