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COPA Launches Investigation Into Under-Invoiced Coal Imports For VAT Fraud - My Vat Calculator

COPA Launches Investigation into Under-Invoiced Coal Imports for VAT Fraud

"COPA Launches Probe into Under-Invoicing Scandal: Millions Evaded in VAT Payment for Norochcholai Power Plant"

Committee on Public Accounts (COPA) to Investigate Under-Invoicing of Coal Imports for Norochcholai Thermal Power Plant

The Committee on Public Accounts (COPA) has announced its decision to launch an investigation into the under-invoicing of coal imports for the Norochcholai thermal power plant in order to evade VAT payment. This move comes after COPA thoroughly examined the audit reports of Sri Lanka Customs for the years 2019, 2020, and 2021, which revealed significant discrepancies in the invoicing of coal imports.

According to the findings, a staggering amount of Rs.187 million has been undercharged through under-invoicing. This practice not only results in substantial revenue losses for the government but also raises concerns about the integrity of the import process. COPA has recognized the seriousness of this issue and has ordered a further probe into the matter to uncover the full extent of the under-invoicing and identify those responsible.

In addition to the under-invoicing of coal imports, COPA has also shed light on another concerning issue. It has come to their attention that fake local information has been used to secure excess funds for a private institution involved in a water development project. This revelation has raised serious questions about the transparency and accountability of the financial processes surrounding such projects.

As a result, COPA has recommended that a comprehensive report on this matter be submitted within a month. This report will provide a detailed analysis of the irregularities and propose necessary measures to prevent similar incidents in the future. The committee is determined to hold those involved accountable and ensure that public funds are utilized appropriately for the benefit of the nation.

During the committee meeting, COPA also discussed the introduction of new technology by Customs and proposed amendments to the Customs Ordinance Act. These discussions aimed to address the shortcomings in the current system and enhance the efficiency and effectiveness of the customs processes. By embracing new technologies and implementing necessary legislative changes, COPA aims to create a more transparent and streamlined customs framework.

The investigation into the under-invoicing of coal imports and the misuse of funds in the water development project reflects COPA’s commitment to upholding accountability and transparency in public financial management. The committee plays a crucial role in scrutinizing government expenditures and ensuring that taxpayer money is utilized responsibly.

It is important to note that the information in this article was sourced from lankaweb.com. While AI technology has been utilized to assist in the writing process, it is always advisable to review the original source material and seek advice from local specialists when necessary. COPA’s efforts to address these financial irregularities are imperative for the well-being of the nation and the proper functioning of its public institutions.

COPA’s decision to launch an investigation into the under-invoicing of coal imports and the misuse of funds in the water development project sends a clear message that such practices will not be tolerated. The committee’s recommendations for a comprehensive report and proposed amendments to the Customs Ordinance Act demonstrate their commitment to rectifying the existing loopholes and ensuring a more robust financial system.

In conclusion, the Committee on Public Accounts (COPA) has taken decisive action to investigate the under-invoicing of coal imports for the Norochcholai thermal power plant and the misuse of funds in a water development project. These investigations highlight the need for greater transparency and accountability in public financial management. COPA’s efforts to address these issues and propose necessary measures reflect their commitment to upholding the highest standards of governance.

Barry Caldwell

Barry Caldwell

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