High-wealth individuals: Notice from Income Tax

March 9 (NewsWire) – Sri Lanka’s Inland Revenue Department has established a ‘High Wealth Individuals Unit’ (HWIU) to ensure tax compliance of high-wealth persons as part of the institution’s efforts to restore fairness and confidence in the nation’s tax administration.

The new Unit, located at the Large Taxpayer Office, has received additional resources to focus on high-income and high-wealth individuals, and to ensure that they contribute their fair share and pay the right amount of taxes.

As the preliminary measure, the Unit will contact a select number of wealthy individuals and will work with them and their advisors to ensure that they are up to date with their filings of Tax Returns.

Apart from helping them identify and avoid mistakes or omissions in their initial filings, the IRD will also be conducting additional risk assessments and profiling of wealthy taxpayers to conduct audits on cases that have the highest risks.

The full statement of Sri Lanka’s Inland Revenue Department (IRD)

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