Oct 07, 2018

A Rs. 51 b tax revenue loss in 2017 Featured

Tax defaulting and administrative shortcomings in the Department of Inland Revenue are blamed for a failure to collect Rs. 51 billion in tax revenue last year.

IRD sources say the lost revenue include unpaid taxes, taxes in lieu of unpaid taxes and fines.

According to the sources, the proper enforcement of regulations contained in the Inland Revenue Act can prevent tax defaulting.

That, together with overcoming administrative shortcomings, will ensure achieving a target of raising tax revenue to 18 present, from the present revenue of between 5.5 pc and six pc.