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Businesses Lose 5 Percent of Revenues to Fraud


During my recent visit to London, England, my eyes were caught by the headline in the popular London evening newspaper, The Evening Standard, which stated: 'Royal Marsden Worker's Fraud Put Cancer Patients at risk'.

The fraud at the Royal Marsden, which is a world-leading cancer centre specializing in cancer diagnosis, treatment, research and education, was described as potentially "catastrophic for patients". Judge Anthony Leonard QC described the fraud as "highly professional" and "brilliant", adding: "I've not seen a better one, frankly, in the course of dealing with quite a few years of fraud."

The accused, an employee of the accounts department of the hospital, Stacey Tipler, her fiancé, Scott Chaplin and a number of members of his gang, were found guilty of conspiracy to defraud and also to money launder. This is not an isolated incident, which has happened in one of the most developed countries with the least corruption and fraudulent practices. The country can also be rightly proud of its commitment to a caring and open society, striving for justice and equity for all of its citizens.

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Dwindling tax base and shrinking tax revenue in Sri Lanka

 

Taxation is necessary to raise money to finance public expenditure, as well as one of the main weapons used by the Government of the day in managing the economy. This includes the use of the tax system to offer incentives to earn and save.

Too much spending by the Government, accompanied by too little taxation, will cause inflation, which can lead to recession.
Sri Lanka, a country with 20.2 million people, has income tax payers of 897,000 persons. This figure includes 530,000 people paying taxes through the pay as you earn (PAYE) scheme and 367,000 others.