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Sri Lanka starts process to turn undisclosed assets white with 1-pct tax

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Sri Lanka’s cabinet of ministers had cleared a proposal to allow undisclosed assets to be brought to the open and invested giving effect to an earlier budget proposal for a tax amnesty.

The cabinet had cleared a proposed bill to put the plan into effect.

The move is to encourage people with undisclosed income and assets to invest them after paying a 1 percent ‘tax on voluntary disclosure’.

Such a bill in 2002 drew heavy fire from the then opposition.

Undisclosed assets in many countries are a result of not paying the proper taxes or money kept abroad to avoid currency depreciation and exchange controls which have been earned from legal economic activities and not criminal enterprises.

Source EconomyNext
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