Officials from the Inland Revenue Department have emphasized the significance of adhering to the existing Inland Revenue Law, which mandates the submission of annual income reports for the assessment year 2022/2023 by November 30th, covering the period from April 1st, 2022 to March 31st, 2023. Failure to meet this deadline will result in penalties, with a fine of 50,000 rupees and an additional 5% of the tax payable for individuals maintaining tax files without submitting the report on time.
These remarks were made during a workshop organized by the Sectoral Oversight Committee on Alleviating the Impact of the Economic Crisis, held in Parliament with support from the Inland Revenue Department. Chaired by Hon. Gamini Waleboda, Member of Parliament and Committee Chair of the Sectoral Oversight Committee, the workshop saw attendance from State Ministers, MPs, and parliamentary officials. Representatives from the Inland Revenue Department, including Senior Commissioner Sujeewa Senadheera, Senior Deputy Commissioner Nandana Kumara, and Senior Deputy Commissioner M.H.D. Meneripitiya, provided detailed briefings.
The workshop aimed to educate attendees about the implications of the current income tax law, specifically highlighting the necessity of income reports and the consequences associated with failing to provide them. Notably, it was disclosed that income tax files have been initiated for all Members of Parliament, with practical guidance provided on completing the income report through the Inland Revenue Department’s website and submitting it online to the department’s system.
Members of Parliament actively engaged with officials during the workshop, seeking clarifications on potential issues that might arise during the report submission process.
