brand logo

Finance Bill passed with $ 500 m hope

07 Sep 2021

  • Govt. claims income will supplement troubled economy
  • Opposition levels charges of money laundering intent
By Shahaen Vishak The Finance Bill, presented to Parliament by Finance Minister Basil Rajapaksa, was passed with amendments by a majority vote in Parliament during its second reading yesterday (7), with the Government expecting it to add $ 500 million to the national economy. “We expect at least $ 500 million worth of monies to come in through this. With these funds, the country will be able to face some of the problems it is currently facing,” State Minister of Money, Capital Market, and State Enterprise Reforms Ajith Nivard Cabraal noted in Parliament. Chief Opposition Whip Lakshman Kiriella called for a division during the second reading of the Bill, which was passed with 134 MPs voting in favour and 44 voting against. In response to a series of petitions filed against the Bill, the Supreme Court had previously determined that for it to be passed with a simple majority in Parliament, 12 sections of the Bill would require amendment and one section of the Bill would need to be deleted. Speaking in Parliament yesterday, the Finance Minister, whose brainchild the Finance Bill is, outlined the dire situation the country’s economy is facing. He pointed out that all three revenue sources of the Finance Ministry – tax, excise, and customs – have been hampered due to the pandemic. On the foreign exchange front, although exports have been performing well, the country’s other main source of foreign exchange, tourism, has come to a standstill, he said. On top of this, he noted, the Government has had to incur massive expenditure on healthcare and related resources, pointing out that around 80% of the vaccines being used in Sri Lanka were purchased by the Government and not received as donations. He then stated: “We hope that all MPs who love the country, whether in the Government or Opposition, support these Bills.” Cabraal subsequently noted in Parliament that the Finance Bill would allow people to disclose hitherto undisclosed assets by incurring a tax of 1%, thus encouraging the legal declaration of such assets and boosting the economy. “We should have to ensure that there is an opportunity for those who haven’t declared such funds to be able to bring these into the system, and that the Government will be able to form one single economy, instead of having several parallel economies. Sometimes those who are in these parallel economies need a little encouragement to come into the main system, and that is what we are providing for.” Meanwhile, National People’s Power (NPP) MP Anura Kumara Dissanayake, who was among those that opposed the Bill, claimed that if this Bill was passed, it would allow those guilty of having amassed funds through illegal methods, including the theft of public funds, to be free from prosecution through the payment of just 1% in tax. “People who earn an honest living will end up thinking ‘why don’t we also earn through illegitimate means?’ That is what will happen if this Bill is passed,” he charged. The Finance Bill, as originally proposed, would enable persons to voluntarily disclose undisclosed taxable supplies, income, and assets required to be disclosed under certain laws; to provide for the imposition of a tax on the taxable supplies, income, and assets so disclosed; to indemnify the persons who voluntarily disclose any such taxable supply, income, or asset against liability from investigation, prosecution, and penalties under specified laws; and to grant certain concessions to persons who had already disclosed taxable supplies, income, and assets under specified laws.    

Kapruka

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Automobile, Mother and Baby Products, Clothing, and Fashion. Additionally, Kapruka offers unique online services like Money Remittance, Astrology, Medicine Delivery, and access to over 700 Top Brands. Also If you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.Send love straight to their heart this Valentine's with our thoughtful gifts!

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Automobile, Mother and Baby Products, Clothing, and Fashion. Additionally, Kapruka offers unique online services like Money Remittance, Astrology, Medicine Delivery, and access to over 700 Top Brands. Also If you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.Send love straight to their heart this Valentine's with our thoughtful gifts!


More News..