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Another tax imposed on rice

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Some traders who are close associates of politicians are hoarding another 200,000 metric tons of rice imported from India, President of the United Rice Growers’ Association Muditha Perera said.


He said rice is being imported when there is a rice surplus in Sri Lanka.

He said that the production of rice in the previous 2020/21 Maha Season was 5 million metric tons. Despite this record harvest, Mr. Perera said rice was imported not due to a lack of harvest resulted in from organic farming but because of lack of commissions.

Meanwhile, he said that a social security tax of 2.5% would be imposed per kilo of rice from October 1, and this tax amount would also be added to a kilo of rice.

In order not to collect the tax amount from consumers, he said the new tax amount will have to be reduced when purchasing paddy from the farmer.

Mr. Perera said that the price of rice has gone up due to stubborn actions of one large-scale rice mill owner, and that this situation has arisen due to the lack of straightforwardness and decision making of the agricultural officials.

“The officials of the Agriculture Ministry kept mum while waiting for imported rice. Therefore, rice was imported on loan unnecessarily. It is a crime to try to use the country’s rice production for chicken feed when people don’t have anything to eat. Minister Mahinda Amaraweera has been misled,” he said.

He said that more than 700 small and medium scale rice mills and more than half of the large scale rice mills have been closed. However, he said the paddy harvest will increase in great quantity next year.

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Registration compulsory for all money changers 

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The Central Bank has issued a notice making it compulsory for all money exchange institutions to be registered with the Central Bank and regulated by it. 

The CB order is in effect from 3 June 2024. 

The Central Bank states that all money changers who are currently not registered will now receive the opportunity to provide such services in a systematic and regulated manner. 

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Apple is the world’s first $1 trillion brand: Kantar

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Kantar BrandZ’s Top 10 Most Valuable Global Brands 2024 has named Apple as the world’s first trillion-dollar brand, holding onto pole position for the third consecutive year. 

Google, Microsoft, and Amazon join Apple atop the rankings, with McDonald’s rounding up the top 5.

Demonstrating how effective AI has become for driving brand value, NVIDIA has lept 18 places to crack the top 10 for the first time, holding sixth position with a 178% year-on-year brand value increase. 

Facebook rejoined the Top 10 after a one-year absence, while Oracle joined the Top 10 for the first time. 

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Govt. to privatise SriLankan as part of IMF programme – CEO

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The government, as part of the International Monetary Fund (IMF) program, is looking to privatise several state-owned enterprises and one of those is the flag carrier of the island nation, said SriLankan Airline CEO Richard Nuttall.

Nuttal added that the airline is also looking for an investor. Three candidates have been finalised in April and the government is in talks with them.

Nutall said that no Indian company had shown interest in investing in the airline.

The airline hopes to grow its current fleet of 21 to 22 next month, with plans to obtain another three aircraft within the next three months.

Source: ANI

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