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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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SLT, Colombo Lotus Tower placed under Finance Ministry

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A gazette extraordinary has been issued placing Sri Lanka Telecom, Colombo Lotus Tower, Sri Lanka Cement Corporation, State Engineering Corporation and several other state institutions under the purview of the Minister of Finance, Economic Stabilization and National Policies.
According to the gazette issued by President Ranil Wickremesinghe, the North Sea Limited, Sri Lanka Thriposha Co. Ltd., Galoya Plantation (Pvt.) Company, National Salt Limited, Paranthan Chemicals Ltd BCC (Pvt.) Limited, Mahinda Rajapaksa National Tele Cinema Park and the Lanka General Trading Company Limited will also be placed under the purview of the Finance Minister.

The gazette extraordinary has been issued by the Head of State by exercising the powers vested in him under paragraph (1) of Article 44 of the Constitution, with effect from the 30th of May.

Click here to read the complete gazette

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Fuel prices revised at midnight

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The CPC has reduced the prices of fuel with effect from midnight today (31).

The price of Petrol 92 Octane has been reduced by Rs.15 per litre to Rs.318 while the price of Petrol 95 Octane has been increased by Rs.20 to Rs.385 per litre.

In addition, the price of a Super Diesel litre has increased by Rs.10 to Rs.340 while a litre of Kerosene reduced by Rs.50 to Rs.245.

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Over 3,000 child abuse incidents in Jan. – April 2023

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There have been 3,102 reported child abuse related incidents in the first four months of this year, the National Child Protection Authority (NCPA) revealed.

These statistics were presented during a workshop at the NCPA on 24 May, with the aim of raising awareness among the media about child protection issues.

Sajeewani Abeykoon, Director of Law Enforcement at the NCPA, revealed that on average they receive over 600 complaints per month.

The highest number of reported cases this year occurred in March, with a total of 1,026 cases. The figures for the first four months of this year are as follows: January – 779 cases, February – 703 cases, March – 1,026 cases and April – 594 cases.

Furthermore, the statistics from 2022 indicate a total of 10,497 reported cases.

Abeykoon said, “There was a slight decrease in reported cases during the month of July last year, possibly due to the Aragalaya protest, as the fuel and economic crises may have had a positive impact for the first time. In the previous year, there were a total of 185 serious sexual harassment cases reported, along with 729 minor sexual harassment cases, 167 rape cases, and 132 reported cases of child smuggling.”

(Excerpts : Ceylon Today)

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