Inland Revenue and Excise Departments Sign MoU To Curb Tax Evasion and Money Laundering

COLOMBO (News 1st) - The Department of Inland Revenue and the Excise Department signed a Memorandum of Understanding to prevent tax evasion and money laundering.

Under the agreement, the two departments will establish procedures to exchange intelligence and conduct parallel investigations based on the information gathered by the two Departments.

The agreement was signed yesterday at the Ministry of Finance, Planning and Economic Development, under the leadership of Deputy Secretary to the Treasury A. N. Hapugala.

Inland Revenue Commissioner General Rukdevi Fernando and Excise Commissioner General M. B. N. A. Premaratne signed the agreement representing the respective departments.

The initiative aims to expand audits targeting tax evasion, streamline revenue collection and help achieve the Government's overall revenue targets.

The Ministry of Finance, Planning and Economic Development says the move is expected to secure government tax revenue while further strengthening fiscal discipline and law enforcement.