Cleaning Fingerprints

The Treasury on Friday announced a series of amnesties as part of its efforts to encourage locals to open up tax files.rn

rnThe Inland Revenue Dept is amending its Special Provisions Act No: 7 of 2002, to dispense with tax, duties, levies and exchange control offences, says P Guruge, Tax Advisor to the Treasury.rn

rnldblquote The tax amnesty is a further continuation of what the government announced earlier this year to erase old tax records. We [Inland Revenue Dept] will not question the source of income or how the assets were obtained, if they [tax payers] declare them during this grace period,
dblquote Guruge told Lanka Business Online.rn

rnCompanies and individuals who have not declared their income and assets, including those held abroad, before April 1, 2002 are not liable, provided they submit their papers to the Inland Revenue Dept by June 30, 2002.rn

rnIn return, the Dept. will withdraw queries on sources of income/assets taken against companies and individuals who have declared them.rn

rn