Proper system should be set up to obtain non-cash benefit taxes – Dr. Harsha | Daily News

Proper system should be set up to obtain non-cash benefit taxes – Dr. Harsha

The Committee in progress.
The Committee in progress.

Committee on Public Finance Chairman Dr. Harsha De Silva said that a system should be set up to collect taxes properly on non-cash benefits starting from the President to all Ministers, Parliamentarians and Officials.

Non-cash benefits include vehicles, houses and employees among others owned by a person holding a certain position. These taxes should be carefully looked into, considering all elements, he said.

The committee summoned the Inland Revenue Department (10) by to discuss the Road Map for Tax Collection this year.

The Inland Revenue Commissioner General said that Rs. 860 billion had been collected last year and Rs. 1,667 billion will be collected this year. Rs. 603 billion is expected to receive this year from the Corporate Income Tax. The local revenue officials also indicated that Rs. 553 billion is expected from the Value-added Tax (VAT).

The Committee also discussed the ways to strengthen this tax collection programme and the Department of Inland Revenue provided information on the delay in the cases in Court related to tax payment defaults. The Committee Chairman said that the COPF will intervene to review these problems and provide solutions.

The Chairman informed the Inland Revenue Department to report to the Committee in February about the progress of tax collection.

The attention of the Committee was also drawn to some media reports that taxes were levied from disabled War Heroes. The officials of the Inland Revenue Department said that no such tax is levied from such persons.

The regulations in Gazette No. 2307/12 under the Import and Export Control Act were also submitted to the Committee for approval. The gazette was published to ease the import restrictions imposed on sports items, railway spare parts, and certain items in the cosmetics industry. The Committee approved the gazette and stressed that it is preferable to allow the import of products required for industries such as tourism and cosmetics under the recommendations of the relevant institutions by charging a higher tax. Otherwise, it was difficult to restrict black market businesses, the Committee pointed out.

The Committee also approved the orders under the Foreign Exchange Act published in Gazette No. 2308/51. State Minister Dr. Suren Raghavan, Parliamentarians Anura Priyadarshana Yapa, Chandima Weerakkodi, Sahan Pradeep Withana and Madhura Withanage were present.

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