Connect with us

News

COPF calls for analytical report on export levy hike

Published

on

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.

News

Dasun Shanaka denies political involvement

Published

on

By

Sri Lankan skipper Dasun Shanaka insisted that he has no links to any political party in the country.

In a Twitter message, Shanaka said that he has noticed his image being circulated in a political party propaganda.

“I’ve noticed my image circulating in a political party propaganda. I have no inclination with any party or ever have participated as an ambassador. My one true love and passion is playing cricket for my country,” he tweeted.

Continue Reading

News

No COVID-19 deaths yesterday

Published

on

By

No COVID-19 deaths have been confirmed yesterday (29) by the Director-General of Health Services.

Accordingly, the current COVID-19 death toll remains at 16,828.

Continue Reading

News

Racecourse murder : Boyfriend further remanded

Published

on

By

The university student who was held in remand custody for allegedly murdering his girlfriend with a sharp weapon at Race Course grounds in Colombo has been remanded further.

Taking up the case today (30) Colombo Chief Magistrate Prasanna Alwis ordered him to be further remanded till February 13.

The magisterial inquest into the death was held today before Colombo Chief Magistrate and

A testimony of the deceased’s father was recorded before Chief Magistrate and further magisterial inquiry was fixed for February 13.

The suspect was not produced before Court by prison authorities since he is currently receiving treatment at the Mental Health Unit of prison hospital.

Continue Reading

Trending

Copyright © 2022 Sri Lanka Mirror. All Rights Reserved