Connect with us

News

105,000 registered limited liability companies but 82 percent of revenue comes from just 382

Published

on

There were about 105,000 registered limited liability companies in the country, but 82 percent of the tax revenue came from only 382 such firms, Chair of the Sectoral Oversight Committee on National Economic and Physical Plans Mahindananda Aluthgamage said.

Referring to personnel income tax files, Aluthgamage said that though there were 500,000 personal income tax files in the country, only 31,000 persons paid taxes.

The Chair also emphasised that it was important to maintain a low inflation, the reserves of the country and the government’s income in an optimal condition by December at the time of the second review of the International Monetary Fund,given that the said factors must be taken into account when granting loans. Therefore, the Chair said that his Committee will hold regular discussions with Sri Lanka Customs, Excise Department and Inland Revenue Department to provide necessary facilities to increase the state revenue.

He stated the above when the Sectoral Oversight Committee on National Economic and Physical Plans met in Parliament recently (06 June)

The Chair spoke at length about the failure of the Inland Revenue Department to collect the tax revenue and stated that the Committee is making positive improvements in this regard. There was also a discussion about the collection of 904 billion rupees in arrears which is due to the Inland Revenue Department.

Mahindananda Aluthgamage said that he would also provide his utmost assistance to fill the existing employee vacancies in the Inland Revenue Department.

The Inland Revenue Commissioner General who spoke on the occasion said that he appreciated the support received from the Sectoral Oversight Committee on National Economic and Physical Plans to make the work of his department efficient.

The Commissioner stated that the tax revenue target given by the government for the year 2023 of Rs 1.6 trillion was expected to be earned by 40% in the first 6 months and 60% in the remaining 6 months, and the target for the first 6 months has already been met. Apart from the said, he stated that work is being done to generate expected tax revenue in the remaining 6 months.

The Chair mentioned that there is a need to establish a systematic mechanism to regulate the collection of tax revenue. Members as well as officials pointed out that due to the fact that the data provided for the registration of companies in this country is not true, they have to face problems in tax collection.

The Committee also discussed at length the need to establish a digital data system linking the Sri Lanka Customs Department, the Excise Department and the Inland Revenue Department as soon as possible, as well as the need to re-register the private tax files in the country.



Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Record 1,600 students take Russian Classical Ballet examination in Sri Lanka

Published

on

By

More than 1,600 students sat this year’s Russian Classical Ballet Examination, the largest number ever to take part in the examination in Sri Lanka. Exams were held in Colombo from 5, to 18, October and in Galle on 10 October.

Students aged four and above came from across the island, including Colombo, Galle, Gampaha, Negombo, Matara, Kelaniya, Panadura, Wattala, Kiribathgoda, Ratnapura, Kandy, Kurunegala, Bandarawela and Badulla. They are taught by 15 dedicated teachers trained in the Vaganova method, the renowned Russian system of classical ballet training.

They were examined by  Dr. Oxana Karnovich of the Moscow State Academy of Choreography,  a distinguished academic and curator.

The Russian School of Ballet and Dancing was established in 2001 by  Michael Ustinov, Buddhapriya Ramanayake and Mrs Chandi Aluvihare, with Mrs Galina Pleshakova as its founding instructor. Today the School is led by Director Madam Maria Popova, Counsellor of the Embassy of the Russian Federation in Sri Lanka.

 

Continue Reading

News

Buddhist hierarchy demands prison perks for monk convicts

Published

on

MONETABRIEF– Sri Lanka’s two most senior Buddhist chapters, Malwatte and Asgiriya, demanded special concessions for monks serving prison sentences, following the disrobing of convicted monk Ven. Galagodaatte Gnanasara in line with established procedures.

The chief prelate of the Asgiriya chapter, Most Venerable Warakagoda Sri Gnanarathana, told Prisons Commissioner Senaka Palletenna that Ven. Gnanasara, who is serving a six-year sentence for contempt of court, must be released immediately.

Prison authorities have no power to release or pardon convicts, but Palletenna told the monk in Kandy on Friday that he would convey his request to the relevant government authorities.

“There is no point in talking about this and that… The entire country has been shaken (??????? ) . He must be released,” the Asgiriya chief prelate said.

The Malwatte chief prelate, Most Venerable Thibbatuwawe Sri Siddhartha Sumangala, appeared to accept the court verdict against Ven. Gnanasara, but asked the prisons chief whether a separate section could be established for convicted monks.

Palletenna noted that a special ward for the clergy already existed at Welikada Prison.

At least 63 convicted Buddhist monks are currently incarcerated within Sri Lanka’s criminal justice system.

Meanwhile, a group of 34 Buddhist monks named in a Colombo Fort Magistrate’s Court order to vacate the vicinity of the Presidential Secretariat ended their protest and dispersed after lunch on Friday.The monks are demanding an unconditional pardon for Ven. Gnanasara, who has previously been imprisoned, making him a reconvicted prisoner.

Continue Reading

News

Debate on NCM against Speaker postponed indefinitely

Published

on

The debate on the no-confidence motion against Speaker Dr. Jagath Wickramaratne, submitted by the Samagi Jana Balawegaya (SJB), has been postponed indefinitely pending the Attorney General’s opinion on certain technical issues in the motion.

Government representatives raised the matter at a meeting of the Committee on Parliamentary Business, pointing out that several provisions of the motion required clarification and that the Attorney General’s advice should be obtained.

As obtaining the opinion would take time, the debate could not be scheduled for the next parliamentary week, parliamentary sources said.

Chief Opposition Whip Gayantha Karunatilaka said a date for the debate would be decided after the Attorney General’s advice was received.

Meanwhile, Parliament is scheduled to meet from October 20 to 23, Secretary General of Parliament Kushani Rohanadeera announced.

The parliamentary business for the week was finalised at a meeting of the Committee on Parliamentary Business held on Friday (16) under the chairmanship of Deputy Speaker Dr. Rizvie Salih.

On each sitting day, the period from 9.30 a.m. to 10 a.m. will be allocated for parliamentary business under Items 1 to 6 of Standing Order 22. Questions for Oral Answers will be taken up from 10 a.m. to 11 a.m., followed by questions under Standing Order 27(2) from 11 a.m. to 11.30 a.m.

On Tuesday, October 20, an Opposition-sponsored Adjournment Motion will be debated from 11.30 a.m. to 5.30 p.m.

On Wednesday, October 21, a resolution under the Public Debt Management Act and a Supplementary Estimate will be taken up for debate and approval from 11.30 a.m. to 5 p.m. The annual reports of five statutory institutions will subsequently be presented for approval without debate, while questions at the Adjournment Time will be taken up from 5 p.m. to 5.30 p.m.

On Thursday, October 22, the Second Reading debates on two Bills to amend the Poisons, Opium and Dangerous Drugs Ordinance (Bills Nos. 79 and 80) will be held from 11.30 a.m. to 5 p.m.

The annual reports of five statutory institutions will then be taken up for approval without debate, followed by an Opposition-sponsored Adjournment Motion from 5 p.m. to 5.30 p.m.

On Friday, October 23, the Second Reading debate on the Elimination of Rabies and Registration of Dogs Bill will be held from 11.30 a.m. to 5 p.m. A Government-sponsored Adjournment Motion will be debated during the final half-hour of the sitting.

Continue Reading

Trending