December 15, Colombo (LNW): The Inland Revenue Department has issued a stern reminder to taxpayers, confirming that all outstanding taxes for the 2023/2024 assessment year must be settled by 26 January 2025.
Failure to meet this deadline will result in individuals and businesses being ineligible for any penalty relief.
Commissioner General Sepalika Chandrasekara stressed that the department will no longer entertain late submissions beyond this date, underscoring the importance of compliance.
In order to recover unpaid self-assessment taxes and outstanding liabilities, the Department has already commenced field surveys and legal actions, in accordance with the Inland Revenue Ordinance.
Starting in January 2025, the Department plans to take more stringent measures against defaulters.
Bank accounts of those who fail to make payments will be seized without any prior warning, marking a tougher stance on tax evasion.
Furthermore, criminal charges may be pursued against those with significant unpaid tax liabilities.
Taxpayers are urged to settle any outstanding amounts before the deadline to avoid severe consequences, including legal action and financial penalties.
