News

COPF approves 4 Gazettes

Published

5 months ago

October 25, 2022

editor

Five Gazettes to be presented to Parliament for approval were considered in the Committee on Public Finance recently and approval was obtained for four gazettes.

This approval was given after an analysis of the relevant Gazettes at the Committee on Public Finance which met recently (20) under the chairmanship of Hon. (Dr.) Harsha de Silva, Member of Parliament.

Thus, the approval of the Committee was obtained for Gazette No. 2282/26, which is stipulated under the Value Added Tax Act No. 14 of 2002 as amended by Act No. 6 of 2005. This Gazette was published in relation to increasing the value added tax (VAT) to 12%.

The regulation under the Excise Ordinance published under the Extra Ordinary Gazette No. 2277/62 was also considered here. This Gazette had been imposed in relation to charging a tax of Rs. 50 for a liter of toddy. The said Gazette received the approval of the Committee.

The regulation under the Finance Act No. 25 of 2003 published under the Extraordinary Gazette No. 2272/53 was also considered and approved at the Committee. This Gazette was published to reduce the fee charged to each person departing from Ratmalana Airport to an amount of USD 30.

Furthermore, under the Foreign Exchange Act No. 12 of 2017, the order published under the Extraordinary Gazette No. 2296/12 was considered at the Committee. Its purpose is to increase the period of 24 months to 36 months mentioned in the order of the Gazette No. 2234/19 published on June 30th, 2021. The officials also pointed out that this decision was taken with the aim of expanding the market for local products as recommended by the Ministry of Industries. But since the foreign exchange spent for the import of these goods is relatively low and the market lack of these goods as well as the increase in price cannot be borne by the common people, it was discussed in the committee that it is not appropriate to control the imports. Accordingly, it was decided to discuss this further at a future meeting.

The committee pointed out to the relevant officials the need to quickly refer these Gazettes for approval.

Minister Hon. Nalin Fernando, State Minister Hon. (Dr.) Suren Raghavan, Members of Parliament Hon. Anura Priyadharshana Yapa, Hon. Mayantha Dissanayake, Hon. Harshana Rajakaruna and Hon. (Prof) Ranjith Bandara were present at this Committee meeting held.

News

Ramadan fasting in Sri Lanka to commence on Friday

Published

27 mins ago

March 22, 2023

editor

The new Crescent moon of the month of Ramadan has not been sighted in Sri Lanka this evening (22) and therefore Muslims in Sri Lanka will begin the month of Ramadan fasting from dawn on Friday (March 24), the Colombo Grand Mosque says.
Muslims all over the world will observe a month of fasting and prayers during Ramadan to commemorate the time when the Quran was revealed to Prophet Mohammed on the night of “Laylat Al Qadr”.

Fasting during Ramadan, the ninth month of the Islamic lunar calendar, is considered to be one of the Five Pillars of Islam.

News

Funds lost due to public sector engaging in business – President

Published

34 mins ago

March 22, 2023

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President Ranil Wickremesinghe said that due to the public sector engaging in business activities, the money that was available for the construction of 100 projects similar to the Mahaweli during the past decades, has been destroyed.

He noted that in the future, the public sector will stop engaging in business and open it to the private sector to create a free and productive economy.

President Wickremesinghe mentioned this at the 71st commemoration ceremony of the late Prime Minister D.S. Senanayake at Independence Square today (22).

Recalling that Mr. D.S. Senanayake’s vision was to create a free economy, the President said that business should be done by the private sector and that the country could be developed with the tax revenue obtained from them.

However, due to the nationalization in 1956, the Government started engaging in business and that is why the tax revenue was inadequate for the development of the country, the President pointed out.

He stated that the country has distanced itself from Mr. D.S. Senanayake’s vision, but following his vision, Singapore has become a developed country today and said that despite our politicians dreaming of making Sri Lanka a Singapore, the destruction caused to Sri Lanka in the last 75 years due to the decisions of certain political movements is immense.

Therefore, the President further mentioned that Senanayake’s legacy should be carried forward to build a strong and powerful Sri Lanka.

President Wickremesinghe also laid floral tributes at the statue of the late D. S. Senanayake.

The Chief Incumbent of the Kollupitiya Polwatta Sri Dharmakeerthi Monastery Venerable Dr. Bandarawela Wimaladharma Thera delivered a special sermon.

Member of Parliament Vajira Abeywardena, Senior Advisor to the President on National Security and Chief of Staff to the President Mr Sagala Ratnayake, Senior Advisor to the President on Climate Change Mr Ruwan Wijayawardena, Former Speaker Mr Karu Jayasuriya, Former Ministers Ravi Karunanayake, Rohitha Bogollagama, Karunasena Kodithuwakku, Rukman Senanayake, former Colombo Mayor Rosy Senanayake, former Provincial Councilor Shantini Kongahage, Army Commander Lt. Gen. Vikum Liyanage and several others attended the event.