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FINANCIAL CHRONICLE™ » FUN CHRONICLE™ » Inland Revenue catches tax evaders wholesale

Inland Revenue catches tax evaders wholesale

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Rocky

Rocky
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

Very sad story putha. Wholesalers and retail traders are running for their life. Why de rush? Don't you know the IR has woken up after a great slumber. Reminds me of Rip van winkle.  Why catch the small fry. Why not the Docs, Procs etc and tuition classes  first? They are easy to catch no. Doesn't matter. That's always the case. Small people are put in the forefront to get hit first.

Traders are refusing to sell FMCG cos they don't want to pay IR 0.5 % tax. Why shouldn't they? They at also privileged pay taxes just like any ordinary citizen. Why didn't IR do this before? Suddenly they get an idea and want to bridge the huge deficit in budget by gunning for any and every body except those somebodies. 

If the IR wants to catch the big fish there are many ways to arrive at their annual income only if the IR is keen enough.  Problem is that these tax evaders can threaten the essential services if they go on strike. So no way.







smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics
What's the undelying truth in this? Were there any sort of news?

Sasanka De Silva

Sasanka De Silva
Manager - Equity Analytics
Manager - Equity Analytics
Seeing too much RED can leads to hallucination Surprised

Rocky

Rocky
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
[quote="smallville"]What's the undelying truth in this? Were there any sort of news?[/quote]


If in doubt read it out.. It's in the Sunday times paper.

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics
@Rocky wrote:
@smallville wrote:What's the undelying truth in this? Were there any sort of news?


If in doubt read it out.. It's in the Sunday times paper.

Then you could've mentioned the source... Was this news not available online?

StockGuru

StockGuru
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@Sasanka De Silva wrote:Seeing too much RED can leads to hallucination Surprised

Smile

Approaches to help Control Hallucinations in Schizophrenia
The following message was posted by a consumer (who reports on whether the techniques worked for him) would make a great consumer column:

"Sensory Deception" from Johns Hopkins press discusses several methods to control hallucinations, including focusing on them instead of trying to ignore them. This may be as simple as saying the word "Stop" until the hallucination goes away. Some of the things that patients do to cope is engaging the hallucinations and taking the hallucinations advice. The book also recommends taking personal responsibility for the hallucinations instead of attributing them to an outside source) and counter-stimulation (reading something outloud). Following is a paraphrase of some of the techniques from the book:: "Sensory Deception: A scientific analysis of hallucination" from Johns Hopkins University Press, authors Peter Slade and Richard Bentall. Psychological Treatment Approaches:

Operant procedures - Conditioning Use of timeouts for hallucinatory behavior
Systematic desensitization
Thought stopping - Raise finger every time you hallucinate and say stop until the hallucination stops.
Reduction in sensory input Conflicting results
Counter-stimulation use of headphones reading out loud humming and gargling
Self-monitoring record occurences of hallucinations rate frequence of hallucinations signal occurence, duration and termination of hallucination with a button imagine a vivid nauseous scene when experiencing hallucination take a written record of voices and rate their 'demandingness' retrospective monitoring has no effect
Aversion therapy shock or white noise self-administered during a hallucination (works somewhat, sometimes nature of voices changes)
Earplug therapy use of an earplug in one ear (no dramatic impact on hallucinations)
First-person-singular therapy voices are really talking to myself (worked for two patients) bring on and dismiss hallucinations + counter-stimulation worked for 1 out of 5 subjects p199


A careful examination of the data outlined above suggests that there success might be explicable in terms of three processes, namely:

(a) focusing; (b) anxiety reduction; and (c) distraction or counter-stimulation.

Focusing event recorder, contingent response, focus attention on voices. suggestion that avoiding attending to hallucinatory experiences may, in the long run, have the effect of maintaining them. Anxiety reduction systematic desensitization, try to decrease arousal.

Distraction or counter-stimulation Works in the short term, but may allow person to come up with other strategies.

Link: http://www.schizophrenia.com/schizoph/hallucontrol.html

Rocky

Rocky
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Some affected by this article may find it revolting and uncomfortable. May be close relatives must be quacks and all that. Taxes are taxes. No one is above the law. Not even quacks and liars.

So expression is free, after all, this is the so called democracy. Those who want only yes sir, answers will suffer shame and all we can offer is pity.. cyclops

worthiness


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Catch the top circle of tax evaders (could be 10% of population) in the country who are benefited themselves for generations, covered by powerful high end politicians. Those collectibles are quite sufficient to fill a substantial part of deficiency in ta collection rather hitting the poor majority spending another heavy administration cost.
Swallowing of public funds including tax evasions are billions & billions unaccounted without having others the right to access of such information......Who will solve this issue in Sri Lanka.....??

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
@smallville wrote:
@Rocky wrote:
@smallville wrote:What's the undelying truth in this? Were there any sort of news?


If in doubt read it out.. It's in the Sunday times paper.

Then you could've mentioned the source... Was this news not available online?

Tax noose tightens round errant wholesale and retail traders

By Bandula Sirimanna
View(s): 281

The noose is tightening on wholesale and retail traders as tax authorities enforce a new campaign against those attempting to evade the two per cent Nation Building Tax (NBT), Inland Revenue Department (IRD) officials said.

In a new, virtually fool-proof initiative, the department is now cross-checking the volume of Fast Moving Consumer Goods (FMCGs) sold to traders from the main suppliers.

By using this method, the department can detect traders who were in the habit of submitting their quarterly returns without submitting the actual turnover in a bid to avoid NBT levies, a senior official of the IRD revealed.

The IRD has directed milk powder companies like Fonterra which owns the Anchor brand; Nestle Lanka offering Nespray, Nestomalt, Cerelac, Milo and Maggi brands; Maliban, Lanka Milk Foods and Milco, etc to provide details of their sales to wholesale and retail traders in the island so that it can find out the actual volume of sales, he said.

The cross checking of actual sales with big suppliers will enable the department to arrive at a conclusion on the total turnover of traders, he said.

This tax collection system has forced certain retail traders to pay massive sums of money amounting lacks of rupees, after being ordered to by the IRD.

A retailer in Boralesgamuwa told the Business Times that he had paid around Rs. 500,000 as taxes and he is facing a cash problem at the moment.

He noted that he is now not selling Anchor milk powder and may be forced to close the business.

Several retail traders in Maharagama, Piliyandala, Ratmalana and Kollupitiya also expressed their concern on the new system of assessing NBT.

However tax officials said that they resorted to the new initiatives because these traders were defaulting tax by not disclosing their actual turnover to the department.

According to trade associations, the recovery of the NBT has far-reaching consequences since nearly all wholesale and retail sales as well as consumers are likely to bear the cost of this tax.

Importers and traders are liable to pay�NBT at the point of import as well as at the point of sale negating the very objective of avoiding payment of tax on tax.

Moreover, the pricing of goods sold at wholesale or retail levels may change adversely as the effect of the NBT may be passed on to the customer/consumer.

Although the two per cent rate appears a small fraction of the cost of the product, the tax has negatively impacted on the margin of retail trade segment particularly in view of the fact that the retail trade segment is a high volume- low margin business operation, trade association sources said.
http://www.sundaytimes.lk/121028/business-times/tax-noose-tightens-round-errant-wholesale-and-retail-traders-17654.html

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