Govt. releases duties related to all types of taxes during lockdown period

A simple, transparent, efficient taxing scheme was introduce for all the parties in the economy including small and medium level entrepreneurs by the cabinet decision ‘Dawn of the Economic Uplifting’ (Economic Revival Beginning Programme) furnished on the 26th of November 2019 by His Excellency the President. However, it has been an essential factor to implement tax control actions by giving sufficient pace to inaugurate the business operations of especially the small and medium scale entrepreneurs through implementation of tax administration actions for easing their tax burden since a drastic impact has been created in regard to the economic activities of the country due to COVID – 19 pandemic conditions. Therefore, the Cabinet of ministers in their decision on 03 June 2020 approved to release the duties related to all types of taxes during the lockdown period of the government due to COVID – 19 and implement such duties from the month of July 2020. Apart from that the Cabinet of Ministers approved the proposal submitted by the Prime Minister as the Minister of Finance, Economic and Policy Development in regard to providing the following relives to small and medium scale entrepreneurs, to revise the legal provisions accordingly and to implement the so proposed relives with immediate effect until such time legal provisions are imposed. • If the Commissioner General of Inland Revenue is satisfied that no wilful evasion of tax has been taken place, releasing the income tax in arrears payable on the valuation issued up to the valuation year 2018 / 2019. • Non – issuance of additional valuations once again in regard to the small and medium scale entrepreneurs who paid tax by submitting income tax reports for the valuation year 2019 / 2020 • Extension of the period provided for the bank guarantee or the non – refundable amount to be submitted when an appeal is submitted to the tax appeal commission. • Granting a concessionary period for the payment of tax that have been agreed upon and in arrears / defamed in the Department of Inland Revenue • Suspending the implementation of the injunction orders issued to the banks until 30th April 2021. • Enable payment or / and obtaining of tax reports of a particular tax applicable from 01st March 2020 to 30th June 2020 on the 31st December 2020 or prior to that and consider that the relevant payment of tax / submitting the report was carried out in time.

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