Monday, October 19, 2015

The reason the Treasury HAS NOT implemented the obvious recommendation on increasing the TAX YIELD

It is a no brainer, as to how to bring into the tax net, all the thousands of people who currently pay not tax. It is simply done by computerization and giving everyone a unique number or even using their NI number when entering any data.

So when a vehicle is registered, property purchased, and any item purchased for more than Rs100,000, this number is used, and the treasury will have a record of money spent by person each month, and can find the top 10,000 people who spend the most in 2015. They can then be checked against the income tax records and questioned if the numbers don’t tally.

This SIMPLE METHOD will yield an instant RS259Billion to the Treasury, something that is NOT CURRENTLY COLLECTED.   


It is the MPs who will be caught first, and secondly the Government Servants including excise officers and Customs Officers who will be caught red handed and likely to lose their jobs. Because of this the wealthy businessmen who cheat on their taxes get away with it knowing the rogues in Parliament and Government Service have NO urgency in implementing the easiest method of raising Government Revenue.

Why has the IMF stayed silent on this suggestion? The mind boggles! Have they also been paid off to keep their mouth’s shut?

It is time this fraud is exposed as one of the most longstanding scandals of cheating of the people of Sri Lanka by their Law Makers and their Servants (Govt. Servants)

This is a rich country where hardly any rich person pays taxes, and I am suggesting a simple way of collecting this tax and no one seems to care!

Due to this tax evasion, we spend more on cars and building houses, a way illegal money is laundered, and so this unproductive use of resources, denies the economy of productive investment in business and commerce, that will raise employment wage rates and living standards. This really is the scandal of our times, NOT REPORTED on by anyone in Sri Lanka. Journalists time to justify your job description, and investigate the whys and why nots of this atrocious fraud. 

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