The Inland Revenue Department has launched recovery action against directors of five companies involved in large-scale Tax evasion totaling over Rs. 4.33 billion, following their conviction and imprisonment.
Authorities are now working to seize both movable and immovable assets, including vehicles, company shares, machinery, and fixed deposits, either owned directly by the companies or by their directors.
According to a report on Mawbima newspaper, Although the directors have served prison sentences, most have failed to settle the outstanding tax dues. The department has begun verifying asset details to recover the owed amounts.
Some companies have already paid back portions of the tax defaults, while others remain under legal and enforcement review. One firm has Rs. 213 million in unpaid Tax currently under consideration by the courts.
The Inland Revenue Department said that no defaulting company or individual will be exempt from recovery action. (Newswire)