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The Indian Revenue Department (IRD) has stepped up its investigation into MPs who may be involved in tax fraud, the Daily Mirror reported.
The site further reports:
Sri Lanka’s new anti-corruption law requires lawmakers to declare their assets.
People familiar with the matter revealed that in order to expand the tax net, the tax bureau listed lawmakers as possible targets of fraud.
Sri Lanka has recently taken a series of measures to increase state revenue in accordance with its agreement with the International Monetary Fund (IMF). In addition to increasing tax rates, Sri Lanka has also taken measures to widen the tax net.
Earlier, a high-level parliamentary committee said that tax collection mechanisms should be strengthened to combat tax evasion. Sri Lanka’s revenue agency exceeded its tax revenue target by 6% in the first quarter ended March 31.
The government expects tax revenue to reach Rs4,106 billion in 2024. Sri Lanka Customs, Excise Department and Inland Revenue Department are the three major tax collection agencies.
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