Connect with us

News

President ready to exempt school supplies, health equipment, medicine, etc., from VAT

Published

on

By Saman Indrajith

President Ranil Wickremesinghe yesterday told Parliament that the government was planning to exempt items such as books, school equipment, health equipment, and medicine from VAT.

Making a special statement in the House, the President said: “By 2022, the country was slated to repay approximately US$6 billion in foreign debt annually, amounting to about 9.5% of the GDP, a considerable strain for any nation. Through successful negotiations for debt restructuring, we aim to alleviate this burden by reducing the annual foreign debt payments to 4.5% of the GDP, a substantial halving of the previous percentage.

“If the current trend of economic growth, as observed in 2022 and 2023, persists, we can anticipate maintaining a high percentage of state income. In such a scenario, servicing the debt would no longer pose a burden on the country. Currently, we have managed to elevate state revenue to nearly 11% of the Gross Domestic Product (GDP). This increase necessitated the imposition of Value Added Tax.

“Undoubtedly, this decision was a bitter and challenging one. We made the decision to implement such a tax with great reluctance. However, considering the economic ailment we face, there are no other viable options. We must endure this temporary pain for the greater good. The implementation of VAT has bolstered the government’s revenue, demonstrating to the international community our capacity to repay the debt. With the increase in government revenues and the revival of the economy, the rupee has strengthened. The strengthening of the rupee has led to a decrease in the prices of imported goods, including fuel. As a result, all VAT-paying companies are now reaping the benefits of the stronger rupee, which extends to the entire country. Furthermore, we anticipate additional benefits in the future.”

“The impact of this economic progress is evident throughout society today. How many individuals embark on pilgrimages to Anuradhapura and Sripada from hand tractors to large buses? How many undertake journeys to Talawila and Madu Church for religious purposes? How many indulge in leisurely trips to Nuwara Eliya? How many individuals park their cars on the side of the road, open their trunks, and initiate small businesses due to their inability to repay the loans they obtained? And are they now experiencing a sense of freedom? How challenging is it to secure a seat on a long-distance coach? How many travellers fill the unreserved compartments? How many tourists explore every corner of the country?

“A nation that once struggled to leave their homes is now traversing freely. Previously, they couldn’t afford to put a drop of oil in their car to rush a sick person to the hospital or accompany a deceased loved one to the cemetery. People faced challenges such as not having gas for cooking at home, leading many to prepare meals outdoors. A nation that, when a child fell ill, would go from house to house in the middle of the night searching for a Paracetamol pill,” he said.



Latest News

Sun directly overhead Hatthikuchchi, Kalankuttiya, Halmillewa, Ipalogama, Palugaswewa and Habarana at about 12:11 noon. today [10]

Published

on

By

On the apparent northward relative motion of the sun, it is going to be directly over the latitudes of Sri Lanka during 05th to 14th of April in this year.

The nearest areas of Sri Lanka over which the sun is overhead today (10th) are Hatthikuchchi, Kalankuttiya, Halmillewa, Ipalogama, Palugaswewa and Habarana at about 12:11 noon.

Continue Reading

News

LG elections to be staggered

Published

on

Saman

Signs are clear that the local government (LG) elections, originally scheduled for 06 May, will have to be held on a staggered basis, as nomination lists in respect of about 200 out of 339 LG institutions have been challenged before the Court of Appeal, according to sources.

Those who have filed cases in the Court of Appeal seek writs against holding the elections. The final date for filing cases is 21 April.

By yesterday only 113, out of 339 local government bodies, had been cleared for the 06 May elections, with no rejections of nomination lists, or objections, sources said. The nomination lists for 226 local government bodies have been rejected, and candidates on these rejected lists are entitled to file cases against the Election Commission (EC) until 21 April.

The Court of Appeal (CA) has ordered that some of the lists rejected by the Election Commission be accepted. However, the EC is planning to challenge all CA orders before the Supreme Court.

When contacted for comment, Director General of the Election Commission, Saman Sri Ratnayake, told The Island that all arrangements had been made to hold the elections on 06 May, in accordance with the provisions of the Local Authorities Elections (Amendment) Act No. 16 of 2017.

“We will hold elections to the local government bodies for which there are no legal barriers, and this will depend on the final decision of the courts,” Ratnayake said, adding that elections to other local government bodies would be held on later dates.

By Saman Indrajith

Continue Reading

News

Sri Lanka and Australia reaffirm commitment to deepening defence ties

Published

on

Deputy Defence Minister Maj. Gen. Aruna Jayasekera meets Australia HC in Colombo Paul Stephens (pic courtesy MoD)

Sri Lanka and Australia have reaffirmed their commitment to deepening defence ties and exploring new avenues for cooperation in areas such as maritime domain awareness (MDA), training exchanges and capacity-building initiatives.

A number of key matters of mutual interest, particularly in the area of defence and security cooperation were deliberated when the Australian High Commissioner to Sri Lanka, Paul Stephens, paid a courtesy call on the Deputy Minister of Defence, Major General (retd.) Aruna Jayasekara at his office in Colombo on Tuesday (April 8).

The meeting was held in a cordial and constructive atmosphere, reflecting the longstanding friendship and cooperation between Australia and Sri Lanka, the Ministry of Defence said in a statement.

The Deputy Minister has expressed his appreciation for Australia’s continued support in strengthening Sri Lanka’s maritime security and defence capabilities.

Highlighting a recent example of this collaboration, Major General Jayasekara acknowledged the significant contribution made by the Australian government through the donation of a state-of-the-art Shallow Water Multi-Beam Echo Sounder to the Sri Lanka Navy Hydrographic Service (SLNHS). He noted that this advanced equipment has brought a transformative enhancement to Sri Lanka’s capacity for surveying harbours, coastal areas and strategic waterways, thereby contributing to both national security and regional maritime stability, the statement added.

Continue Reading

Trending