IRD dishonoured cheques worth Rs.240 m – COPA

It was revealed at the Committee on Public Accounts (COPA) held in Parliament recently that the Inland Revenue Department (IRD) had received 6,878 dishonoured cheques worth Rs.240 million (Rs.2,451,465,383), as at December 31, 2020.The Committee directed the IRD officials to take immediate action to recover these funds.

It was also revealed at the meeting that Court cases have been filed by the IRD in the Colombo Magistrate’s Court to recover Rs. 2670 million in tax arrears from the casino business.

Meanwhile, COPA revealed that according to Section 12 of the Default Taxes (Special Provisions) Act No. 16 of 2010, the amount of tax arrears that could be collected as on 31st December 2020 is around Rs.144,537,364,916. (1,445 million)

The COPA meeting chaired by Prof. Tissa Vitarana was attended by State Ministers Dayasiri Jayasekara, Lasantha Alagiyawanna, Dr. Sudarshani Fernandopulle, MPs Tissa Attanayake, S. Sridaran, Karder Masthan, Mohamed Muzammil, Niroshan Perera, Dr. Upul Galappaththi, Weerasumana Weerasinghe and Dr. Harini Amarasuriya.

The Committee on Public Accounts directed the Ministry of Finance to expedite the preparation of a Common Methodology for the implementation of the Revenue Administration Management Information System (RAMIS) under the Inland Revenue Department in collaboration with all relevant stakeholders.

Steps are being taken to include 29 institutions in the RAMIS.

It was revealed at the committee meeting that six of these institutions have already joined this system. It was also revealed that by December 31 this year, six more institutions will be included in this system.

The Committee also recommended that the Central Bank of Sri Lanka should provide guidelines for the inclusion of all banks in the country in the RAMIS.

Officials of the Ministry of Finance, Inland Revenue Department, National Audit Office, Treasury and other institutions included in the Revenue Administration Management Information System participated.