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Vehicle importers vehemently protest over EV tax relief favouritism

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Vehicle importers vehemently protest over EV tax relief favouritism

By: Staff Writer

Colombo (LNW): Sri Lanka’s vehicle importers have strongly protested against the government’s move to permit electric and hybrid electric vehicle imports with zero tariff to one company, under the guise of electric and hybrid vehicle assembling in the country.

This decision could deprive the state coffers billions of rupees while causing a massive foreign exchange outflow during the next two-year period, Secretary to the vehicle importers association Sri Lanka (VIASL) Arosha Rodrigo told media conference in colon this week.

In the wake of tax concessions for electric vehicle imports Sri Lanka Insurance Corporation (SLIC) has entered in to a strategic collaboration with Auto Capital Investment (Pvt) Ltd (ACIPL) to provide comprehensive motor vehicle insurance cover along with a warranty cover for five years for brand new electric vehicles imported by ACIPL.

With the aim of extending tax benefits to a leading motor trading company a cabinet memorandum has been put forward by Ministry of Investment promotion to impose a zero (%) customs tariff on the CIF value to import electric vehicles with power up to 500kwor Plugin Hybrid Electric Vehicles (PEHV) up to 3000CC in semi-knockdown (SKD) form for local assembly.

This is for a minimum investment of US$50 million by companies already agreed with BOI or new companies entering into agreements, VIAL sectratry alleged. .

However, there is no value addition required on these vehicles in the first two years, which is designed to benefit a single company (Senok Automobile Assembly Pvt LTD) which is believed to have fulfilled these requirements in 2021, he added.

If this gets approved by the cabinet, this will have a severe impact on our already deteriorating economy affecting our foreign currency reserve as well as the national income, he claimed.

Western Automobile Assembly (Pvt) Ltd (Initially known as Senok Automobile Assembly (Pvt) Ltd) has signed the agreement with BOI on 13/08/2015 to assemble Diesel vehicles of engine capacity from 1000cc to 2000cc.

It is using imported brand-new Semi Knocked down (SKD) units provided by technical collaborator, Volkswagen AG of Germany with an envisaged investment of US $ 26.5 Mn as a local investment.

An eight (8) year tax holiday was granted and thereafter concessionary tax rate of 15% or any tax rate under the prevailing Inland Revenue Law, whichever is less.

The Company has requested from the BOI to implement an all-inclusive “ZERO” percent (0%) flat tariff on CIF value, instead of the existing 30% tariff, for the importation of brand new SKD kits for the assembly of Electric Vehicles, Electric Two Wheelers and Plug-in-Hybrid Electric Vehicles.

As per the Cabinet Decision taken No22/1026/504/04 dated 19/07/2022 and the Extra Ordinary Gazette Notification No.2290/19 published by the Ministry of Finance, Economic Stabilization and National Policies on 27/07/2022.

Claim by Senok Automobile on how the project requirement is fulfilled Senok Automobile Assembly Pvt LTD claims to have fulfilled these requirements via investments made back in 2021.

President returns to SL after Cuba, US tour

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President returns to SL after Cuba, US tour

Colombo (LNW): Sri Lankan President Ranil Wickremesinghe returned to the island after concluding his official tour in Cuba and the United States.

The Sri Lankan delegation led by Wickremesinghe landed on the Bandaranaike International Airport (BIA) in Katunayake today (24) at about 8.30 am.

SL settles $200mn loan from Bangladesh with $4.5mn interest

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SL settles $200mn loan from Bangladesh with $4.5mn interest

Colombo (LNW): Sri Lanka has settled the entirety of US $200 million loan from Bangladesh, taken through a currency swap two years ago to address the economic crisis, Dhaka-based Dhaka Tribune reported.

In its report, the news agency claimed that Sri Lanka in the last intalment paid about US $50 million and US $4.5 million in interest on the loan on Thursday night, citing a senior official of Bangladesh Bank.

Sri Lanka took this loan for a period of one year in May 2021. However, the country failed to repay the loan due to a worsening domestic economic crisis and the Sri Lankan government declared itself bankrupt, hence the country taking an extension to repay the debt several times.

This year, Sri Lanka’s economy started to turn around and the country was able to repay the debt.

According to Bangladesh Bank, Sri Lanka initially repaid US $50 million on August 20. Then on August 31, it returned US $100 million. Finally, they returned the remaining US $50 million on Thursday night.

Sri Lanka has paid off the loan taken from Bangladesh in three instalments.

Businessman killed in shooting incident in Galle

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Businessman killed in shooting incident in Galle

Colombo (LNW): A businessman was killed in a shooting incident in Galle last night (23), Police said.

The victim was the proprietor of a retail textile shop in Galle and was shot and killed while inside his car on Dickson Road in Galle approximately at 7.30 pm last night, according to Police.

The perpetrators are two assailants who came in by a motorcycle.

The Police are conducting further investigations into the incident.

Lanka Sama Samaja Party endorses “JanaSabha” system

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Lanka Sama Samaja Party endorses “JanaSabha” system

The Leader of the Lanka Sama Samaja Party and Parliamentarian Dr. Tissa Vitharana has expressed his full support for the JanaSabha Bill and the JanaSabha system prepared by the Jathika JanaSabha Secretariat.

He expressed this view during a meeting with the Director General of the Jathika JanaSabha Secretariat and others.

The both parties also discussed the importance of the JanaSabha system, which was prepared by the Jathika JanaSabha Secretariat as a civil society proposal and based on a Cabinet decision, as a timely, democratic way of carrying out rural development activities and as a participatory model of government.

Dr. Tissa Vitharana also stressed that the government should take steps to present the JanaSabha Bill to Parliament without delay. The meeting was attended by the Director General of the Jathika JanaSabha Secretariat Palitha Lihiniyakumara, the Director (Operations, Research and Development) of the Jathika JanaSabha Secretariat Attorney-at-Law Akalanka Hettiarachchi, and others.

BASL demands withdrawal of controversial ATA and Online Safety Bills

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BASL demands withdrawal of controversial ATA and Online Safety Bills

Colombo (LNW): The Bar Association of Sri Lanka (BASL) urged the government to immediately withdraw the controversial Anti-Terrorism Bill and very recently introduced Online Safety Bill, in an unanimous understanding that both Bills ‘seriously impinge on the liberty and freedom of the people and will have a serious impact on democracy and the rule of law in the country.’

In a statement, the BASL pointed out that the government must hold a meaningful consultation with the relevant stakeholders including the BASL and to take into consideration their concerns prior to proceeding the Bill via gazette.

Full Statement:

The Bar Council of the Bar Association of Sri Lanka (BASL) calls upon the Government to immediately withdraw the Anti-Terrorism Bill and the Online Safety Bill which were published in the Gazettes issued on 15th and 18th September respectively, and not to proceed with the said Bills.

At a meeting of the Bar Council held today, it was unanimously resolved that both Bills seriously impinge on the liberty and freedom of the people and will have a serious impact on democracy and the rule of law in the country.

It is observed that both Bills have been introduced without due consultation with the stakeholders including the BASL. Further, the BASL’s observations on the previous version of the Anti-Terrorism Bill have also not been considered.

The BASL calls upon the government to have a meaningful consultation with the relevant stakeholders including the BASL and to take into consideration their concerns prior to proceeding to Gazette such Bills, which have a serious impact on the community at large.

03 Sri Lankans found dead with hands and feet tied, heads covered in plastic in Malaysia

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03 Sri Lankans found dead with hands and feet tied, heads covered in plastic in Malaysia

Colombo (LNW): Three Sri Lankan men were found dead with their hands and feet tied and their heads covered in plastic in a house on Jalan Perhentian Kampung Kovil Hilir, Sentul, Malaysia two days ago (22), Kuala Lumpur based New Straits Times reported.

Screams believed to be from a fight led to the discovery of the bodies that were found stacked in the house’s store, with one of them naked.

Kuala Lumpur police chief Datuk Allaudeen Abdul Majid said the police received a call from the public informing that there had been a fight at a residence on a four-storey shophouse lot at around 11pm last night.

“Following that, the police mobile patrol vehicle (MPV) team arrived at the house which is located on the second floor and carried out an inspection before finding the bodies of the three men.

“Inspection at the house found a Sri Lankan couple in their 40s who were renting the house and they were detained to assist with the investigation.

“One of the three victims involved is the son of a married couple in their 20s,” he said at a press conference at the Sentul Police Headquarters.

Allaudeen said initial investigation found that during the fight, two foreign men were also in the house but managed to escape from the location.

“It is understood that the house has five rooms that housed the couple involved, their children and two tenants who were also killed in the incident.

“Investigations found that two Sri Lankan suspects who live in Klang, Selangor, came to the house to visit the couple they had known for the past six months.

“They are said to have been living in the house for the past two days. Based on this information, we believe this was a planned crime,” he said.

He said examination of the three bodies found that there were marks on one of the victims’ bodies.

“There were no visible signs of injury on the other two bodies involved and we have seized a knife believed to be a murder weapon.

“The bodies of the three victims were sent to Hospital Kuala Lumpur National Institute of Forensic Medicine for post-mortem today (23).

“The married couple, who are unemployed were remanded for seven days from today until Sept 29 for further investigation according to Section 302 of the Penal Code,” he said.

Allaudeen added that the police were still in the early stages of unravelling the motive behind the incident.

“Further investigation is underway and we are tracking the two men involved who are also the main suspects.

“People who have information about the whereabouts of the two suspects can contact the Kuala Lumpur Police Operations Room at 03-21460584/0585 or any nearby police station to assist with the investigation,” he said.

Source: New Straits Times

Today’s (Sep 24) weather: Several provinces to meet showers, thundershowers

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Today’s (Sep 24) weather: Several provinces to meet showers, thundershowers

By: Isuru Parakrama

Colombo (LNW): Several spells of showers will occur in Western, Sabaragamuwa and North-western provinces and in Galle and Matara districts, and showers or thundershowers will occur at several places in Central, Uva, Eastern and North-Central provinces during the evening or night, the Department of Meteorology said in its daily weather forecast today (24).

General public is kindly requested to take adequate precautions to minimise damages caused by temporary localised strong winds and lightning during thundershowers.

Marine Weather:

Condition of Rain:
Showers or thundershowers will occur at several places in the sea areas off the coast extending from Puttalam to Hambantota via Colombo, Galle and Matara.
Winds:
Winds will be south-westerly and speed will be (30-40) kmph. Wind speed can increase up to 50 kmph at times in the sea areas off the coast extending from Puttalam to Kankasanthurai via Mannar and from Hambantota to Pottuvil.
State of Sea:
The sea areas off the coast extending from Puttalam to Kankasanthurai via Mannar and from Hambantota to Pottuvil will be rough at times. The sea areas off the coast extending from Puttalam to Hambantota via Colombo, Galle and Matara will be fairly rough at times. Temporarily strong gusty winds and very rough seas can be expected during thundershowers.

US and Sri Lanka discuss economic assistance, human rights.

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US and Sri Lanka discuss economic assistance, human rights.

By: Staff Writer

Colombo (LNW): The United States and Sri Lanka had discussions focusing on economic assistance and human rights.

The discussion took place between US Under Secretary Victoria Nuland and Foreign Minister Ali Sabry in New York.

“Our work together continues at #UNGA. I met with @MFA_SriLanka Minister Ali Sabry to discuss U.S. economic assistance, human rights, and our shared vision for a free and open Indo-Pacific,” Victoria Nuland tweeted.

Sabry said that they had a cordial discussion Victoria Nuland and focused on a number of areas where Sri Lanka and the US could work together to further strengthen bilateral relations.

The US, a significant ally of previous administrations under President Ranil Wickremesinghe when he was the premier of this country , played a silent yet crucial role in facilitating a smooth power transition in Sri Lanka during the period of public unrest.

While urging the Sri Lankan administration to prioritize human rights and democracy, the US focused on supporting economic recovery by providing substantial economic and humanitarian aid amounting to nearly US$ 240 million within a short period.

Additionally, the US backed Sri Lanka’s appeal to obtain an IMF bailout package, demonstrating its ability to support countries like Sri Lanka and fill the power vacuum resulting from China’s strategic drift away from the country, economic experts said.

It can be argued that in exchange for the US’s financial support, Wickremesinghe’s regime agreed to create a favorable strategic environment for the US in the future.

Overall, the Wickremesinghe regime swiftly demonstrated its willingness to offer strategic benefits to all Indo-Pacific powers by promoting Sri Lanka’s hedging foreign policy.

In other words, any power capable of providing relief to overcome economic difficulties could gain uninterrupted access to strategic resources, ports, land, and other resources, thereby influencing or balancing the power dynamics among Indo-Pacific actors, several foreign affairs analysts claimed.

For example, China could create strategic concerns for India and the United States by utilizing its strategic resources in Sri Lanka, particularly those from the Port of Hambantota or Colombo Port City.

Similarly, India or the United States, or both, could pursue similar strategies against China by leveraging their access to Sri Lanka’s western and eastern ports, namely the Colombo West Terminal and the Port of Trincomalee they added.

Sri Lanka national audit office exposes Sri Lanka cricket corruption.

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Sri Lanka national audit office exposes Sri Lanka cricket corruption.

By: Staff Writer

Colombo (LNW): Corruption has plagued Sri Lanka’s cricket administration since the country’s 1996 World Cup win, which turned out to be a “curse” in disguise, then-captain Arjuna Ranatunga’s younger brother Urban Development Minister Prasanna Ranatunga told parliament recently.

He said “massive financial fraud” continued to vex the island nation’s cricket board and called for reforms.”The World Cup victory was the biggest curse for our cricket,” Ranatunga added.

The National Audit Office’s final report into Sri Lanka Cricket (SLC) and its expenses related to the travel of players and officials to last year’s T20 World Cup in Australia, has reignited the debate on if SLC should come under government oversight.

The final report comes weeks after SLC responded to observations in the draft audit report, which was leaked and made waves on mainstream and social media that, among other findings, highlighted a massive expenditure of Rs. 68 million by SLC to send 14 of its officials to Australia for the T20 World Cup.

SLC has long argued that it is essentially a private entity with the money it receives belonging to its membership, and therefore it did not have to be accountable to the public, and by extension the government, for how it chose to spend its finances.

However, the National Audit Office has expressed a differing opinion, stating that, as SLC had fielded a team that represented the country, it could not deviate from the requirement of its activities being monitored by the government.

“As the institution engaged in prioritizing the use of the official brand and representation of the national team, paying attention to establish a legal environment where the essential requirement of performance of activities subject to Government monitoring cannot be deviated from,” the report, signed by the Auditor General WPC Wickramaratne recommended.

The auditor general also recommended that amendments should be made to the Sports Act “in order for the relevant annual reports to be presented to parliament thereby strengthening the control of Parliament over all of the national sports associations and authorizing such associations to be summoned to the Committees.”

The audit office also stressed that sports associations should avoid being involved in the obtaining of visas for parties that cannot be considered as persons proceeding abroad officially – ostensibly a recommendation stemming from the revelation that SLC had issued 37 letters to individuals not directly involved with SLC for their visa application process.

Sports Minister Roshan Ranasinghe has shown a keenness to bring systematic changes to SLC, by way of introducing a new constitution.

SLC have conceded that constitutional reforms were necessary, but the Minister’s move to appoint a 10-member committee to draft a proposed new constitution was “illegal” and “interfered with the Constitution and due functioning of Sri Lanka Cricket.”

Last week, through the Court of Appeal SLC obtained an interim order that prevented the Minister from going ahead with the proposed new constitution.

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