News

COPF calls for analytical report on export levy hike

Published

2 years ago

November 30, 2022

editor

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

Draft resolution on SL, adopted without vote

Published

7 hours ago

October 9, 2024

editor

The draft resolution A/HRC/57/L.1 on promoting reconciliation, accountability and human rights in Sri Lanka has been adopted without a vote during the ongoing 57th Regular Session of the United Nations Human Rights Council (UNHRC) in Geneva.

The draft resolution is sponsored by countries including the United Kingdom of Great Britain and Northern Ireland, Canada, Malawi, Montenegro, North Macedonia and the United States of America.

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President meets officials from Customs & IRD

Published

7 hours ago

October 9, 2024

editor

President Anura Kumara Dissanayake held a key meeting today (Oct. 09) with senior officials from both the Sri Lanka Customs Department and the Inland Revenue Department at the Presidential Secretariat today (09). The discussions centered on strategies to enhance revenue generation and improve operational efficiency within both departments, in line with the government’s broader economic mandate.

During the meeting, officials from both departments presented the challenges they face in managing revenue and tackling tax evasion. They stressed the importance of strengthening coordination between the Inland Revenue Department (IRD) and Customs to effectively combat these issues. It was highlighted that better collaboration would ensure more robust enforcement of tax laws and prevent tax leakage, further boosting the country’s revenue collection.

Representing the Sri Lanka Customs Department were Mr. PBSC Nonis, Director General of Customs; Mrs. HW SP Karunaratne, Additional Director General of Customs; Mr. CSA Chandrasekara, Additional Director General of Customs; Mr. WSI Silva, Additional Director General of Customs; Mr. SP Arukgoda, Additional Director General of Customs; Mr. J M M G Wijeratna Bandara, Additional Director General of Customs; Mr. A. W. L. C. Weerakoon, Senior Deputy Director and Mr. MRGAB Muthukuda, Chief Financial Officer, among other officials.

From the Inland Revenue Department, Mrs. WS Chandrasekara, Commissioner General; Mr. BKS Shanta, Deputy Commissioner General; Mrs. JADDB K Siriwardena, Deputy Commissioner General; Mrs. JD Ranasinghe, Deputy Commissioner General; Mr. DMNSB Dissanayake, Deputy Commissioner General; Mr. HHS Samantha Kumara; and Ms. TMS Thennakone, Senior Commissioner, participated in the discussions.

(President’s Media Division)

BIZ

Trishaw fares revised

Published

8 hours ago

October 9, 2024

editor

Three-wheeler fares have been revised as of today (Oct. 09).

According to Mr. Jeewinda Keerthiratne, who heads the three wheel bureau of the Road Passenger Transport Authority, the first kilometer remains at Rs. 100 while the second kilometer will be Rs. 85.