Wednesday, July 17, 2024

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New tax policy credits revenue into private account, allege Excise officials (Video)

The new draft bill on taxes introduced by the Finance Ministry allows the remission of government revenue into a private bank account, divulged the Trade Union Confederation of the Excise Department calling in a briefing today (15).

The new bill intends to administer government revenue collected via liquor, cigarettes, vehicles, telecommunication services, betting and gambling taxes, casino taxes and many other under a fused entity known as the Special Goods and Services Tax supervised by the Deputy Secretary to the Treasury.

It is noteworthy that the Inland Revenue Department, the Customs Department and the Excise Department, which have been collecting these monies and crediting in the Government Consolidated Fund, have been removed from the service under the new bill.

Leading to a controversy, many trade unions responding to the Inland Revenue Department and the Customs have begun to express their objection to the new tax policy, in what they claimed as a potential violation of the transparency of the revenue collection process due to it being assigned to a separate entity.

These trade unions questioned whether there is any confidence in the event that the new bill enables the crediting of the revenue into a private account instead of an official one.

Meanwhile, the trade unions responding to the above three departments are due to hold a protest before the Finance Ministry on January 18 in objection to the new bill as well.


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