Rates and taxes 2015

Friday, 23 January 2015 00:00 - - {{hitsCtrl.values.hits}}

Assessment notices

have already been served on rate payers in December 2014 and the following matters are noteworthy. Objection Objection has to be lodged within one month from the date of serving the notice. Objection would be accepted only on valuation dispute and not on tax rate changes. Full payment has to be made pending finalisation on enquiry. Discounts Attractive discounts of 10% and 5% are offered on annual and quarterly taxes, if payment is made during the first month of the year or quarters accordingly. If the overdraft interest is less than 16.106% it is beneficial to secure the10% discount. If the overdraft interest is between 16.107% to 35.820%, it is beneficial to secure the 5% discount. Payments It is better to avoid cash payments at the counter as there have been several complaints in the past. The receipts should be preserved carefully. If payments are made by cheque temporary receipts could be obtained if duly filled documents are submitted. Postal payments should be avoided as delayed receipt of cheques or money orders will result in imposition of penalties. Please be happy that when you settle rates and taxes on time, as it will assist the relevant authority to achieve development program. Delayed payments result in issue of warrant and penalty charges (Not allowed for income tax). Avoid legal action including seizure of properties. It is understood that over Rs. 1 billion is due to the Colombo Municipal Council as rates and taxes in default. This situation has to be rectified early. S.R. Balachandran BSc. FCA, FCMA (Sri Lanka)