Sri Lanka, Jan. 18 -- The Inland Revenue Department (IRD) has found that a large number of traders, business establishments and bakeries do not pass the VAT reduction benefits to the consumers

The IRD would round up errant commercial establishments with the assistance of the Consumer Affairs Authority (VAA),Commissioner General of the IRD Nadun Guruge said yesterday. He said the IRD did not have provisions to take legal action directly against commercial ventures who fail to reduce their prices following the recent tax cuts but the CAA has been empowered to do so. The island wide raids on errant trader will commence from the last week of this month.

"We have found that a fair number of traders and business establishments have failed to ...