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| Tuesday, 2 September 2003 |
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Tax Amnesty yields record 51,500 declarations by Ravi Ladduwahetty The Department of Inland Revenue has netted a record 51,500 declarations under the Tax Amnesty up to Sunday, the closing date of the Amnesty, Finance Minister K.N. Choksy told the Daily News yesterday. The Minister said that this was the highest number of declarations ever made to the Department under any of the tax amnesty laws since 1964. Two of the previous declarations made, had yielded under ten declarations. The Minister noted that the number of declarations were largely due to the comprehensive nature of the law. He said that there was an almost 20 percent increase to the 200,000 income tax files, making allowances for some of the declarants who may be having files against their names. He said that the Amnesty has yielded distinct advantages with the increase of the bank deposits, increase of money changing hands and the issue of Treasury Bills and Treasury Bonds being oversubscribed. Investments which have been made in the Colombo Stock Exchange were channelled to business and industry. The effects of all these developments are that there will be additional funds for economic expansion and the increase of employment, he said. There is also a wider and a more significant aspect to this exercise as income tax is a component of taxation from the more affluent sections of society. The Government's attempt is to collect more direct taxes from the affluent sections of society so that indirect taxes such as the Value Added Tax and Customs Duties which have a bearing on the entire population, rich and the poor, could be gradually reduced which will reduce the burden on the poorer sections of the community, he said. |
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