The gazette giving details of citizens’ assets is not a new law.
The objective is to identify tax evaders even if it is not implemented to affect the past.
Minister of State for Finance Dr. Rajith Siambalapitiya
Although the Presidential Gazette has issued a notification that details of movable and immovable assets of Sri Lankan citizens must be provided to the Inland Revenue Department from the 1st of July, it is not a gazette that imposes new laws and it gives the Inland Revenue Department the right to access information through third parties under Section 128(8) of the Income Tax Act. Minister of State for Finance Dr. Rajith Siyambalapitiya emphasized that implementation is the only thing.
Also, the minister emphasized that these rules and regulations will never be implemented to affect the past.
The minister mentioned that this circular is to re-enforce the law which was in a state of inaction, and accordingly, the notification for the implementation of the gazette notification published on 21st March was issued by the Commissioner of Inland Revenue on 21st May.
Accordingly, with effect from 01 July, the Land Registry Department, Company Registration Department, Stock Exchange, Bank and Non-Banking Financial Institutions and Motor Transport Department etc. which regularly handle income should report their daily income to the National Inland Revenue Department, the Minister said.
The minister mentioned that due to the non-implementation of such laws, the country has suffered a major setback as a country with the lowest government income in the world, 20% of the tax revenue has become direct tax, and the amount of indirect taxes imposed on the common man in our country has become 80%.
At a time when the society is oppressed, there is no intention of going back to the past to search for information and implement these laws to further oppress the people.
He said that proper collection of income tax from those who are liable to pay income tax but have not paid tax through fraudulent means is also expected through this gazette.