News

Cabinet approval to repeal SVAT from April 2025

Published

2 weeks ago

September 12, 2023

editor

The Cabinet of Ministers has given the green light for a proposal furnished by President Ranil Wickremesinghe to revise the date to implement the provisions to repeal the simplified value-added tax (SVAT) to April 01, 2025.

The approval was given at the Cabinet meeting on Monday (Sept. 11).

The President, in his capacity as the Minister of Finance, Economic Stabilization & National Policies, has suggested that a proposal regarding the aforementioned revision be submitted to the committee stage of Value-Added Tax (Amendment) Bill when it is taken up for discussion in the parliament.

Previously, the Cabinet of Ministers had given the nod to submit to the parliament the draft bill prepared by the Legal Draftsman to revise the VAT Act No. 14 of 2022 including the repeal of SVAT scheme with effect from January 01, 2024.

However, the government says the representations made by relevant parties have pointed out that drastic issues are likely to emerge in finance flow in relation to individuals especially the exporters who have been registered under the system at present if the SVAT system is repealed without a strong VAT repayment system.

Therefore, it is apparent that it is appropriate to repeal the SVAT system step by step until a strong tax repaying mechanism is established, the government said further in a statement.

News

Cargills FoodCity assault : suspects released on bail

Published

48 mins ago

September 25, 2023

editor

The suspects recently remanded over assaulting a young woman at the Borella Cargills FoodCity supermarket, have been released on bail.

Colombo Additional Magistrate Sajindra Weerasuriya today (25) ordered to release the suspects on a surety of Rs. 5,000 each.

The suspects were produced before an identification parade and the complainant identifies 05 out of the 07 suspects.

Also, it was previously stated that the complainant had committed previous offences, it was singular that no such thing was mentioned in the police reports submitted to the court.

The court ordered to take up the case again on Nov. 08.

Related News :

Arrested Cargills employees to be produced in court today

Five Cargills employees arrested; 2 more to be arrested

Video of Cargills staff brutally assaulting female goes viral

News

Fmr. SDIG gets 5-yr. jail term

Published

3 hours ago

September 25, 2023

editor

The Ratnapura High Court has sentenced former Senior DIG Lalith Jayasinghe for five-year imprisonment for intimidating Kahawatte OIC not to arrest MP Premalal Jayasekera over a shooting incident.

Ratnapura High Court also ordered the convict to pay a fine of Rs. 20,000.

The shooting incident took place during the 2015 Presidential election campaign.

News

Notice on issuing revenue licenses in WP

Published

6 hours ago

September 25, 2023

editor

The Department of Motor Traffic has decided to temporarily suspend the issuing of revenue licenses in the Western Province due to a system update.

According to the department, the services will be unavailable from this Wednesday (September 27) to next Monday (October 02).

The Motor Traffic Department said in a statement that vehicles of which revenue licenses are expiring from Tuesday, September 26 can be renewed until October 10, without fines.

Meanwhile, the online service for revenue licenses was temporarily suspended from midnight yesterday (September 24) and will remain so until Friday, October 06.

The department added that the temporary service suspension was due to an update on the system maintained by the Information and Communication Technology Agency of Sri Lanka.