INSUBCONTINENT EXCLUSIVE:
The revenue from direct tax collected by the Inland Revenue Department (IRD) has increased to 18.1 per cent during the year 2018 from 16.4
per cent in the previous year according to the latest reports.The Department has recorded a revenue of Rs 836 billion during the year 2017,
an increase of Rs 194 billion over the previous year.The 2017 IRD Performance report in Chapter 4, Taxes in Default, details that for income
117 billion are in default
There is a penalty of Rs 69 billion in relation to taxes in default
The penalty is generally, 10 percent for the non-payments on the due date and further 2 percent for each month of default until it reaches
50 percent of tax in case of income tax and 100 percent with regards to value-added tax.
