Sunday, November 20, 2011

IRD slaps over Rs. 3.50 billion as fines to some 405 VAT bill defaulters

The Inland Revenue Department (IRD) has slapped Rs. 3.58 billion as fines to the firms who have involvement in the use of fake value added tax (VAT) bills to evade taxes.

Of the total 518 cases, the department has finished investigation of over 405 firms and confirmed their involvement in evading taxes through the use of fake receipts.

However, the Inland Revenue Offices are still investigating on the remaining suspected cases of VAT bill scam.

The government had unveiled the names of suspected 385 VAT bills defaulter on October 30, 2011. By that time, the government had also already slapped Rs. 3.45 billion fines to defendants in 365 cases who have been found involved in the VAT bill scam out of 518 cases.

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