Sections of Sri Lanka’s private sector were more engaged in back-room operations (deals) than contributing to the economic development of the country, the Finance Minister Ravi Karunanayake said this week. Addressing a seminar on the topic “budget highlights 2015 and how it impacted on businesses” organised by the Institute of Certified Management Accountants of Sri [...]

The Sunday Times Sri Lanka

Sections of Sri Lanka’s pvt sector engaged in back-room deals, says minister

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Sections of Sri Lanka’s private sector were more engaged in back-room operations (deals) than contributing to the economic development of the country, the Finance Minister Ravi Karunanayake said this week.

Addressing a seminar on the topic “budget highlights 2015 and how it impacted on businesses” organised by the Institute of Certified Management Accountants of Sri Lanka in Colombo, he said trade chambers should come forward and propose measures that are good for the economy.

“We are willing to listen to them. We (also) want accounting bodies to come forward and advise us. The previous regime had allocated billion of rupees for construction of road network thus depriving the education of the country. Look at the Sri Lankan Airlines loss of Rs 32 billion. Can the country afford it?” he asked.

He said under the new government’s budget, a sum of Rs. 650 billion was added to the salaries of state employees and Samurdhi beneficiaries. “We are keen on seeing manufacturing-led growth that will lead to a robust export economy and job creation in the country. We want Sri Lankan businessmen to engage in exports as we have not seen them during the past 12 years.” Foreign technology and expertise will be sought to enhance development and public-private partnership is in the Government’s agenda.
Referring to public enterprises, he said those at the helm of such institutions will be held responsible and taxpayers money will not be wasted on such enterprises.
Responding to a question on Customs revenue, the minister said they had collected Rs. 12 billion in tax revenue recently.
Referring to the tax on hybrid vehicles, he said the decision taken last month will not be changed. “Ours is not a government that says one thing and does something else later. There are 2500 vehicles that come in to the country every month and we want to collect taxes from those who can afford it. Only the traders are having a problem with the tax imposed on hybrid vehicles,” he said
On the manipulation in the stock market, the minister noted that strict action would be taken against those who resort to such practices. “98 per cent of stocks were held by 3-4 people (groups) and we are taking a closer look at the stock market,” he said.

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