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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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CBSL urged to seek overseas travel ban against Dharmasena

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Chairman of the ‘Magen Ratata’ organization – Sanjaya Mahawatta has submitted a formal complaint to the Governor of the Central Bank of Sri Lanka (CBSL), with regard to the “Pintanna Plantation” cultivation project founded by former cricketer – Kumara Dharmasena.

In his complaint, Mr. Mahawatta says that the project is accepting investment deposits from the public without a license from the CBSL to do so.

Noting that this project has misled the public and accepted deposits violating the provisions of the Part II of the Finance Business Act. No. 42 of 2011, Mr. Mahawattha’s complaint further notes that the project is being advertised on print media and on Facebook.

In a recent media briefing, the CBSL had stated that it is illegal to obtain investments from the public for cultivation projects such as Agarwood, Vanilla, Mango, Teak etc. in the promise of high interest rate returns. The CBSL added that their Non-Banking Financial Institutions Supervision Department has initiated a comprehensive investigation on such companies.

Speaking,  Assistant Governor of the CBSL – K.G.P. Sirikumara had said that it was a criminal offense to go against the rates implemented by the CBSL and accept deposits from the public.

Only companies authorized by the CBSL are legally allowed to accept such deposits, he pointed out.

The CBSL further disclosed that they are looking into details pertaining to the former cricketer’s project.

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Showers expected after 2pm

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Showers or thundershowers can be expected in parts of the Western, Sabaragamuwa, Central, North-western and Southern provinces after 2 p.m., the Department of Meteorology says.

Showers or thundershowers may occur over the coastal areas of Galle to Pottuvil via Matara and Hambantota during the morning.

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

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

Sea areas:

Showers or thundershowers will occur at several places in the sea areas off the coast extending from Pottuvil to Matara via Hambantota. Showers or thundershowers may occur at a few places in the sea areas off the coast extending from Puttalam to Matara via Colombo and Galle in the evening or night.

Winds will be south-easterly or variable and wind speed will be 20-30 kmph.

Sea areas around the island will be slight.

Temporarily strong gusty winds and very rough seas can be expected during thundershowers.

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Man who jumped off from Sri Pada, found alive

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Nallathanniya Police said that the 33-year old Sri Pada pilgrim who went missing after jumping off the protective fence at the Mahamaluwa was found yesterday evening.

An official of the Nallathanniya Police Station said that this person in question is among a group of pilgrims from Suriyawewa, Hambantota who climbed Sri Pada mountain on April 19.

He had participated in religious observances before jumping off the protective fence at Mahamaluwa and thereafter went missing.

Security personnel from the Laxapana Army camp and Ricarton, STF camp in Nallathanniya launched an operation to trace the missing youth. But they couldn’t find him.

But a group of people from the Rajamale estate had informed the Nallathanniya Police about the recovery of a missing person yesterday. Nallathanniya Police took the man who was injured and admitted him to the Maskeliya Regional Hospital.

He was later transferred to Dickoya Hospital for further treatments.

The individual, Dinesh Hemantha, has informed the police that he cannot remember the incident involving leaping from the Mahamaluwa.

(dailynews.lk)

(Except for the headline, this story, originally published by dailynews.lk has not been edited by SLM staff)

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