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A special discussion to be held today on providing fuel for the CEB!

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A special discussion to be held today on providing fuel for the CEB!

As the stocks of other fuel and diesel provided by the Ceylon Petroleum Corporation to the Ceylon Electricity Board will expire today (18), a special discussion will be held today (18) on obtaining fuel.

Gamini Lokuge, Minister of Power and Energy, the Ministry of Finance, the Central Bank, the Electricity Board, and the Ceylon Petroleum Corporation are participating in the discussion.

Meanwhile, Minister Gamini Lokuge told the media yesterday that he had instructed the Chairman of the Electricity Board to discuss whether there was a possibility of obtaining fuel from the IOC.

Also, the Ceylon Electricity Board (CEB) Engineers’ Union has commenced a trade union action today against the appointment of the new General Manager of the Ceylon Electricity Board by reporting sick leave and they have organized a protest in front of the head office.

The Speech of Throne by President Gotabhaya Rajapaksa (LIVE)

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The Speech of Throne by President Gotabhaya Rajapaksa (LIVE)

A special meeting of the ruling party group chaired by the Prime Minister today

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A special meeting of the ruling party group chaired by the Prime Minister today

It is reported that a special meeting of the ruling party parliamentary group is to be held today (18) under the chairmanship of Prime Minister Mahinda Rajapaksa.

The special meeting is scheduled to be held at 11.30 am today at the Parliament complex.

The current political situation and future parliamentary proceedings will be discussed here.

The new session of the Parliament to be commenced today under the patronage of the President

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The new session of the Parliament to be commenced today under the patronage of the President

The second session of the 9th Parliament is scheduled to commence today (18) under the patronage of President Gotabhaya Rajapaksa.

Accordingly, the President is scheduled to address the House at 10.00 am today.

It is said that the opening ceremony of this year’s Parliamentary session has been planned in a very simple manner.

The event will be attended by a number of distinguished guests including Ambassadors.

Traditionally, after the President’s throne speech today where he mentions the Government’s policy statement, the House will be adjourned today.

Priority should be given to supplying fuel to the transport sector rather than generating electricity – Gammanpila

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Priority should be given to supplying fuel to the transport sector rather than generating electricity – Gammanpila

Udaya Gammanpila, Minister of Energy emphasizes that priority should be given to supplying fuel to the transport sector rather than generating electricity.

A decision has to be made. Because there are no fuel springs in our country and there are no large stocks of imported fuel. I don’t even have the dollars to bring fuel. That is why we had to reluctantly say we would bring fuel if given dollars.

At present we have two diesel ships with 76,000 metric tons of diesel in the middle of the sea. We have been informed them that if we will give them back the diesel if they provide the required dollars to unload one of them. Tell me a method to bring fuel to this country without dollars, I will follow that method. I am not responsible for supplying dollars to this country ”

“If we give our fuel to the CEB, the country will stop. Remember that the supply of electricity is a matter of control. You can turn on the electricity 24 hours a day, you can turn off the electricity 24 hours a day, you can suspend the electricity for two or three hours. But in the field of transportation there is either fuel or no fuel. The transport sector must be given priority over the electricity sector.”

Minister Udaya Gammanpila stated this while expressing his views to the media yesterday (17).

The cardinal was hasty. It even affects his post – Pohottu MP Jagath

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The cardinal was hasty. It even affects his post – Pohottu MP Jagath

SLPP MP Jagath Kumara has said that Cardinal Malcolm Ranjith’s statement that the Archbishop of Colombo was suspicious of the investigation into the incident in which a hand grenade was found inside the All Saints’ Church in Borella had damaged his reputation as a cardinal.

“We have great respect for the cardinal, not as an individual. So there is also the question of whether he makes certain statements without thinking. On the other hand, the police should be given time to do something. I think his statement was a bit hasty. Because he said this without giving any time ”

MP Jagath Kumara stated this addressing a media briefing held yesterday (17).

Tax revenue collectors to launch massive protest campaign today

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Tax revenue collectors to launch massive protest campaign today

In a move to express its displeasure over the new Special GST Act, the country’s top tax collectors of the Excise Department, Sri Lanka Customs and the Department of Inland Revenue will team up to launch a massive protest against the Ministry of Finance on Tuesday 8.

The trade union collective of the Department of Excise addressing a press briefing yesterday said that they will team up with the other leading tax collecting authorities to fight against the ‘unfair’ Special Goods and Services Tax Act, which was gazetted on January 07th.

As a result, the Excise Department trade union will hold hands with the TUS of the Department of Inland Revenue, Sri Lanka Customs, Department of Motor Traffic (Dmt), telecommunication Regulatory Commission of Sri Lanka (TRCSL), and Sri Lanka Export Development Board to launch this protest.

Co-secretary Unity of Excise Trade Unions Nirosh Jayakody said by introducing the Special GST Act the government is planning to set up a single small unit to gather all the tax revenue collected from the aforesaid authorities in the future to be sent to the Treasury.

Government is all set to introduce Special Goods and Services Tax (SGST) in a major reform of the country’s taxation by enacting the new GST bill in parliament soon after its approval from the Cabinet of ministers, high official of the treasury divulged.

The new draft bill now being finalised by the Legal Draftsman’s Department will be presented to the cabinet with the endorsement of the Attorney General within two weeks, treasury secretary S R Attygalle said .             

Cabinet has already endorsed to draft a new Goods and Services Tax (GST) bill, which is aimed at simplifying taxes on alcohol, cigarettes, vehicles, telecommunications and betting.

The new GST proposed in Budget 2021 will improve the efficiency of tax collection with the introduction of an online-managed single tax which contributes considerably to state revenue, he added.

The proposed tax will make revenue collection easy for Excise Department removing the burden and time consuming process of collecting taxes and levies from 17 hard liquor manufacturers and two beer producers.

The Finance Ministry was working to have the SGST ready for implementation from the new tax year but it was delayed due to unavoidable circumstances.

Therefore the new SGST will be enforced with retrospective effect, a senior Inland  Revenue Department (IRD) official explained.     

However Inland Revenue Department had to reduce taxes on alcohol, tobacco, and gambling, manufacturing and financial industries from April 1, 2020 in accordance with the government’s new taxation policy, he added.

Revenue from liquor, tobacco, and gambling, which were previously taxed at 40 percent, will now be charged at 28 percent.

Trading, banking, finance and insurance will be taxed at 24 percent, compared to the previous 28 percent.

Manufacturing will be taxed at a new rate of 18 percent, down from the earlier rate of 28 percent.

Excise duty Revenue generated from Excise duty declined by 12.8 percent to Rs. 111.3 billion in the first four months of 2021, compared to Rs. 127.6 billion in the same period of 2020, Finance Ministry data showed.  

This was mainly due to the decline of revenue from motor vehicles, cigarettes and petroleum products despite the gains in revenue from liquor and other excisable articles.

Excise duty revenue accounted for 26.0 percent of the tax revenue and 23.1 percent of the total revenue collected in the first four months of 2) 021 while achieving 23.4 percent of the annual estimate, ministry data revealed.

Newly opened Central expressway section earns over Rs 2.8 million in 12 hours

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Newly opened Central expressway section earns over Rs 2.8 million in 12 hours

The Ministry of Highways says that the second phase of the Central Expressway, also known as the ‘Ethugalpura Entrance’, which was declared open to the public on Saturday, has generated an income of over Rs. 2.8 million within the first 12 hours of operations. 

Motorists had been allowed to use the newly-opened stretch of the Central Expressway toll-free until Sunday afternoon while the toll booths had been operational from 12 noon onwards.

Accordingly, the income generated by the new section of the expressway between 12 noon to midnight on Sunday (16) has been estimated as approximately Rs. 2,805,100.

The ministry said that 13,583 vehicles had used the expressway from Kurunegala to Mirigama within that 12-hour period while no vehicular accidents were reported during that time

The Road Development Authority (RDA) had achieved the highest-ever revenue of Rs. 8.8 billion via expressways in 2021, reflecting a 21 percent  increase from the previous year.

The outstanding performance is amidst the disruptions caused by the pandemic, particularly during the period from mid-May to end October.

In 2021, the total toll revenue of Southern Expressway and Outer Circular Highway was Rs. 4.5 billion whilst earnings of Colombo-Katunayake Expressway and Outer Circular Highway were Rs. 4.3 billion.

 Accordingly, RDA has collected an average Rs. 734 million monthly through the expressway network.

As per the Central Bank Annual Reports, overall revenue generated from expressways in 2020 was Rs. 7.3 billion; in 2019, it was Rs. 8.6 billion; and in 2018, it was Rs. 8.4 billion. T

he commuter usage dropped owing to the Easter Sunday attacks in 2019 and COVID-19 outbreak followed travel restrictions in 2020.

“The revenue generated through the expressway is commendable and a great recovery of the economic activities overall considering the challenges faced during 2021.

 The bulk of the revenue was generated as a result of increased leisure travels by the general public following lockdowns and festive seasons,” Highways Minister Johnston Fernando said.

Last year, the total toll revenue collected via Southern Expressway from Kottawa – Godagama was Rs. 3.2 billion, whilst Southern Expressway extension from Palatuwa to Barawakkumbura was Rs. 1.3 billion. 

The toll income of Colombo – Katunayake was Rs. 1.8 billion, while the Outer Circular Highway from Kottawa to Kerawalapitiya was Rs. 2.5 billion.

Total traffic through the expressway network for the entirety of 2021 was 38.6 million (38,663,651 million), where monthly traffic volume usage was 3.22 million. On average, over 107,000 vehicles used the expressway network last year. 

India stands by Sri Lanka continuing its development aid of US$ 3.5 billion

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India stands by Sri Lanka continuing its development aid of US$ 3.5 billion

ndia will stand with Sri Lanka and continue to work for the development of Indian origin Tamil community while extending  a total quantum of around US$ 3.5 billion, development assistance cutting across sectors spanning from infrastructure development to all aspects of daily human lives such as education, health, livelihood, among others. 
 Estate workers from plantation areas have been at the centre of the such assistance and several projects implemented through grant assistance by Government of India including the 150-bed hospital in Dickoya, multi-purpose hall in Saraswathy Central College in Pussellawa etc reinforce India’s ongoing focus on the region under the ‘Neighbourhood First’ policy.
       this was disclosed by Indian High Commissioner  in  Sri Lanka   Gopal Baglay when he addressed  at a public ceremonyt in Kotagala on 15 January 2022. 
 Minister of Youth Affairs and Sports Namal Rajapaksa,  Jeevan Thondaman, Minister of State for Estate Housing and Community Infrastructure jointly handed over house keys to more than 1000 beneficiaries from plantation areas of Sri Lanka

 Speaking on the occasion, High Commissioner conveyed Pongal greetings in Tamil. He stressed that India will stand with Sri Lanka and continue to work for the development of Indian origin Tamil community.
 He noted that the community was an organic link between India and Sri Lanka and underlined that the Festival of Pongal represented shared civilizational ties between the two countries. 

  Handed over houses were built under the third phase of the Indian Housing Project. 4000 houses are being constructed with grant assistance from Government of India in planation areas, spread across seven Districts of Sri Lanka, under this phase for the estate workers in Sri Lanka. 
Around 3000 houses have already been handed over to beneficiaries till date and handing over of close to 750 houses is being scheduled under this phase. Remaining houses are at various stages of implementation. 

Indian Housing Project is a flagship development assistance programme in Sri Lanka which is being carried out in different phases. 46,000 houses were built/repaired in Northern and Eastern Provinces of Sri Lanka in the first two phases. 
Another 10,000 houses shall be constructed in the plantation areas in the next phase. This would take Government of India’s overall commitment under the project to 60,000 houses. 

 The dignitaries took part in a traditional ‘Maatu Pongal’ ceremony prior to the handing over event, which was attended by thousands and featured cultural performances. 

Sri Lanka’s current economy suffers severe setback in dollar crisis

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Sri Lanka’s current economy suffers severe setback in dollar crisis

Sri Lanka’s current economic situation became worse by the existing dollar crisis, soaring cost of living and a possible shortage of food in the coming year- has made people curse over the government’s broken promises when it assumed power. 

This economic crisis originated due to unprofessional, arrogant, egoistic, and childish and rent seeking governance by the regime in control of the executive presidency, several eminent economists said.  

It will further deter value-adding FDI flows, low growth, and high twin deficits, rating downgrades and possibly excessive stress on citizens of the  country heading towards a failed state , they claimed. 

Although decision makers conveniently blamed the unforeseen COVID pandemic for this economic downfall, economists believe that several other factors contributed to this situation.

The imposing of tax concessions and import controls have been erroneous policies that caused a reduction in Government revenue. 

While Sri Lanka is indebted to many of its allies, its foreign reserves have drastically reduced and the country has now opted to selling off its gold reserves. 

Apart from that the American rating agency Fitch downgraded Sri Lanka’s rating status to ‘CC’ – the lowest rating prior to default. 

As per the official statistics, the debt servicing during the next 12 months relating to both the government and the private sector has been estimated at USD 7 billion. 

According to the Central Bank, Sri Lanka only had US$ 3.1 billion foreign reserves as at the end of 2021. 

The reserve money increased compared to the previous week mainly due to the increase in cuThe total outstanding market liquidity was a deficit of Rs. 459.932 bn by end of this week, compared to a deficit of Rs. 424.448 bn by the end of last week.

During the year up to 13th January 2022, the Sri Lankan rupee depreciated against the US dollar by 0.7 per cent given the cross currency exchange rate movements currency in circulation, Central Bank’s weekly economic indicators report revealed. 

During the eleven months ending November 2021, domestic tea production increased to 278 million kilo grams notably in comparison to the corresponding period of the previous year from 250.2 million kilograms owing to favourable weather conditions, it divulged. 

 Production of rubber also increased in response to high market prices to 71.4 million kilograms during the eleven months ending November 2021 from 70.8 million kilograms in the same period in 2020 

Coconut production increased considerably due to the lagged effect of favourable weather conditions that prevailed during the latter part of 2020 to 2,852.9 million nuts during the first eleven months of last year compared to 2,561.6 million nuts in the same period in 2020. 

 The government revenue posted a slight increase during the nine month period ending September 2021 to RS.1 052.2 billion from Rs.1031.7 billion in the same period 2020  while expenditure stood at Rs. 2,185.4 in 9 months ending September 2021 compared to Rs. 2,380.4 billion in 2020. 

 Earnings from Tourism have recovered to some extent last year by posting a sum of US$ 261.4 million from $ 682.4 million in 2020.  Workers’ Remittances (Inflows) have declined to $325.2 in December 2021 from 812.7 in the same month 2020.

 Workers’ Remittances in 2021 was $5,491.5  compared to $  7,103.9 in 2020 due to decline in tourist arrivals during the Covid-19 pandemic period.  

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