The Inland Revenue Department (IRD) has warned large and medium-scale tax defaulters of consequences, such as property seizures and bank accounts being frozen, if they fail to settle their tax arrears within the specified time period.
The IRD has provided until October 25 for businesses that come into the Large Taxpayer Units and Upper Corporate Tax categories, and whose overdue amounts are less than Rs. 100 billion, to settle their dues.
Meanwhile, those who are to pay more than this amount have time till December 25 to settle their arrears.
According to the Sunday Times, IRD Commissioner General Sepalika Chandrasekera revealed that two-thirds of the defaulters are among the 1500 tax file holders who fall into the large and upper corporate tax categories.
Stating that the due taxes are the Value Added Tax (VAT), she said steps have been taken to inform the defaulters via notice, while some had been summoned and informed in this regard.
Emphasizing that there would be no extensions to the deadlines for the settlement of arrears, she warned that those who fail to comply will see the seizure of properties and freezing of bank accounts. (Newswire)
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