Safety Valve

Dilshan Wirasekara, Chief Executive Officer of First Capital Treasuries PLC

Hoarders who played hide and seek with revenue officials have been coming clean in droves in response to the governments tax amnesty, Finance Minister K N Choksy said Thursday.
Inland Revenue has set up a special unit under a deputy commissioner to deal with the declarants.rn

rnTax experts say businessmen have an unprecedented opportunity to clear the decks and start anew.rn

rnldblquote This is not just an amnesty, but a total exoneration that will lead to a renaissance,
dblquote Choksy said addressing members of the International Fiscal Association.rn

rnThe amnesty runs out on June 30. The government says it will forgive all outstanding problems taxpayers have with various revenue laws, including customs if they come clean now.rn

rnChoksy says the governments latest tax amnesty has attracted over 1,200 declarations.rn

rnHe said the Inland Revenue (Special Provision) Bill, which was enacted by Parliament in March, has generated much public opinion, both for and against its provisions.rn