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Labour Minister opposes govt. move to tax EPF, ETF

Published

4 years ago

2022/02/10

By Saman Indrajith

Minister of Labour Nimal Siripala de Silva told Parliament yesterday that the Ministry of Labour was opposed to taxing the Employees’ Provident Fund.

Responding to a question raised by Opposition Leader Sajith Premadasa on the proposed surcharge on superannuation funds, demanding that a gazette, announcing the Surcharge Tax Bill be withdrawn, Minister de Silva said: “My stance on this matter is clear and it has already been announced. The origin of this issue is not the gazette. The Inland Revenue Department has said the income earned by investing EPF and ETF money should be taxed. Yet, our ministry’s position is clear: the EPF and ETF should not be taxed and the position of the Inland Revenue Department is wrong. We have informed the Treasury that this definition should be amended. We have also informed the Commissioner of the Department of Inland Revenue. We informed them of our position months ago,” the minister said.

Opposition Leader Premadasa: I am thankful to the minister for his honesty. The minister has told this House that his ministry is opposed to this. Then, how could the Finance Ministry issue a gazette of this nature?

UNP Leader Ranil Wickremesinghe: We must discuss this matter in the party leaders’ meeting and thereafter we can debate it here to prepare a draft to submit for the approval of Parliament to ensure that both EPF and ETF are exempted from the taxes.

Chief Opposition Whip Kandy District MP Lakshman Kiriella: We demand a debate on this matter. This is fundamentally wrong because this leads to double taxation. An EPF beneficiary would be taxed for the amount of his money. Those receiving EPF face double taxation as a tax is imposed when withdrawing the funds and the Fund will be taxed again on investments. Double taxation is against the law. Therefore, we demand a debate on this matter.

Trade Minister Bandula Gunawardena: It is during the Yahapalana time this new income tax law was passed. It is according to that law these regulations are introduced. You passed the wrong law removing the tax exemptions given to these funds.

Sports Minister Namal Rajapaksa: The new circular in question was issued as per the provisions of the Inland Revenue Act No 24 of 2017. It was your government that brought this Act. It is wrong for you to speak as if you do not know the matter. MP Kiriella demands a debate on the economy stating that he does not know of the prevailing economic situation. In the meantime, he tells in the meetings outside parliament that the economy is collapsing.

Chief Opposition Whip Kandy District MP Lakshman Kiriella: Minister Namal Rajapaksa said that it was as per the provisions of an Act passed during our time that the taxation was introduced. I ask him to read to this House the particular section from that Act enabling taxation. I challenge him to show us such a section. Can you do that?

Minister Namal Rajapaksa: Minister Bandula Gunawardena will read out the particular section to this House tomorrow.

The Chief Opposition Whip: He spoke of a section, but he does not know where it is. He does not know what he spoke of.

Earlier in the day, leader of the opposition Premadasa said the country’s current foreign reserves available for importing goods were only sufficient for three weeks. The government had failed to address the matter in the House. The government had imposed a 25 percent tax on Sri Lanka’s largest fund, the Employees’ Provident Fund, which is worth Rs.3 trillion, which generated a profit of around Rs. 250 billion. The Minister of Finance is attempting to misappropriate funds belonging to the public for implementing the ‘100,000 Projects’ through the Budget’s rural development programme.

He demanded to know whether the government was attempting to misappropriate funds amounting to Rs.65 billion from the EPF.

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Maldivian President plants a sapling to mark 60 years of Sri Lanka–Maldives Diplomatic Relations

Published

54 mins ago

2026/05/4

Priyan

President of the Maldives, Dr Mohamed Muizzu, who is on a State Visit to Sri Lanka at the invitation of President Anura Kumara Dissanayake, planted a sapling this afternoon (04) at Viharamahadevi Park in Colombo to commemorate 60 years of diplomatic relations between Sri Lanka and the Maldives.

Upon arrival at the Viharamahadevi Park in Colombo, President Dr Mohamed Muizzu was warmly received by President Anura Kumara Dissanayake. Children lined both sides of the pathway holding the national flags of the two countries and paid tribute to the visiting Maldivian President.

Among those present at the occasion were Deputy Speaker Rizvi Salih, Minister of Foreign Affairs, Foreign Employment and Tourism, Vijitha Herath and the Mayor of Colombo, Vraie Cally Balthazaar, along with several other dignitaries.

[President’s Media Division (PMD)]

News

Sri Lanka and Maldives strengthen ties with productive bilateral talks

Published

58 mins ago

2026/05/4

Priyan

Following the bilateral meeting between President Anura Kumara Dissanayake and President Dr. Mohamed Muizzu of the Maldives, who is currently on a State visit to Sri Lanka, official-level bilateral discussions between the delegations of the two countries were held this morning (04) at the Presidential Secretariat.

The discussions commenced after the formal welcome ceremony accorded to President Dr. Mohamed Muizzu earlier this morning within the Presidential Secretariat premises.

Extending a warm welcome to the Maldivian President, President Anura Kumara Dissanayake expressed his appreciation for accepting the invitation to visit Sri Lanka.

President Dissanayake noted that President Muizzu’s visit, taking place as the two nations mark 61 years of diplomatic relations, reflects the strong partnership, mutual trust and longstanding friendship between Sri Lanka and the Maldives. The President further expressed confidence that the visit would mark a new phase in bilateral relations.

The two leaders engaged in extensive discussions on ways to further expand and diversify multifaceted cooperation, including economic, cultural and social ties, in a manner that delivers mutual benefits to the people of both countries.

Key areas of focus included tourism promotion, educational cooperation, youth and sports development, challenges faced by both nations in the fisheries sector within the Indian Ocean region, education and vocational training, as well as defence training and broader security cooperation.

Representing the Government of Sri Lanka were Minister of Foreign Affairs, Foreign Employment and Tourism, Vijitha Herath, Minister of Labour and Deputy Minister of Finance and Planning, Anil Jayantha Fernando, Minister of Science and Technology, Krishantha Abeysena; Deputy Speaker Rizvie Salih, Secretary to the President, Dr. Nandika Sanath Kumanayake, Secretary to the Ministry of Defence, Air Vice Marshal Sampath Thuyacontha (Retired), Additional Secretary to the Ministry of Foreign Affairs (covering Europe, North America, East Asia and Oceania, Southeast Asia and Central Asia, South Asia, the Middle East and Legal Affairs) M. R. K. Lenagala, Sri Lanka’s High Commissioner to the Maldives, Mohamed Rizvi Hassan and Director (South Asia and SAARC) of the Ministry of Foreign Affairs, Foreign Employment and Tourism, Mahesha Jayawardena.

The Maldivian delegation included Minister of Foreign Affairs Iruthisham Adam, Minister of Economic Development and Trade, Mohamed Saeed, Minister of Fisheries, Agriculture and Marine Resources, Ahmed Shiyam, Minister of Homeland Security and Technology, Ali Ihusaan, Chief of Staff to the President, Abdulla Fayaz, Principal Secretary to the President on Foreign Relations, Mohamed Naseer; Chief Government Spokesperson, Mohamed Hussain Shareef, High Commissioner of the Maldives to Sri Lanka,Masood Imad; Minister of State for Foreign Affairs and Chief of Protocol , Mohamed Shahudy, Deputy Minister at the President’s Office, Mr Mohamed Hassaan and Minister Counsellor at the Maldives High Commission in Sri Lanka, Mr. Ismail Mamdhooh.

[President’s Media Division (PMD)]

News

Maldives and Sri Lanka exchange seven MOUs

Published

1 hour ago

2026/05/4

Priyan

Seven Memoranda of Understanding (MoUs), signed across several sectors between the Maldives and Sri Lanka, were formally exchanged this morning (04) at the Presidential Secretariat in the presence of President Anura Kumara Dissanayake and President Dr. Mohamed Muizzu of the Maldives.

Marking a new chapter in Maldives–Sri Lanka relations, the MoUs cover cooperation in the fields of health, sports, tourism, education and defence.

Accordingly:

1. MoU on Tourism Cooperation between the Democratic Socialist Republic of Sri Lanka and the Republic of Maldives was exchanged by Maldives Minister of Foreign Affairs, Ms Iruthisham Adam and Sri Lanka’s Minister of Foreign Affairs, Foreign Employment and Tourism, Vijitha Herath.

2. MoU on Archiving Cooperation between the Department of National Archives of Sri Lanka and the National Archives of the Maldives was exchanged by Maldives Minister of Foreign Affairs, Ms Iruthisham Adam and Sri Lanka’s Minister of Foreign Affairs, Foreign Employment and Tourism, Vijitha Herath.

3. MoU on Training and Professional Development of Teachers and School Leaders between the Ministry of Education, Higher Education and Skills Development of the Maldives and the Ministry of Education, Higher Education and Vocational Education of Sri Lanka was exchanged by Maldives Minister of Foreign Affairs, Ms Iruthisham Adam and Sri Lanka’s Minister of Foreign Affairs, Foreign Employment and Tourism, Vijitha Herath.

4. MoU on Sports and Youth Development Cooperation between the Republic of Maldives and the Democratic Socialist Republic of Sri Lanka was exchanged by Maldives Minister of Foreign Affairs, Ms Iruthisham Adam and Sri Lanka’s Minister of Youth Affairs and Sports, Sunil Kumara Gamage.

5. MoU on Defence Cooperation between the National Counter Terrorism Centre of the Maldives and the Ministry of Defence of Sri Lanka was exchanged by the Maldives High Commissioner to Sri Lanka, Masood Imad, and the Secretary to the Ministry of Defence, Air Vice Marshal Sampath Thuyacontha (Retired).

6. MoU between the Ministry of Defence and National Service of the Maldives and General Sir John Kotelawala Defence University of Sri Lanka was exchanged by the Maldives High Commissioner to Sri Lanka, Masood Imad and the Vice Chancellor of General Sir John Kotelawala Defence University, Rear Admiral Dammika Kumara.

7. MoU on Academic Cooperation between the University of Colombo of Sri Lanka and the Ministry of Health, Family and Welfare of the Maldives was exchanged by Maldives High Commissioner to Sri Lanka, Masood Imad and the Vice Chancellor of the University of Colombo, Professor Indika Mahesh Karunathilake.

The state visit of President Dr Mohamed Muizzu, undertaken at the invitation of President Anura Kumara Dissanayake, aims to further strengthen economic, cultural and social ties between the two countries, while enhancing their multifaceted partnership.

Cabinet Ministers, government officials and members of the Maldivian delegation, representing both Sri Lanka and the Maldives, were present at the occasion.

[President’s Media Division]