Letter
PAYE taxpayers cheated by PA
The discriminatory P.A.Y.E. tax system applicable to one category of wage
earners, those less fortunate to be in the private sector, continues unabated
despite its abolition being included in the People's Alliance manifesto.
Prior to the general elections in 1994, former trade minister Kingsley
Wickremaratne appeared on television to explain to the 'masses' how the
People's Alliance planned to replace PAYE with GST. Having used the votes
of trusting PAYE taxpayers at the 1994 general elections with the carrot
held out to them, the election pledge was shelved apparently on the premise
that the approximate 180,000 PAYE taxpayers and their kith and kin would
not seriously affect the PA vote base. PAYE taxpayers are now burdened
additionally with GST on account of the callous attitude of PA politicians.
If the earnings of politicians and government bureaucrats were subject
to PAYE tax, the PA pledge would have been amongst the first to be implemented.
As it is, it is another false promise of the PA and private sector employees
earning over Rs. 12,000 per month are compelled to contribute by way of
PAYE tax, towards the comforts, perks and privileges of politicians and
government bureaucrats.
Now that the PA has deliberately cheated private sector employees on
this issue, could the voters know the stand of the leader of the UNP, Ranil
Wickremesinghe, as to whether he intends to remove the discriminatory PAYE
tax or extend it to cover all wage earners including members of parliament
and government bureaucrats or, would he agree with the PA stand that PAYE
taxpayers must once again be taken up the garden path.
Rosharn Wickremasekera
Colombo
Don Carolis furniture graces Indian homes
Don Carolis & Sons Ltd, Sri Lanka's pioneer furniture company, recently
exported two container loads of high quality furniture to India.
"In these times of economic recession we have been able to earn much
needed foreign exchange for the country by recommencing commercial furniture
exports," said company chairman Rajiv Hewavitarne, adding that it made
use of SAPTA concessions under SAARC.
Don Carolis, established in 1860, exported furniture to the UK, US,
Australia and South Africa in the late 19th century and the early 20th
century.
Currently on an expansion programme, the company is shortly opening
a large and modern showroom at Nugegoda, which would add to the showrooms
in Colpetty, Pettah and Kandy.
A company press release said Don Carolis also plans to establish showrooms
abroad, starting with India.
Asian Paints 'Permoglaze' franchise extended
World renowned manufacturer of decorative paints, Akzo Nobel of UK, has
extended its agreement with Asian Paints (Lanka) Ltd for the manufacture,
distribution and sale of Permoglaze paints in Sri Lanka.
Announcing the extension of the agreement, Asian Paints (Lanka) CEO,
Suresh Mohandas, said his company would continue to produce and market
a range of more than 50 shades of high quality Permogalaze emulsion and
enamel paints in Sri Lanka, a company statement said.
The Permoglaze range would be marketed alongside Asian Paints' own flagship
brand "Apcolite", one of the newer entrants into the local decorative coatings
market, Mohandas said. "The continued availability of this brand through
Asian Paints provides consumers with a wide choice of products and price,"
he added.
Sri Lanka's biggest tea warehouse constructed
Asia Siyaka Warehousing (Pvt) Ltd has successfully completed construction
of the biggest-ever tea warehouse in Sri Lanka at the Muthurajawela complex
just outside Colombo.
The company, a full-owned subsidiary of Asia Siyaka Commodities (Pvt)
Ltd, said in a statement that the "state of the art" storage facility cost
Rs. 200 million.
"International experts in the field of storage who have visited the
facility have ranked it as one of the best in South East Asia and comparable
with the best in the world," it said.
At the warehouse, tea – for the first time in Sri Lanka – would be stored
in individual pallet locations where damage and exposure are eliminated
and where the highest standards of food safety are observed.
The storage area of 110,000 sq. feet has steel racking and accommodates
15,000 pallet locations, which are capable of storing up to seven million
kg of tea. A customised IT system which provides "on-line" information
further enhances the services provided to the trade, the statement said.
The storage facility was awarded the ISO 9002 certification on Wednesday,
the first for a tea warehouse.
Leo Burnett on top
Leo Burnett Worldwide has earned the "Top Agency Network" designation for
2001 according to The Gunn Report, the global ad industry report which
released its third annual rankings last week.
Tracking award-winning work at advertising festivals around the globe,
The Gunn Report determined that Leo Burnett Worldwide earned 130 points,
outscoring closest competitors BBDO (126 points) and DDB (118 points).
The 23 award-winning offices contributing to the overall network ranking
include:
LB/Bangkok, Bogota, Bratislava, Caracas, Chicago/USA, Hong Kong, Kuala
Lumpur, Lisbon, London, Madrid, Mexico City, Milan, Oslo, Paris, Prague,
Sao Paulo, Singapore, Sydney, Taipei, Tel Aviv, Toronto, Tokyo and Warsaw.
Seylan Bank joins as a Participating Bank in Indian
Line of Credit
Seylan Bank recently joined the Indian Line of Credit as a Participating
Bank in disbursement of funds amounting to US$ 100.0 Mn channelled through
Bank of Ceylon a press release said. The relevant agreement was recently
signed between the Seylan Bank and Bank of Ceylon.
The Participation Loan Agreement was signed by Seylan Bank's Director/General
Manager/Chief Executive, Mrs Rohini Nanayakkara and Mr. Sarath de Silva,
the General Manager of Bank of Ceylon. This will enable the Seylan Bank
to accommodate applications from private and public sector enterprises
for facilities under Indian Line of Credit. The Government of India with
the objective of strengthening the economic relationship between the two
countries has agreed to extend a credit line of US$100.0 Mn to the Government
of Sri Lanka to be disbursed over a period of 3 years in 3 tranches of
US$45.0 Mn, US$30.0 Mn and US$25.0 Mn.
Import of capital goods consisting of machinery and parts and transport
equipment, consumer durables, food items consisting of sugar, wheat flour,
rice, red lentil, wheat gram and obtaining consultancy services of Indian
origin are eligible for financing under this credit line. The maximum repayment
period applicable for import of capital goods is 6 years and for other
purposes, the maximum period allowed is 1 year.
The financial assistance will be provided at an attractive rate of interest
up to 90% of the FOB value of such goods imported from India. The rate
of interest will be linked to the Average Weighted Deposit Rate.
This credit line is expected to provide medium term funds at low costs
to be invested in industrial sector and short term funds for the other
importers of consumer durables and food items.
Presentation on enhancing governance
Mr. Ajith Cabraal delivered a presentation on "The Role International Lending
Agencies" could play in enhancing governance in Sri Lanka recently. This
presentation was made to the American Chamber (Amcham) at the World Trade
Centre on 8th November 2001 and the topic covered the current status in
governance of Sri Lanka and the methods by which governance could be improved,
as well as the role that civil society, government, and International Lending
Agencies could play in enhancing governance in Sri Lanka.
John Keells introduces BTEC Higher National Diploma
Adding to its lustrous spectrum of thorough, comprehensive and up-to-date
courses, the John Keells Institute recently introduced the BTEC Higher
National Diploma in Computing from Edexcel International, UK a press release
said.
Edexcel is a leading provider of high quality academic and vocational
qualifications.
It is one of three major awarding bodies in the UK. Edexcel was formed
in 1996 as a result of a merger of two of UK's leading examination and
assessment boards: BTEC, the Business and Technology Education Council
and ULEAC, the University of London Examinations and Assessment Council.
This is the first awarding body in the UK to offer both academic and vocational
qualifications.
Edexcel is the body that also offers the London O level and London A
level qualifications.
With the highly valued and globally recognized qualification from Edexcel,
the BTEC Higher National Diploma qualification gives students the opportunity
to attend and complete the final year of their Bachelor's degree in Computing
Science (BSc. - Hons.) in most UK or US University, depending on their
performance.
The BTEC-HND is the ideal "Stepping stone" for any student embarking
on an IT career.
It offers many overseas education opportunities as well as overseas
employment opportunities. Many multinational companies worldwide recognize
the BTEC-HND since it is a higher educational qualification that also prepares
people for employment at management and senior technician levels.
It is designed to meet the needs of today's employers as the programme
provides a unique combination of academic and vocational skills. BTEC-HND
holders will have the work-related skills that will enable them to make
a valuable contribution to their employer from day one.
IBM and Metropolitan team up
Metropolitan Computers (Pvt.) Ltd. recently strengthened its product offering
by joining hands with the World's Largest IT Company IBM World Trade Corporation.
By joining the IBM Business Partner family as an Authorised Reseller for
PC Products, Metropolitan Computers (Pvt.) Ltd now offer great products
such as the IBM Commercial Desktop, ThinkPad and eServer xSeries. The Business
Partner agreement was signed at the Metropolitan office by Mr. J. J. Ambani,
Chairman, Metropolitan Group of Companies and Mr. Kavan Ratnayaka_ Country
Manager, IBM Sri Lanka.
Metropolitan has been an active player in office automation for over
four decades and during these years has grown and diversified to become
the leader in information technology, communications and imaging solutions
in Sri Lanka. Now, by joining forces with IBM, Metropolitan has taken yet
another giant step, to bring some of the finest quality products and solutions
in the world of computing to its customers. Metropolitan also has the largest
direct representation out of Colombo with ten regional offices island wide
It also has one of the largest installed bases of office equipment and
has been representing global brands such as Canon and Ericsson for well
over 20 years.
ATL makes its presence strong
Amana Takaful Limited (ATL) has completed two years of operation a press
release said. The pioneer and only Takaful Company in Sri Lanka, it caters
to an alternative system to conventional Insurance.
Though new in Sri Lanka, many countries including the UK and USA have
Takaful companies operating.
Its presence in the ASEAN region is very strong with Malaysia making
the greatest impact.
ATL, is a joint venture between Amana Investments Limited and Takaful
Malaysia, which is the biggest Takaful operator in the world.
From inception, ATL has had a steady flow of business. This is amplified
by a three hundred percent increase in General and over Five hundred percent
in Family Takaful, comparing the year end figures of 2000 and 2001 Both
years of operation have recorded a surplus in the General Takaful Fund,
which has been refunded to the Participants who have not made a claim,
on a proportionate basis.
Refund of 'surplus' funds, forms an important segment of Takaful operations
worldwide.
Simply put, the contributions made by the Participants for their Fire,
Burglary, Marine and Miscellaneous Takaful plans are channelled to the
"General Takaful Fund" after deducting Management Fees.
This is invested in ventures, and with the profits accrued, expenditure
pertaining to claims, Re-Takaful etc are disbursed. The remaining amount
in the fund after meeting all expenditure is refunded proportionately.
With the success achieved within such a short span, ATL is now looking
ahead to cater to the growing demand The launch of the website today, www.amanatakaful.com
is a significant step in that direction. With this launch, the Company
will focus strongly on Family Takaful. Any individual, who logs onto the
site for a Family Takaful plan in excess of Rs. 1000/- contribution per
month, will receive a colourful umbrella, once the Family Takaful plan
meterialises.
Claim settlement is another point of focus. At ATL, we believe that
any Participant, who has suffered a loss, must be compensated with minimum
delay, enabling him to avoid additional expenses or loss of earning.
The Takaful concept is based on mutual guarantee. The Takaful Operator
is responsible to bring in those who wish to enter into this system of
mutual guarantee. The efficient management of funds is the duty of the
Operator for which it receives the 'Management Fee'. Under no circumstance,
is the Operator entitled to any portion of the Takaful Fund.
These belong to the Participants who should receive any surplus therein.
ATL slogan - we not only care - but also truly share! puts the precept
into practise.
The Finance celebrates 61st anniversary
The Finance Company Limited celebrated its 61st anniversary this year.
Having been in operation for more than half a century it holds the esteemed
distinction of being the oldest non-banking financial institution in the
country a press release said. It was also the first ever finance company
to be registered under the Finance Companies Act of 1988. An approved Credit
Agency under the Mortgage Act of 1949 and Inland Trust Receipts Act of
1990, it is also a public quoted company with its shares listed on the
Colombo Stock Exchange the press release further said.
The largest finance company in the country in terms of fixed assets
TFC is primarily focused on real estate and leasing activities and has
developed an enviable track record in these businesses. Leasing, Land Easy
Payment Sales and Hire Purchase of Motor Vehicles and Consumer Durables
constitute its products which yield the highest income for the Company.
With its distinguished history of professional excellence, the company
has been consistently profitable throughout its illustrious past.
TFC is the oldest existent member of Ceylinco Consolidated, a top rung
blue-chip corporate organization with extensive business interests in Sri
Lanka and overseas. Comprising in excess of a hundred companies grouped
into several sectoral subdivisions, it is highly diversified and is one
of the largest conglomerates in Sri Lanka. The core business of the group
is financial services with several member firms engaged in the finance
business, banking, merchant banking, leasing and fund management.
The organization is headed by Deshamanya Lalith Kotelawala, who as the
Chairman of the Ceylinco Group of Companies, has pioneered many successful
business ventures including Seylan Bank Limited and Ceylinco Insurance
Company Limited. The former, established in 1987, is widely recognized
as the second largest private commercial bank in the country in terms of
its asset base. The latter, established in 1987, leads the industry in
terms of premium income in both the Life and General Insurance sectors. |
