MANY COMPANIES DO NOT PAY TAXES - By Sunil Thenabadu

MANY COMPANIES DO NOT PAY TAXES – By Sunil Thenabadu

Nearly 90,000 companies don’t pay taxes

taxes - eLanka

Nearly 90,0000 companies in Sri Lanka do not pay taxes, the Sectoral Oversight Committee on National Economic and Physical Planning revealed.

Chairman of the Committee MP Mahindananda Aluthgamage stated that from a total of 105,000 companies in Sri Lanka, only 15,000 fulfil their tax obligations.

Stating that there were 295,000 personal tax files in 2022, he stated that in 2023, this further decreased to 204,000 files.

“Surprisingly, a mere 29,000 individuals among the populace contribute a solitary rupee to the nation’s tax resources through their personal files. On the corporate front, our country hosts 105,000 companies, but merely 15,000 of them fulfil their tax obligations,” he said.

MP Aluthgamage further said that these concerning statistics reveal significant complications within the nation’s tax collection framework.

“In a bid to fortify Sri Lanka’s fiscal stability and streamline revenue collection by enhancing the state tax mechanism, necessary measures have been initiated to promptly amend the Inland Revenue Ordinance,” he added.

He made the remarks while addressing a media briefing held at the Presidential Secretariat yesterday (Aug.17). (Newswire)