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Estimated Rs 1,400 bn, from VAT in 2024

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ECONOMYNEXT –Sri Lanka is expecting 1,400 billion rupees from Value Added Tax in 2024, after broadening the base and raising the rate, Director of the State Revenue Unit of the President’s Office K K I Eranda has said.

Though 600 billion rupees was expected from VAT in 2023 only about 450 billion had been collected so far, Eranda told reporters at the President’s media office.Due to exemptions given in the past, there is leakage of taxes and the government was forced to broaden the base, he said.

The VAT threshold which was at 15 million rupees a year was raised to 300 resulting in large numbers of payers dropping. It was then reduced to 80 million as part of efforts to raise taxes after the debt default and will be reduced to 60 million from January.

The Deputy Director of Economic Research at the Central Bank, Janaka Edirisinghe said in many countries VAT revenues were six to eight percent of GDP. In 2024 VAT revenues are targeted to increase to four percent of GDP. However, it was below the optimal level, he said. This year VAT was estimated to be only 2.2 percent of GDP.



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FM says he needs to consult other ministries on whether to make public MoUs with India

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Vijitha Herath - Ganesan - Dayasiri

Foreign Minister Vijitha Herath told Parliament yesterday that he would consult with other ministries before informing the House whether the government would present copies of the Memoranda of Understanding (MoUs) it had entered into with the Indian government.

Herath said so in response to a question raised by Tamil Progressive Alliance leader, MP Mano Ganesan. Minister Herath said he needed time to discuss the matter with the relevant ministries and, after consultations, would inform the House of the government’s future course of action regarding the MoUs.

Ganesan said he had no objections to the government entering into MoUs with India. “In fact, we have promoted the idea of strengthening bilateral relations with India. It was you who opposed such agreements when you were in the opposition. It is good that this government has entered into agreements with India. However, the people have a right to know about their contents. Can the Minister tell this House whether he will table them here for the benefit of MPs?” Ganesan queried.

Ganesan raised this question shortly after Minister Herath made a ministerial statement to the House regarding the progress of Indian Prime Minister Narendra Modi’s visit to Sri Lanka last week. Minister Herath said Sri Lanka had greatly benefited from Modi’s visit and assured that the government had always kept national interests in mind when entering into agreements with other countries.

SJB Kurunegala District MP Dayasiri Jayasekera also referred to Article 157 of the Constitution, which requires the government to obtain a two-thirds approval in Parliament for agreements entered into with other countries.

Minister Herath responded, stating that this provision applied only to treaties, not to MoUs. “The treaty we hope to enter into with the United Arab Emirates and India to develop an energy hub wil require the stipulations outlined in Article 157. However, none of the other MoUs signed with India fall under this provision.”

By Saman Indrajith

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New President of the ISF – Sri Lanka

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Wazir Sourjah

The Industrial Security Foundation was formed in the year 1992 on the 21st of February and was subsequently incorporated by an Act of Parliament, No 51 of 1999. The Founder President in 1992 was the late Mr. Edward Gunawardene, retired senior D. I. G. Mr. Gunawardene in his inaugural address, as reproduced in the ISF Security Journal of March 2010 pays a glowing tribute to the person who mooted the idea of forming a professional body for security personnel. He stated that “The idea of a voluntary professional body to uplift and maintain the ethical and professional standards of Industrial Security was conceived by Mr. Nihal de Alwis, who as you all know is a keen student of this discipline which is so dear to our hearts.”

Mr. Nihal de Alwis along with other past Presidents such as Capt. M.G.G. Mendis and Mr. D.I. de Silva is still active and remains vigilant of the destiny of the ISF. The trio are a source of strength and motivation for the present members and office bearers of the Foundation. Wing Cmdr.(Retd) Ranjith Ratnapala is another beacon light guiding the ISF.

The new President, Wazir Sourjah, (F.I.S.F.) was elected as the 15th President of the Industrial Security Foundation, (ISF) Inc. of Sri Lanka at the 33rd Annual General Meeting held on March 28th 2025, held at the Capri Club, Colpetty. Wazir Sourjah is a senior Life Member of the ISF and has been a member of the Executive Committee of the foundation on several occasions. He was also in charge of security training programs of the ISF, organizing several training programs for various levels in the security industry, some years ago. He is a retired Superintendent of Police with wide experience in the field of Law Enforcement – Community Policing, Counter Terrorism and in National Security responsibilities, within the Intelligence fraternity of the country. He has undergone training in related subjects while serving in the police department both locally and overseas, in Singapore, Malaysia, UK and the US. He is a Fellow of the ISF since 1996, and a Certified Security Management Professional (CSMP), from the International Security Management Institute (ISMI) – UK, in addition to being a member of the institute.

Post retirement from the police department, he has worked in several corporates such as L B Finance Ltd, MAS Holdings, John keells group in Ceylon Cold stores and the Cinnamon Grand hotel, GlaxoSmithKline a multinational, in the Security and Administration managerial positions. His last position was as a Foreign Service National Investigator (FSNI), in the Regional Security office of the U S Embassy in Colombo. He is also a past member of Toastmasters International, a regular writer on physical security. Presently he is an Independent Physical

Security Consultant. Sourjah is an old Royalist of the 70’s vintage, a boxer, captained the Royal College boxing team in 1973, coloursman, and was a senior prefect. He was also a onetime Honorary Secretary of the Amateur Boxing Association (ABA) of Sri Lanka, presently known as the Boxing Association of Sri Lanka (BASL), He was also a National Referee and Judge of the Boxing Referees and Judges Association (BRJA) of Sri Lanka in the years 1990 – 2013.

He has also published three books to his credit. Sourjah plans to focus his attention on elevating professionalism and ethics in the security industry and within the ISF, to the next level with the cooperation and assistance of all Past Presidents, who are the Foundation’s Council Membersand from members of the Executive Committee and the General Membership. The other office bearers of the ISF are; Immediate Past President; Wg. Cmdr. (retd). Pradeep Kannangara. Senior Vice President: Capt. (retd-SLA), Nalaka Silva, Vice President: Cmdr. (retd.) Aruna Maganaarchchi, Honorary Secretary: Mr. S M Sanders (SSP retd.), Honorary Assistant Secretary: Mr. Chamara Waduge. Honorary Treasurer: Col. (retd.) Suresh Pakshaweera. Honorary Assistant Treasurer: Gp. Capt. (retd) Athula Nanayakkara, Executive Committee Members: Maj. (retd.) Ananda Rodrigo, Maj. (retd.) D B S Dassanayake, Mr. Tony Perera, Maj. (retd.) Krishan De Silva, Mr. Mario Perumal, Maj. Gen. (retd.) Athula Jayawardene, Sqr. Ldr. (retd.) Lasitha Mendis and Maj. (retd.) Thilak Senanayake.

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The Proceeds of Crimes Bill approved

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The Proceeds of Crimes Bill under which the assets earned by wrong means could be acquired by the government was unanimously approved in Parliament yesterday.

Proceeds of Crime Bill is aimed at combating financial crime by addressing gaps in the legal system that allow criminals to retain control over illegally obtained assets.

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