Sri Lanka’s Top 100 Richest Taxpayers Under the Microscope

In a bid to bolster tax compliance among the affluent strata of society, Sri Lanka’s Inland Revenue Department (IRD) has unveiled plans to target the top 100 taxpayers with the highest reported incomes across diverse revenue streams, as per reports.

The initiative involves the meticulous review of multiple data reservoirs, encompassing sources such as real estate holdings, reports from the Financial Intelligence Unit (FIU), bank account records, and intelligence shared by treaty partners. The selection process for this elite cohort will remain dynamic, with the IRD indicating its intent to expand the pool of individuals under scrutiny as the initiative unfolds.

To spearhead this endeavor, the IRD has established a dedicated enclave known as the High Wealth Individuals Unit (HWIU), comprising a ten-member team stationed at the Large Taxpayer Office. This specialized unit will engage with a select cadre of affluent taxpayers and their advisors, facilitating compliance with tax filing obligations as a preliminary measure.

Speaking on the rationale behind this move, IRD Commissioner General W.A. Sepalika Chandrasekara underscored the imperative of fostering fairness and bolstering public trust in the nation’s tax regime.

In its quest to ensure equitable tax contributions from the affluent segment, the IRD will augment its scrutiny through additional risk assessments and profiling of high-income earners. Furthermore, the department is poised to undertake audits targeting cases deemed to pose the highest risks of non-compliance.

In a bid to fortify its investigative arsenal, the IRD is slated to forge collaborative alliances with both domestic and international entities. These strategic partnerships will furnish the HWIU with access to vital information conducive to identifying potential instances of tax evasion or non-compliance, thereby bolstering the efficacy of enforcement measures.

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