Wasantha Samarasinghe, convener of ‘Voice against Corruption’ (VAC), reveals another large-scale tax fraud.
According to Samarasinghe, a staggering tax amount of Rs 4,600 million, owed to the government by a major iron business in Gampaha District, remains uncollected. He further revealed that the government, in a move involving high-level diplomacy, attempted to release and return the bank guarantee of Rs 600 million that was initially deposited for this business.
This business has been allowed to import raw materials and export products. However, if the products are released to the local market, the applicable taxes must be paid. As such, a tax of Rs. 4,600 million must be charged for the products issued to the local market. However, the amount has yet to be paid.
In spite of this, releasing the Rs. 600 million bank guarantee that was held as a guarantee for the business is a serious matter.
Recently, many large-scale tax frauds, such as sugar tax fraud, coconut oil fraud, wheat flour and wheat kernel tax fraud, big onion tax fraud, flour tax fraud, etc., were revealed. VAC convener Wasantha Samarasinghe, said this is a similar large-scale iron tax fraud.
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