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» Elsewhere vs SL : Honesty, Social responsibility , Word twisting and Decency
Yesterday at 7:50 pm by nihal123

» Dividend Announcement
Yesterday at 5:03 pm by Ethical Trader

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» Obituary Notice.
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» රුපියල 161.54ට යයි
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» PABC.N0000 (Pan Asia Banking Corporation PLC)
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» අනං මනං! #/+?.<>
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» ආදායම් බද්දෙන් ආසිරි තැලෙයි
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» Sri Lankan listed firms told to pay dividends directly to shareholder bank accounts
Tue Aug 14, 2018 2:38 am by pjrngroup

» Sri Lanka's Hayleys group to sell assets to reduce debt
Mon Aug 13, 2018 10:05 pm by nihal123

» අපේ දුම්රිය සේවය තැබු ලෝක වර්තාව; වර්ජනයේ අරමුණ රුපියල් 11605 කින් පඩි වැඩිකර ගැනීම!
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» "මාව පෙළඹෙව්වේ සංගක්කාර" - ඉන්දීය ක්‍රිකට් ක්‍රීඩිකා ස්ම්‍රිති මන්දනා
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» Sri Lanka's Ceylon Tobacco net up 47-pct, volumes grow
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» Sri Lanka's Tokyo Cement in the red, vessel sale adds to loss
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» Sri Lanka’s Watawala Plantations June net down 57-pct
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» Sri Lanka’s Aitken Spence Hotel June quarter losses rise 22-pct
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» ඩොලරයේ වැඩිම විකුණුම් මිල අද වාර්තා වෙයි
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» BOC New Internet Banking System
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» PB. N0000 (People's Bank)
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Wed Aug 08, 2018 11:34 am by Ethical Trader

» Amazing හෙළ වෙදකම
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» මූල්‍ය සමාගම් ඒකාබද්ධ කිරීම වක්‍රාකාරයෙන් සිදුවෙනවා – මහ බැංකු නියෝජ්‍ය අධිපති කියයි
Tue Aug 07, 2018 12:21 pm by Ethical Trader

» සිංගප්පූරු ගිවිසුමෙන් අපනයන වාසියක් නැහැ – මහ බැංකු අධිපති
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» Sri Lanka to miss IMF forex reserve target; seek waiver
Mon Aug 06, 2018 10:45 am by The Invisible

» Sri Lanka targets lower forex reserves for end 2018
Mon Aug 06, 2018 10:43 am by The Invisible

» Sri Lanka economy to grow 4.0-pct in 2018
Mon Aug 06, 2018 10:42 am by The Invisible

» More curbs on cars as Central Bank battles trade gap
Mon Aug 06, 2018 10:40 am by The Invisible

» What Sri Lanka can do to improve the credibility of its dollar soft-peg
Mon Aug 06, 2018 10:39 am by The Invisible

» Sri Lanka's Hayleys Fabric back in profit in June quarter
Sun Aug 05, 2018 12:11 am by spw19721

» Sri Lanka keeps rates unchanged
Fri Aug 03, 2018 6:10 pm by Ethical Trader

» Sri Lankan shares end up 0.1-pct, foreigners buy NTB
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» Sri Lanka sharply raises tax on small hybrid cars
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» Sri Lanka inflation accelerates to 5.4-pct in July
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» බදු ඉහළට. Wagon R, Japan Alto, Spacia ඇතුළු පොඩි කාර් මිල වැඩිවෙන්නේ මෙහෙමයි
Fri Aug 03, 2018 1:28 pm by කිත්සිරි ද සිල්වා

» India police hunt eight men after sex attack on goat
Wed Aug 01, 2018 1:04 pm by slstock

» Yes, we Khan!
Wed Aug 01, 2018 1:03 pm by කිත්සිරි ද සිල්වා

» ඡන්ද කටේ ,කුලියාපිටියේ ඇදෙන Volkswagen කතාවේ ඇත්ත තත්ත්වය මෙහෙමයි
Wed Aug 01, 2018 7:46 am by serene

» Should CSE be like this? Whose FAULT is it?
Tue Jul 31, 2018 8:24 pm by spw19721

» ලෝකය යා කරන චීන ඉදිකිරීම් වේගවත් කරන යෝධ යන්ත්‍ර
Tue Jul 31, 2018 6:08 pm by Ethical Trader

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Tue Jul 31, 2018 5:49 pm by Ethical Trader

» Happy Birthday
Mon Jul 30, 2018 10:27 pm by serene

» Whats ailing Sri Lanka ? Why we are what we are!
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» Lunar Eclipse
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» ගුවන් යානා තුළ මකුණන් සිටීමට හේතුව කාලගුණය බව 'එයාර් ඉන්දියා' සමාගම පවසයි
Sun Jul 29, 2018 10:54 am by Ethical Trader

»  Woman finds frog parts in her packet of 'kottu'
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» අඟහරු ග්‍රහයා මත ද්‍රවීය ජලය ඇති 'විලක්' ඇතැයි හෙළිවේ
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Monitor luxury consumption to combat Sri Lanka tax evasion: central bank

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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)
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The Invisible

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