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Cabinet approval to repeal SVAT from April 2025

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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to individuals especially the exporters who have been registered under the system at present if the SVAT system is repealed without a strong VAT repayment system.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.

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Tourists nowadays aren’t fools – Diana

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State Minister of Tourism Diana Gamage has warned that stern action will be taken promptly against those who are hostile to tourists visiting Sri Lanka.

She was responding to the media over the recent incident where a vendor had been hostile to a tourist over an overpriced Kottu.

Noting that tourists nowadays are not idiots and cannot be fooled, the State Minister urged such persons to refrain from such behaviour without harming the reputation of Sri Lanka as a hospitable, friendly tourist destination as well the livelihood of other such fellow businessmen as well.

Related News : 

Hostile street food owner bailed (Update)

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Complaint lodged over Piumi Hansamali’s possession of Gota’s Range Rover

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Mage Rata organization president Sanjaya Mahawatta today, lodged a complaint with the Illegal Assets Investigations Division, calling for an inquiry into model Piumi Hansamali using the Range Rover vehicle previously used  by former President Gotabaya Rajapaksa.

“It is clear that an election is near and politicians tend to inject all their saved black money into the upcoming election campaigns and it has become a good time for the people who engage with money laundering activities. 

“Accordingly, we have some doubts on how Piumi Hansamal managed to get the Range Rover vehicle (CBH 1949) which was used by former President Gotabaya Rajapaksa.

“The question arises whether the Range Rover vehicle was given to the former president or if Gotabaya has given it to Piyumi,” said Mahawatta and further alleged that the model currently resides in a super luxury apartment, owns other properties and leads an exceedingly luxurious lifestyle.

Therefore, there are suspicions that Piumi Hansamali is being utilized for money laundering activities involving politicians’ black money, he charged.

“Therefore, we have lodged a complaint with the Illegal Assets Investigations Division. The initial complaint pertains to the Range Rover vehicle previously associated with former President Gotabaya Rajapaksa and its transfer to Piumi Hansamali. This vehicle is estimated to be worth Rs. 100 million. Questions arise regarding how the vehicle came into Piumi Hansamali’s possession, the reasons behind its transfer and how she could afford such a valuable asset while primarily engaged in selling cosmetics. Additionally, it is noted that Piumi Hansamali’s has not made any television appearances lately.

“I personally know several individuals who rely on selling cosmetics for their livelihoods. But they struggle to cover their daily expenses with their modest incomes. However, Piumi Hansamali reportedly spends lakhs of rupees daily and leads a lavish lifestyle. 

“The Mage Rata organization is vigilant over the extravagant spending of politicians during election campaigns and their potential involvement in money laundering activities,” he stated.

“Hence, we anticipate an immediate investigation into this complaint,” he added.

(dailymirror.lk)

(This story, originally published by dailymirror.lk has not been edited by SLM staff)

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SL hopes to continue discussion with bondholders

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State Finance Minister Shehan Semasinghe has said today (April 17) that Sri Lanka hopes to continue discussion with the bondholders with a view to reaching common ground ahead of the IMF board consideration of the second review of Sri Lanka’s EFF program.

Sri Lankan authorities continue to engage all debt restructuring negotiations in good faith, within principles of equitable treatment among creditors, and with maximum transparency within the norms of such negotiations, he has said.

The full statement of the State Minister is as follows :

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