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Another VAT fraud comes to light in Sri Lanka
Saturday, 26 January 2008 - 4:35 AM SL Time
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Another large scale VAT fraud, to the tune of Rs 50 million, was revealed before the Presidential Commission investigating tax frauds yesterday.
A Panadura based private company, involved in the manufacture of polythene, has allegedly defrauded over Rs 56,432,740. This company is not among the 20 other firms already under investigation for VAT related fraud.
Evidence before the Commission exposed that the company had submitted falsified documemtation on exports to get a refund of VAT related taxes. The owner of the Company had been summoned before the Commission yesterday, but he was not present. Tax Consultant Lalendra Peiris, giving evidence before Chairman of the Commission, retired High Court Judge M.V.Paranagama, said that he knew cheques submitted by the Company to the Inland Revenue Department had bounced.
Lalendra Peiris had appeared before the Inland Revenue Department on behalf of Multisack Company on tax issues. He was not aware that this company had been involved in a scam of such a magnitude, otherwise he would have not have been a consultant to it, he said.
The Company had not informed him of this and now he realized that he had been used by the company, he said.
Attorneys-at-Law Derric Samarasekera and Senerath Arachchi appeared for the defence while State Counsel D. Totawatte led evidence.
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Ramz
Joined: Jul 2007
Posts: 1381
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 26 Jan 2008 10:05:18 GMT Report for Abuse
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| Who will put the Samagama under observation .....and investigate not only VAT frauds.......but all types of frauds and looting... |
Magnum357
Joined: Oct 2007
Posts: 477
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 26 Jan 2008 14:13:53 GMT Report for Abuse
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| Might as well legalise fraud in Sri Lanka. It seems the rule rather than the exception with everyone from the President right down to beggars becoming cheats and frauds! |
percym
Joined: Jan 2008
Posts: 1
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 26 Jan 2008 14:59:38 GMT Report for Abuse
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| What happened to the mastermind behind the entire VAT fraud? Living luxary life in Dubai with two star class hotels, adding one more in the very near future. |
Magnum357
Joined: Oct 2007
Posts: 477
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26 Jan 2008 17:30:38 GMT Report for Abuse
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Colombus
Eradicated like the LTTE
Good if fraud and corruption can be erradicated but then what happens to the President and the Ministers?
BTW, the LTTE is far from having been erradicated as we can see that they are springing up in the south of Sri Lanka now! |
AstonMartin
Joined: Jan 2008
Posts: 311
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 28 Jan 2008 06:27:52 GMT Report for Abuse
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Another VAT fraud comes to light in Sri Lanka
Thisis just another news. That's all.
What happened to those GoldQuest frauds??
What happened to COPE reports??
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gchula99
Joined: Oct 2006
Posts: 266
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 28 Jan 2008 12:12:31 GMT Report for Abuse
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99.99% Government servants in Sri Lanka are rouges and one way way or the other they steal, use influences favors.
It is unfair to catch only one or two and punish.That is not democracy! |
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