According to the draft new law, the authority will have wide ranging powers to audit, investigate and inspect tax files.rn
rnThe proposed Sri Lanka Revenue Authority (SLRA) can open, operate and close bank accounts of wilful defaulters. The authority can also acquire and dispose any movable or immovable property to recover monies due to the government.rn
rnThose who obstruct the Revenue Authority, face a magistrate inquiry and a fine of up to Rs. 100,000.rn
rnThe new facelift will also see taxpayers treated as clients. To educate clients, the authority plans to set up a Taxpayer Service & Education Department. A Tax Ombudsman and a Taxpayers Bill of Rights will also come into force.rn
rnThe authority will have operational autonomy and the Board of Directors cannot step in to determine a taxpayers liability.rn
rnTax collection from the Large Taxpayer Unit (LTU), which comprises around 1,300 companies and accounts for 85 percent of the countrys corporate tax revenues, will be streamlined to enable