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Finance Ministry discloses measures to lift vehicle import restrictions

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Officials representing the Ministry of Finance have disclosed that they intend to lift all restriction on imports except for private vehicles by the end of 2023. 

The officials stated the aforesaid when the Committee requested for a time frame as to how long such restrictions will be in place post advertently considering the duopolies such restrictions have caused, especially governing wheat flour and tile.

The discussion pertaining to the said was held at the Committee on Public Finance held today (05) in Parliament, Chaired by Dr. Harsha de Silva.

Accordingly, the Committee took into consideration the Regulation under the Imports and Exports (Controls) Act, No. 1 of 1969 published in the Gazette Extraordinary 2341 / 38 of 20.07.2023 and was approved by the Committee.

Migration allowance increased

The Order under the Foreign Exchange Act, No. 12 of 2017 was also considered during the Committee on Public Finance Chaired by Hon. (Dr.) Harsha de Silva and approved. 

Accordingly, the eligible migration allowance for the emigrants who are claiming the migration allowance for the first time was increased from USD 30,000 up to a maximum of USD 50,000 or equivalent in any other designated foreign currency.

The Committee questioned the position of equity for those who migrated the year prior to such order. The officials present stated that emigrants who have already claimed migration allowance could claim the remainder up to a maximum of USD 20,000.

Moreover, the Social Security Contribution Levy (Amendment) Bill was also considered by the Committee on Public Finance and was approved.

 Accordingly, the said Bill intends to amend the said Act to exempt any motor vehicle liable to the excise duty under the Excise (Special Provisions) Act, No. 13 of 1989 on the importation in considering excise duty is a composite tax introduced to simplify the tax structure, previously included in the Act.

Furthermore, it also intends to exempt equipment used by persons with disabilities to lower the tax burden on such persons, rough unprocessed gem stones imported for re-exporting after cut and polishing to maintain the competitiveness of such Sri Lankan business in the global market by lowering the tax burden and any items sold at duty free shops, similar to other import taxes.

However, the Committee questioned the officials present regarding the motive, effectiveness and the impact of to exempt equipment used by persons with disabilities to lower the tax burden when access for persons with disability is not being facilitated. 

State Minister Dr. Suren Raghavan, Members of Parliament – Chandima Weerakkodi, Wajira Abeywardana, Patali Champika Ranawaka, Nimal Lanza, Isuru Dodangoda, Dr. Major Pradeep Undugoda, Dr. Nalaka Godahewa, Mahindananda Aluthgamage and Madhura Withanage were also present at this Committee meeting held.

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UK’s relaxed trade rules to boost SL exports

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The Government of the United Kingdom (UK) has unveiled a package of reforms to simplify imports from developing countries like Sri Lanka after upgrades to the Developing Countries Trading Scheme (DCTS).

The changes, announced as part of the UK’s wider Trade for Development offer, aim to support economic growth in partner countries, including Sri Lanka, while helping UK businesses and consumers access high-quality, affordable goods.

New measures include simplifying rules of origin, enabling more goods from countries such as Sri Lanka, Nigeria, and the Philippines can enter the UK tariff-free, even when using components from across Asia and Africa.

These changes are expected to be in place by early 2026.

This move strengthens Sri Lanka’s position in its second-largest apparel market, supporting exports, jobs, and economic growth.

The British High Commissioner to Sri Lanka, Andrew Patrick, said: “This is a win for the Sri Lankan garment sector, and for UK consumers. With the UK being the second largest export market and garments making up over 60% of that trade, we know manufacturers here will welcome this announcement.

“We want Sri Lanka to improve the utilisation of the UK’s Developing Countries Trading Scheme for a wider range of goods, not just garments. With the Sri Lankan government’s ambition to grow exports, and with the simplification of rules of origin for other sectors too, we strongly encourage more exporters to explore how they can benefit from the preferences offered by the DCTS. The UK remains committed to working towards creating shared prosperity for both our countries.”

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Pakistan police arrest 149 including 2 Lankans in ‘scam call centre’ raid

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Pakistan police have arrested 149 people in a raid on a scam call centre, the country’s National Cyber Crime Investigation Agency (NCCIA) said on Thursday.

The agency told the BBC it acted after a tip-off about the network, which was operating in the city of Faisalabad.

It said the centre was involved in Ponzi schemes and tricked people into handing over vast sums of money in the name of fake investments.

Those arrested included 78 Pakistanis, 48 Chinese nationals, eight Nigerians, four Filipinos, two Sri Lankans, six Bangladeshis, two Myanmar nationals and one Zimbabwean national.
Eighteen of the 149 were women, the agency added.

A copy of a police report said victims of the alleged scam would initially receive a small return on their first investments, before being persuaded to hand over larger sums of money.

“The charged individuals ran WhatsApp groups where they lured ordinary people by assigning small investment tasks like subscribing to different TikTok and YouTube channels,” the agency said.

“Later, they shifted them to Telegram links for further online tasks requiring larger investments.”

Pakistani citizen Muhammad Sajid told BBC Urdu that he was added to a Telegram channel with tens of thousands of members and was impressed by the company’s work. He said he gave them more than 3.138 million rupees ($36,600) in various instalments.

The raid, which took place on Tuesday, saw authorities seize hundreds of computers, servers, cryptocurrency exchanges and foreign SIM cards from the site.

On Wednesday, 149 suspects appeared in court, 87 of whom were handed over to the NCCIA on a five-day physical remand.

A further 62 suspects have been transferred to the district jail on judicial remand until 23 July.

The agency said the raid was at the residence of Malik Tehseen Awan, the former head of Faisalabad’s power grid, who has not been arrested.

(BBC News)

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Milk tea price upped by Rs. 10

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The All Island Canteen and Restaurant Owners’ Association has announced a Rs. 10 increase in the price of a cup of milk tea.

Association President Harshana Rukshan stated that the decision was made in response to the recent rise in the price of imported milk powder.

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