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The revenue from direct tax collected by the Inland Revenue Department (IRD) has increased to 18.1 per cent during the year 2018 from 16.4 per cent in the previous year according to the latest reports.The Department has recorded a revenue of Rs 836 billion during the year 2017, an increase of Rs 194 billion over the previous year.The 2017 IRD Performance report in Chapter 4, Taxes in Default, details that for income tax gross Rs. 117 billion are in default. There is a penalty of Rs 69 billion in relation to taxes in default. The penalty is generally, 10 percent for the non-payments on the due date and further 2 percent for each month of default until it reaches 50 percent of tax in case of income tax and 100 percent with regards to value-added tax.
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Read more: Direct tax revenue up to 18.1 from16.4%
Write comment (90 Comments)The revenue from direct tax collected by the Inland Revenue Department (IRD) has increased to 18.1 per cent during the year 2018 from 16.4 per cent in the previous year according to the latest reports.The Department has recorded a revenue of Rs 836 billion during the year 2017, an increase of Rs 194 billion over the previous year.The 2017 IRD Performance report in Chapter 4, Taxes in Default, details that for income tax gross Rs. 117 billion are in default. There is a penalty of Rs 69 billion in relation to taxes in default. The penalty is generally, 10 percent for the non-payments on the due date and further 2 percent for each month of default until it reaches 50 percent of tax in case of income tax and 100 percent with regards to value-added tax.
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- Category: Srilanka
Read more: Direct tax revenue up to 18.1 from16.4%, last year
Write comment (95 Comments)A meeting between President Maithripala Sirisena and the Russian President Vladimir Putin was held last Saturday (15).The President has held this meeting on the sidelines of the 5th Summit of the Conference on Interaction and Confidence Building Measures in Asia (CICA), Dushanbe, Tajikistan.
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Read more: President meets Russian President
Write comment (96 Comments)Showers or thundershowers will occur in Western, Central, Sabaragamuwa and North-western provinces and in Galle and Matara districts. Several spells of showers will occur in Hambanthota and Jaffna districts. Showers or thundershowers will occur at a few places in Eastern and Uva provinces and in Mullaitivu district after 2.00p.m. There may be temporary localized strong winds during thundershowers. General public is kindly requested to take adequate precautions to minimize damages caused by lightning activity.
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Read more: Rains in many parts of the Island
Write comment (96 Comments)Our aim is to emulate the dignified royal tradition of the Lichchavi Kings, whereby people would meet peacefully, discuss issues peacefully and disperse peacefully, to ensure good governance and build a united and prosperous nation, Prime Minister Ranil Wickremesinghe said yesterday. The Premier was speaking after switching on illuminations at the second day of the Mihintale Aloka Pooja organized by the Associated Newspapers of Ceylon Limited (ANCL) for the 57th occasion at the Mihintale Meda Maluwa last evening.
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Read more: Government determined to ensure good governance - PM
Write comment (100 Comments)Prime Minister Ranil Wickremesinghe switched on illuminations at the second day of the Mihintale Aloka Pooja organized by the Associated Newspapers of Ceylon Limited (ANCL) for the 57th occassion at the Mihintale Meda Maluwa last evening. The three-day Aloka Pooja Pinkama to commemorate the advent of Arahant Mahinda Thera and the establishment of the Buddha Sasana in Sri Lanka is held with the patronage of Mihintale Rajamaha Viharadhipathi Ven.Walawahengunawewe Dhammarathana Thera. Ministers Vajira Abeywardene, Ravi Karunanayake, P. Harrison, Chandrani Bandara and ANCL (Lake House) Chairman and Managing Director Krishantha Cooray and staff participated among others. An estimated half a million Buddhist devotees had visited Mihintale and Anuradhapura by noon yesterday, according to local authorities, who predicted the cumulative Poson festival attendance may reach close to a million pilgrims.
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Read more: Half a million pilgrims in A'pura, Mihintale
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