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COPF calls for analytical report on export levy hike

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The Inland Revenue (Amendment) Bill considered at the Committee on Public Finance

Chairman of the Committee of Public Finance (COPF) – Dr. Harsha de Silva instructed officials to the Ministry of Finance that an analytical report be submitted on the increase of export levy as per the Inland Revenue (Amendment) Bill which is expected to be passed in Parliament.

The Chairman instructed the above at the COPF held in Parliament on Monday (28) taking up the Inland Revenue (Amendment) Bill into consideration.

The Committee also instructed the Ministry of Finance and the Department of Inland Revenue to indicate the expected revenue for each sector by increasing the tax of 14% to 30%.

Furthermore, the chairman of the committee informed to submit a detailed report on the amount of income obtained falling under the respective export sectors in consideration of the previous tax rates.

The committee pointed out that instead of short-term efforts to increase the government’s income by raising export taxes, long-term action should be taken, and export taxes should be collected so as not to discourage exporters who bring dollars to the country. Therefore, the chairman of the committee said that the draft Bill should be considered pertaining to the lowering of the export tax percentage at the committee stage.

Furthermore, the proposed increase in personal income tax was also discussed at the Committee meeting held. The committee informed the officials to present a comparative analysis with the existing conditions of other countries in the region on this regard.

Thus, subject to the above instructions, the Inland Revenue (Amendment) Bill received the approval of the Committee on Public Finance.

Board related to casino regulation

The absence of a separate regulatory board related to casino regulation was also discussed at length. Although the Casino Business (Regulation) Act No. 17 of 2010 exists to provide the necessary legal provisions for the casino business at present, it is not sufficient for regulatory activities including revenue recovery and therefore, a separate regulatory authority should be established under the said amendments was pointed out by the Committee.

Thus, the committee informed the officials of the Ministry of Finance to submit an action plan as previously notified on the matter.

Minister Nalin Fernando, State Ministers Premitha Bandara Tennakoon, Dr. Suren Raghavan, Dr. Seetha Arambepola, Members of Parliament Anura Priyadharshana Yapa, M. A. Sumanthiran, Chandima Weerakkody, Mayantha Dissanayake, Madhura Withanage and Prof. Ranjith Bandara were present at the Committee meeting held.

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Helicopter crash during SLAF training session

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A Bell 212 helicopter belonging to the Sri Lanka Air Force (SLAF) has reportedly crashed today (May 09).

It crashed during a training session at the Hingurakgoda Air Force Base.

Further reports indicate that the helicopter crashed into the Maduru Oya Reservoir.

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American Cardinal elected as new Pope: Pope Leo XIV

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Following a 02-day papal conclave, American Cardinal Robert Prevost has been elected as the new Pope yesterday (May 08) evening, Vatican time.

At 69, Cardinal Robert Prevost was elected as the 267th Pope, taking the name Pope Leo XIV.

He becomes the first American to ascend to the papacy in the 2,000-year history of the Catholic Church.

Pope Leo XIV now assumes spiritual leadership of the world’s 1.4 billion Catholics.

The election follows the death of His Holiness Pope Francis, who passed away on April 21 at the age of 88 at his residence in Casa Santa Marta, Vatican City, a day after participating in Easter Mass at St. Peter’s Basilica.

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Heavy rains expected in the afternoon

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The Department of Meteorology says that showers or thundershowers will occur at most places of the island after 1.00 p.m. today (May 09).

Showers may occur in Western province and in Puttalam, Galle and Matara districts in the morning too.

Fairly heavy rains above 50 mm are likely at some places in Western, Sabaragamuwa, Central, Northern and North-central provinces.

The general public is kindly requested to take adequate precautions to minimize damages caused by temporary localized strong winds and lightning during thundershowers.

Misty conditions can be expected at some places in Sabaragamuwa, Central and Uva provinces and in Ampara and Polonnaruwa districts during the morning.

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