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Cabinet was not aware of the economic crisis – Sabry

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Foreign Minister Ali Sabry made a startling revelation on Friday (14) that the previous Cabinet was not fully aware of the dire situation that the economy was falling into

Speaking at the launch of the book ‘ Poverty to prosperity: A review of the Korean development model ‘ written by Milinda Rajapakshe, the Minister spoke about a number of topics including government responsibility for the prevailing economic crisis and Sri Lanka’s foreign policy.

Speaking at the event, the Minister said that the Government learned the hard way that the economy is the heart of the country, and if it fails, all else fails.

Pointing out that unfortunately, the Ministers of theprevious Cabinet were focusing on their specific areas, such as himself holding the portfolio of the Minister of Justice, Minister Sabry said that he was looking forward to new plans with regard to law reform, digitization, improved infrastructure and more recruitments in the sector, however, confessed that he was unaware of the country’s deep economic troubles.

Pointing out that if the country’s Cabinet’s economic literacy is a minimum, then the normal people should be worse in their case, the Minister said that without taxation, there is no future for the country.

“In 1981, 21% of our GDP was taxes. Today it has come down to 8.3%. So we can point fingers. Although we demanhd for free education, having taken free education, 6,500 of our doctors are now working for the NHS. How much taxes have they paid back to the country? We need to look at that. We’re only finding fault with the politicians. Yes, they are to be blamed. Including myself. Because they’re the leaders. They have failed this nation. But they’re not alone. Everybody also failed the nation,” he added.

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This week’s Cabinet decisions

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A number of decisions have been taken at the Cabinet meeting held yesterday (July 07).

The decisions taken by the Cabinet of Ministers are as follows :

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Gem & jewellery export revenue drops by 25% due to taxes!

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Although gems and jewellery worth US$477 million were exported in 2023, exports have fallen by 25% to US$360 million last year (2024) after the imposition of taxes on the gem and jewellery industry, says Chairman of the National Gem and Jewellery Authority (NGJA) – Mr. Navin Sooriyarachchi.

He stated this at a media briefing held at the Government Information Department yesterday (July 07).

This media briefing was held to inform the media about the newly opened VAT Refund Counter at the Bandaranaike International Airport in Katunayake.

He said that following discussions with the International Monetary Fund (IMF), taxes were imposed on their industry from January 01, 2024.

Accordingly, an 18% VAT was imposed when selling gems and jewelry to tourists as well as when importing rough gemstones. In addition, a 45.14% tax was imposed on gold imports, he added.

Noting that the NGJA has issued about 8,000 mining licenses, he said that these should produce gemstones worth over US$ 1.5 billion annually, assuming that around 50% of these mines were profitable.

He added that Gem and Jewellery had the potential to be the second largest primary export of the country.

However, following the imposition of the 18% VAT, sales have declined significantly, Mr. Sooriyarachchi says, adding that competitive practices such as post purchase VAT refunding followed by other countries have further affected this situation.

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8 DIGs in India

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It is reported that 02 senior DIGs and 07 DIGs have simultaneously left for overseas courses.

Eight of them have gone to India for a course that will be held until July 12th. 

The Police HQ has taken measures to appoint other SDIGs and DIGs to cover duties of these officers, reports say.

The officers who are overseas in these manner are Senior DIGs Waruna Jayasundara and Dhanapala Abeywickrama as well as DIGs Sujith Wedamulla, Nuwan Mendis, Udith Liyanage, Pradeep Kalupahana, Sarath Kumara, Indika Hapugoda and H.C.A. Pushpakumara.

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