- The Committee on Public Accounts (COPA) will investigate under-invoicing of coal imports for the Norochcholai thermal power plant to evade VAT payment.
- COPA examined audit reports of Sri Lanka Customs for 2019, 2020, and 2021 and ordered a further probe into the matter.
- As much as Rs.187 million has been undercharged through under-invoicing.
- COPA also highlighted the use of fake local information to obtain excess funds for a private institution involved in a water development project.
- COPA recommended a report on this matter to be given within a month.
- The introduction of new technology by Customs and amendments to the Customs Ordinance Act were also discussed at the Committee meeting.
Source: lankaweb.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
Latest Posts in "Sri Lanka"
- Sri Lanka Advances Tax Digitization with Electronic Invoicing to Boost Transparency and Economic Growth
- Sri Lanka Launches National E-Invoicing System to Modernize Tax Infrastructure
- ICCSL Examines Business Readiness and Challenges of New VAT Invoice Implementation in Sri Lanka
- New Exemption for VAT-Liable Financial Services in 2025 Social Security Contribution Levy Amendment
- Sri Lanka Unveils Three-Phase Electronic Invoicing Reform to Modernise VAT and Boost Digital Economy
