News

Govt. squeezing the life out of people: Prof. Janak

Published

2 years ago

October 14, 2022

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Any government in the world uses taxes as a main way to secure its income but we are very careful when talking about the Inland Revenue Act and related income and expenses, Professor Janak Kumarasinghe of the Business Studies Department at Sri Jayewardenepura University said.

He said that the imposition of new taxes will affect employment and unemployment, the income and expenses of a business and the consumption of the general public in the country.

Commenting further, he also said the government is trying to tell the world to downgrade the country’s status from lower middle income to low income.

“The government that tries to portray Sri Lanka as a poor country to the world is working hard to collect maximum taxes from the poor in the country. This shows a complete contradiction in managing the economy. If we are poor, the government should work actively to boost the economy and create new investment opportunities. Taxes have been imposed instead depriving even the opportunities given to start new businesses. More taxes discourages new businesses. This economy, which has not enabled new income generating avenues, has imploded.”

“A negative economic growth causes further collapse and shrinking of the economy. This is like squeezing people’s life out of them and telling them to breathe at the same time. What the government should have done was to create new sources of income. Government revenue should be increased while expenditure related to fiscal policy should be reduced. However, the government has focused only on increasing revenue without paying attention to cutting costs. People who are responsible for this crisis have placed the burden on the people. We can see that they are trying to stay in power in the future by placing all the burden on the people and by rescuing those who have committed fraud and corruption.” he said.

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Planters’ Association clarifies on daily wage increase

Published

21 seconds ago

May 3, 2024

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The Planters’ Association of Ceylon, in a statement has issued a clarification with regard to the reported wage increase in the tea and rubber sector.

“Given the facts stated in the Gazette notification, the implication in media reports that the increased payments will be applicable from 1st May 2024, is inaccurate and misleading. Neither the effective date – on which the new proposed minimum payment will be applicable – nor the quantum of such payment has, as yet, been determined,” the statement notes.

Noting that the relevant gazette also notes that objections to the proposed determination will be received until May 15th, the Association also states they will be filing objections to these proposals within the time frame stipulated by the Labour Commissioner.

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China – SL to expedite implementation of MoUs

Published

1 hour ago

May 3, 2024

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Chinese Ambassador to Sri Lanka Qi Zhenhong had called on Prime Minister Dinesh Gunawardena at the Temple Trees in Colombo yesterday (May 02) to discuss ways and means of early implementation of the agreements and Memorandums of Understanding (MOUs) reached between the two countries during the Prime Minister’s official visit to China in March 2024.

The Prime Minister said the implementation of the MOUs would begin a new chapter in the long-term friendship and economic cooperation between Sri Lanka and China.

Secretary to the Prime Minister Anura Dissanayake had signed the agreements on behalf of Sri Lanka, and the secretaries of nine Ministries signed on behalf of China in the presence of Prime Minister Dinesh Gunawardena and Chinese Prime Minister Li Qiang.
During the talks with Ambassador Qi Zhenhong, the Prime Minister stated that in addition to implementation of the MoUs, Sri Lanka would also welcome direct private investments from China as well as investments in agriculture, renewable energy, IT, education and water supply sectors to provide long term solutions to economic issues.

Ambassador Qi Shenhong said he was pleased to see the resilience of Sri Lanka to overcome difficulties and assured China’s continuous support to Sri Lanka’s current efforts at debt restructuring and meeting economic challenges.

Prime Minister’s Secretary Mr. Anura Dissanayake and Chinese Economic Counsellor were also present at this meeting.

(Prime Minister’s Media)

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Laugfs Gas also slashes prices

Published

1 hour ago

May 3, 2024

nipuni

Laugfs Gas has also reduced its LP gas prices with effect from midnight today (May 03) following the price reduction by Litro Gas.

Accordingly, the price of a 12.5kg cylinder has been reduced by Rs.275 to Rs. 3,840 while the the price of a 5kg cylinder has been reduced by Rs.110 to Rs.1,542.