‘No escape’ from tax compliance : Deputy Minister’s message to businesses

Deputy Minister of Industry and Entrepreneurship Chathuranga Abeysinghe has called on entrepreneurs to transition towards full legal compliance, warning that businesses will face stronger enforcement as Sri Lanka expands its digital governance systems and anti-corruption measures.

In a message addressed to entrepreneurs, Abeysinghe acknowledged that many businesses may have previously avoided taxes, under-invoiced imports, used illicit means to obtain environmental and business approvals, created multiple companies to reduce tax liabilities, deviated from required standards, or relied heavily on cash transactions.

He suggested that such practices had occurred under past political systems, where enforcement was weak and businesses felt they received little value in return for paying taxes.

However, the Deputy Minister said the country was now moving forward by ending corruption, strengthening systems, implementing laws and improving standards.

He noted that Sri Lanka is expected to introduce a digital single identification system by next year, adding that businesses would increasingly be required to comply with legal and regulatory requirements.

“There will be no escape,” Abeysinghe said, adding that the government would continue strengthening enforcement to ensure a level playing field for all businesses.

He urged entrepreneurs to move towards formal business practices and greater adherence to the law, stating that investigations into corruption and misconduct would continue.

Abeysinghe also called on existing businesses to maintain compliance, saying entrepreneurs already know what needs to be fixed and how to achieve it. (Newswire)

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