<p><img src="" alt="Featured Image"></p><p><!-- wp:html --><p>President Ranil Wickremesinghe has issued an Extraordinary Gazette mandating the submission of details regarding citizens' movable and immovable property to the Inland Revenue Department (IRD) effective 1 July 2024. </p>
<p>This gazette has been issued in line with the authority granted to the Minister of Finance under Section 123, Sub-section (8) of the Inland Revenue Act No. 24 of 2017, as amended by the Inland Revenue (Amendment) Act No. 4 of 2023. </p>
<p>Consequently, the President, acting as the Minister of Finance, has delineated specific information that must be regularly provided to the Commissioner General of Inland Revenue. It has been stipulated that information obtained by the Commissioner General of Inland Revenue, through various institutions, should be integrated into the risk module of the Revenue Administration and Management Information System (RAMIS) of the IRD.</p>
<p>As per the gazette notification, individuals and government entities are required to furnish details regarding all movable and immovable property as specified.</p>
<p>Real-time submission of ownership or title information concerning registered land and property, including transfers by individuals and institutions, is mandated to be provided directly to the Commissioner General of Inland Revenue. </p>
<p>This process is facilitated through a web-based platform or any other electronic platform approved for this purpose. Entities responsible for supplying this information include the Registrar General's Department, the Registrar-General of Companies, the Commissioner-General of Motor Traffic, State entities overseeing contracts for goods and services, financial institutions regulated by the Central Bank of Sri Lanka and the Colombo Stock Exchange.</p>
<p>Moreover, banks and non-banking financial institutions regulated by the Central Bank of Sri Lanka (CBSL) are obligated to furnish details regarding all current accounts, loans and advances quarterly. </p>
<p>The gazette further mandates that the chairman of the Colombo Stock Exchange provide information on investment processes, share transactions, and other negotiable certificates quarterly. This information is to be submitted through an online or other electronic platform approved by the Commissioner General of Inland Revenue. Additionally, it is emphasised that any individual or government institution failing to maintain this information must commence record-keeping from 1 July 2024, with adherence to the gazette's provisions effective from that date.</p>
<p>The post <a href="https://ceylontoday.lk/2024/05/27/gazette-issued-mandating-submission-of-all-property-details-to-ird/">Gazette issued mandating submission of all property details to IRD</a> appeared first on <a href="https://ceylontoday.lk/">Ceylon Today</a>.</p><!-- /wp:html --></p><p>[Category: <a href="https://feed.lankaimage.com/category/uncategorized/" rel="category tag">Uncategorized</a>]</p><p><strong>Tags:</strong> </p>
<p>This gazette has been issued in line with the authority granted to the Minister of Finance under Section 123, Sub-section (8) of the Inland Revenue Act No. 24 of 2017, as amended by the Inland Revenue (Amendment) Act No. 4 of 2023. </p>
<p>Consequently, the President, acting as the Minister of Finance, has delineated specific information that must be regularly provided to the Commissioner General of Inland Revenue. It has been stipulated that information obtained by the Commissioner General of Inland Revenue, through various institutions, should be integrated into the risk module of the Revenue Administration and Management Information System (RAMIS) of the IRD.</p>
<p>As per the gazette notification, individuals and government entities are required to furnish details regarding all movable and immovable property as specified.</p>
<p>Real-time submission of ownership or title information concerning registered land and property, including transfers by individuals and institutions, is mandated to be provided directly to the Commissioner General of Inland Revenue. </p>
<p>This process is facilitated through a web-based platform or any other electronic platform approved for this purpose. Entities responsible for supplying this information include the Registrar General's Department, the Registrar-General of Companies, the Commissioner-General of Motor Traffic, State entities overseeing contracts for goods and services, financial institutions regulated by the Central Bank of Sri Lanka and the Colombo Stock Exchange.</p>
<p>Moreover, banks and non-banking financial institutions regulated by the Central Bank of Sri Lanka (CBSL) are obligated to furnish details regarding all current accounts, loans and advances quarterly. </p>
<p>The gazette further mandates that the chairman of the Colombo Stock Exchange provide information on investment processes, share transactions, and other negotiable certificates quarterly. This information is to be submitted through an online or other electronic platform approved by the Commissioner General of Inland Revenue. Additionally, it is emphasised that any individual or government institution failing to maintain this information must commence record-keeping from 1 July 2024, with adherence to the gazette's provisions effective from that date.</p>
<p>The post <a href="https://ceylontoday.lk/2024/05/27/gazette-issued-mandating-submission-of-all-property-details-to-ird/">Gazette issued mandating submission of all property details to IRD</a> appeared first on <a href="https://ceylontoday.lk/">Ceylon Today</a>.</p><!-- /wp:html --></p><p>[Category: <a href="https://feed.lankaimage.com/category/uncategorized/" rel="category tag">Uncategorized</a>]</p><p><strong>Tags:</strong> </p>