Sri Lanka reports recommendations 2020 Government Sri Lanka

Sri Lanka’s tax recovery riddled in delays – report

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COLOMBO (News1st): Sri Lanka’s tax authority had failed to recover default taxes and penalties worth more than Rs 290.8 billion by the first half of 2019, a state audit has shown.Records showed that the government was due to receive more than Rs 4.1 trillion in taxes by mid-2019.However, a staggering Rs 3.8 trillion were identified as held over taxes, due to objections made by taxpayers, leaving around Rs 290.8 billion as recoverable taxes.“…if the taxpayer raises an objection, the issue should be resolved within a period of 60 days,” the report published by the National Audit Office (NAO) showed.Apart from taxes that were held over due to appeals and legal proceedings, all other default taxes must be settled expeditiously, the report..

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