News

VAT on school material, essential goods, medicine to be reduced

Published

1 month ago

November 8, 2024

editor

Senior Advisor to the President on Economic and Financial Affairs Prof. Anil Jayantha stated that the government will focus on reducing the VAT levied on school material including textbooks and essential foods and medicine.

The professor said this while participating in the meeting of Gampaha district farmers organised by Sri Lanka Agricultural Development Council, chairman Sashika De Silva, at Miriswatta yesterday (7).

The Gampaha Minsara organisation President who attended the event said that Sri Lanka is known as the only country in the world that levies VAT on textbooks. Accordingly, he requested to remove VAT from school material.

Prof.Anil Jayantha in response said Sri Lanka has obtained an extended credit facility from the International Monetary Fund and have reached a series of agreements. Accordingly, it has been agreed to meet certain benchmarks. By 2025, the government’s income as a percentage of the gross domestic product has been targeted to increase to 15 percent.

“In order to achieve this goal, indirect taxes such as VAT should be collected. Exemption of school equipment from this tax should be studied very carefully. President Anura Kumara Dissanayake spoke about this during our discussion with the IMF. One suggestion was to reduce the percentage of VAT charged in this sector, which is currently 18%, to seven or five percent instead of 0%. Another suggestion was to give a financial grant to schoolchildren to buy equipment. But no final decision has been taken in that regard. It should be noted that as a policy, the government will take steps to reduce the VAT levied on essential food, medicine and school equipment to zero percent at the first possible opportunity,” he said.

(dailynews.lk)

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

News

Faiszer Musthapha’s name gazetted as MP

Published

10 hours ago

December 11, 2024

editor

Former Minister Faiszer Musthapha’s name has been gazetted by the Election Commission as a National List MP of the National Democratic Front.

The NDF contested under the symbol of a Gas Cylinder at the recently concluded General Election.

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News

CID ordered to develop program to reimburse ‘Onmax DT’ depositors

Published

10 hours ago

December 11, 2024

editor

The Criminal Investigation Department (CID) has reported to the Colombo Magistrate’s Court that a total of 2,017 complaints have been filed by depositors who claim to have been cheated out of their money after investing in ‘Onmax DT,’ a private firm alleged to have been operating a pyramid scheme.

According to the CID, the total estimated financial losses incurred by the complainants amounts to around Rs. 2.96 billion.

During a hearing before Colombo Chief Magistrate Thilina Gamage today (11), CID officials disclosed that a total of 865 new complaints have been received since the last hearing, and that additional complaints continue to be received.

Nine suspects, including the directors of Onmax DT, appeared before the court for the hearing. The CID further informed the court that three other suspects remain overseas, and open warrants have been issued for their arrest.

Investigations against the suspects are being conducted under the Prevention of Money Laundering Act and the CID revealed that inquiries into two suspects have been completed and the excerpts of the investigations have been referred to the Attorney General.

Additionally, the CID officials informed the court that properties belonging to the suspected directors have been identified in foreign countries, including Australia, and investigations are being carried out in collaboration with the INTERPOL.

Colombo Chief Magistrate Thilina Gamage instructed the CID to immediately develop a program to reimburse the depositors who suffered financial losses.

The court ordered the CID to present an update on the progress of the investigation at the next hearing, scheduled for February 5, 2025.

(adaderana.lk)

(This story, originally published by adaderana.lk has not been edited by SLM staff)

News

New Naval Attaché at Chinese embassy in SL calls on Navy commander (Pics)

Published

11 hours ago

December 11, 2024

editor

The new Naval Attaché at the Embassy of the People’s Republic of China in Sri Lanka, Senior Captain Zheng Zhaoping called on Commander of the Navy – Vice Admiral Priyantha Perera at the Navy Headquarters on Dec.10.

During the ensuing meeting, they exchanged views on several matters of bilateral importance, and the cordial discussion drew to a close with an exchange of mementoes, as a gesture of goodwill and cooperation.

Director General Health Services, Rear Admiral Janaka Marambe, Director General Operations, Rear Admiral Buddhika Liyanagamage, Director Naval Operations, Commodore Aruna Weerasinghe and Defence Attaché at the Embassy of the People’s Republic of China in Sri Lanka, Senior Colonel Zhou Bo were present on this occasion.