Sri Lanka New unit scheme by Inland Revenue Department
Date: 9th March 2024
The Inland Revenue Department of Sri Lanka has established a 'High Net Worth Individuals Unit' (HWIU).
The Inland Revenue Department of Sri Lanka has established a 'High Net Worth Individuals Unit' (HWIU).
To ensure tax compliance of the high net worth individuals.
To ensure tax compliance of the high net worth individuals.
The unit is said to have been launched as part of efforts to restore integrity and confidence in the country's tax administration.
The unit is said to have been launched as part of efforts to restore integrity and confidence in the country's tax administration.
This has given the world more resources to focus on high-income and high-wealth individuals,
This has given the world more resources to focus on high-income and high-wealth individuals,
Ensuring they do their fair share and pay the right amount of taxes.
Ensuring they do their fair share and pay the right amount of taxes.
Also, as a preliminary measure, the concerned unit will contact a selected number of wealthy individuals
Also, as a preliminary measure, the concerned unit will contact a selected number of wealthy individuals
and ensure that they file their tax returns along with them and their advisors.
and ensure that they file their tax returns along with them and their advisors.
Meanwhile, apart from helping to identify and avoid errors or omissions in their initial filings,
Meanwhile, apart from helping to identify and avoid errors or omissions in their initial filings,
The IRD is said to conduct additional risk assessments and profiles of wealthy taxpayers to conduct audits in high-risk cases.
The IRD is said to conduct additional risk assessments and profiles of wealthy taxpayers to conduct audits in high-risk cases.
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