(COLOMBO) – The authorities in Sri Lanka are to track down 100 ‘High Wealthy Individuals’ (HWI) some of whom may be tax dodgers in order to restore fairness and confidence in the country’s tax administration.
The officials said that towards this end a large tax payer office has been set up at the Inland Revenue Department (IRD) which will contact identified individuals and work with them and their advisors to ensure that they are up to date with their respective tax obligations to the State, IRD Commissioner General W. A. Sepalika said in a statement.
The IRD would also work with banks and other tax administrations through its treaty net work with 45 countries to identify wealthy individuals’ banking records and assets that may have not been disclosed to the authorities to date, the statement added.
“Through this approach we hope to enhance their willingness to participate and contribute to the Government’s revenue in a bid to overcome the critical economic issues facing the country at present.
As the work progresses from here on other wealthy individuals will also be listed for monitoring purposes”, the statement added.
