Sri Lanka, June 23 -- Sri Lankan taxpayers owe the Inland Revenue Department (IRD) more than Rs. 550 billion in outstanding taxes, senior IRD officials revealed at a special media briefing held to explain the latest tax amendments.

Officials said legal action is currently underway to recover nearly Rs. 100 billion of the outstanding amounts.

"In addition, the Department is using several other mechanisms to recover these dues," officials said.

These measures include freezing bank accounts, attaching assets and engaging in negotiations with defaulting taxpayers to facilitate the settlement of outstanding liabilities.

The IRD also clarified that it has the legal authority to freeze bank accounts without obtaining a court order, as the re...