Sri Lanka, Jan. 19 -- The Inland Revenue Department (IRD) and the Consumer Affairs Authority (CAA) will conduct raids with immediate effect to nab traders not complying with the tax revisions introduced last month, IRD Commissioner General Nadun Guruge told the media last week.
According to him, a large number of traders do not yet fall in line with the new tax revisions and steps have been taken with the CAA to take to task those who fail to pass on the benefit of tax reductions to consumers.
The Cabinet made a slew of tax amendments last month comprising the reduction in the Value Added Tax from 15 to eight percent, increase in the tax-free threshold for VAT from Rs. 1 million to Rs. 25 million turnover per month and the VAT on banking,...