8,000 bounced cheques at the Inland Revenue Department

8,000 bounced cheques at the Inland Revenue Department

It was revealed at the Committee on Government Accounts that the Inland Revenue Department has incurred a deficit of Rs. 1.3 trillion in 2018.

The Parliament's Communications Department noted that the majority of the funds is to be paid by Government Institutions.

The officials with the Department pointed out that certain institutions have been exempted to pay taxes, as decided by an independent board owing to unfavourable financial situation.

The Auditor General's Department pointed out that another reason for these tax arrears is 8,060 bounced cheques worth Rs. 3 billion.

The Department officials noted that a computerized system for tax collection had been introduced since 2017 for more efficiency

However, the MPs of the accounting committees noted that Rs. 4 billion had been expended for this purpose, and when taxes are being amended, paying a Singaporean company over Rs. 3 billion to include these amendments to the system is problematic

Meanwhile, H.M.W.C Bandara has been appointed as the new Commissioner-General of the Inland Revenue Department.