May 03, Colombo (LNW): According to credible sources, President Ranil Wickremesinghe has made the significant decision to schedule the presidential election for October 12, 2024.
These sources have indicated that the President arrived at this choice after consulting astrologers and considering their predictions.
May 03, Colombo (LNW): The government is continuing negotiations with bilateral and multilateral lenders including World Bank and Asian Development Bank along with donor countries to secure financing support for development projects, a finance ministry report revealed. Relevant agreements will be signed for foreign financing this year following the IMF Executive Board review to confirm that multilateral partners are continuing their financing contributions to Sri Lanka,
In line with the interim policy adopted by the Government, the servicing of the external debt of affected loans obtained from bilateral and commercial creditors has been temporarily suspended for an interim period commencing from 12th April, 2022.
However the government is continuing the servicing of the debt of multilateral agencies like the World Bank, International Monetary Fund and Asian Development Bank.
The government will have to repay the accumulated foreign debt service payment amounting US$ $4.38 billion this year and settle $ 1billion International Sovereign Bond which will mature in March 2024, finance ministry data shows.
Accordingly principal repayment for foreign loans was at $2.07 billion and interest $540 million to multilateral financial agencies like the World Bank and Asian Development Bank
The government has already repaid $1.91 billion since February 2022 till February 2024 under the present administration, according to computation of quarterly debt reports of the finance ministry.
The total debt repayments of multilateral agencies during the period of July 2022 to February 2024 was amounting to $ 1.34 billion. It has also repaid bilateral loan installments of $571 million during this period.
Sri Lanka has repaid 1,338.8 million US dollars to multilateral lenders since President Ranil Wickremesinghe took office on July 21, 2022, his media office reported. .
A sum of 760.1 million dollars was repaid to the World Bank, 489.9 million to the Asian Development Bank and 22.3 million dollars to the European Investment Bank.
Another 22.9 million was repaid to the OPEC Fund for Development, 17.9 million to the International Fund for Agricultural Development, 9.8 million to the IMF, 7 million to the Asian Infrastructure Development Bank and 1.7 million to the Nordic Development Fund.
May 03, Colombo (LNW): Sri Lanka Inland Revenue Department (IRD) has been slowing down the implementation of reforms leading to revenue collection short fall this year although it has exceeded 2024 first quarter target by 13 percent.
State Finance Minister Ranjith Siyambalapitiya said that the IRD has collected to Rs 430 billion compared to the target of Rs 381 billion in the first quarter of 2024.
Considering the achievement of higher than the target in the first quarter of this year and the revenue pattern, the 2024 will become a year in which the revenue targets can be achieved,” he said.
But the parliamentary committee on ways and means in its recent report following an in-depth study stated that the IRD is not in apposition to achieve the 2014 tax revenue target as it has so far failed implement its recommendations aimed at increasing tax revenue collection by 50 percent.
For the year 2024, the Treasury has set the target of revenue collection at Rs. 2024.44 billion and it is more than half (53%) of the estimated tax revenue of Rs 4164 billion for the year 2024 indicated in the budget 2024.
The budget for the year 2023 has proposed the IRD to open 1.2 million of tax files within the year 2023 and however, the IRD was succeeded in fulfilling the target of opening of only 368,455 number of tax files in the year 2023 making the total of 997,858, tax files as at 31.12.2023.
The Committee observed that Inland Revenue Department has default taxes amounting to Rs. 1066 billion as at 31.12.2023 under the two categories of collectable default taxes – Rs. 188 billion and held over default taxes – Rs. 878 billion.
Since the collection of taxes by the IRD is a cumbersome and prolonged legal battle, taxpayers tend to evade the payment of taxes which is the main revenue source of the government
Despite eight years having elapsed, the recommendation made by the Committee on Public Accounts in 2016 regarding the integration of information technology systems among key institutions responsible for collecting government revenue remains unimplemented to date.
As proposed by the International Monetary Fund (IMF), Wealth tax and Inheritance tax are to be introduced in the year 2024 and no methodology was introduced by the Ministry of Finance, or the IRD to be utililised to calculate and assess the wealth of a person.
Some professionals are hesitant to submit their information and therefore, it has become difficult to capture and regulate the unregulated financial market of the country
The unregulated market can be captured and regulated only by successfully implementing the integrated revenue management system
At the committee has recommended that the measures be taken to implement the Integrated Revenue Management System which could potentially boost the tax revenue of the IRD by 50 percent, excluding the need to raise any existing taxes.
It is recommended devising a mechanism to find out the actual income earned by the private schools, large scale private tuition classes, private hospitals, health channeling centers, surveyors, engineers, law firms and television and radio advertisements.
This could be done with the assistance of Grama Niladharis using a mobile app with the purpose of capturing and regulating the unregulated financial market.
May 03, Colombo (LNW): Selected branches of the Department for Registration of Persons will be in operation tomorrow (May 04) to facilitate students preparing for the upcoming GCE Ordinary Level Examination 2023 (2024).
The Department announced that its main office in Battaramulla and provincial offices in Galle, Kurunegala, Vavuniya, and Batticaloa will be open on Saturday.
These selected offices will serve GCE Ordinary Level Examination candidates from 08:30 am to 01:00 pm, exclusively for obtaining their National Identity Cards (NIC).
The Department emphasized that these offices will only function tomorrow for the benefit of GCE Ordinary Level Examination candidates.
Applicants who have not yet submitted their NIC applications have been urged to bring their completed application forms, certified by the Principal or Grama Niladhari.
May 03, Colombo (LNW): Former Sri Lankan cricket captain and ex-minister, Arjuna Ranatunga, has refuted recent reports suggesting his membership with the Samagi Jana Balawegaya (SJB).
While Ranatunga did attend the May Day rally of the SJB held in the Thalawakele area on Wednesday (May 01), he clarified that his presence was in response to an invitation extended by SJB MP Palani Digambaram. Ranatunga emphasized that his attendance should not be misconstrued as an indication of joining the SJB.
May 03, Colombo (LNW): Chairman of Litro Gas, Muditha Peiris, has declared a reduction in the prices of Litro domestic LP gas cylinders effective from midnight today (May 03).
The price of the 12.5 kg cylinder has been slashed by Rs. 175, now priced at Rs. 3,940, while the price of the 05 kg cylinder sees a reduction of Rs. 70, bringing it down to Rs. 1,582.
Additionally, the price of the 2.3 kg cylinder has been decreased by Rs. 32, with the new price set at Rs. 740.
May 03, Colombo (LNW): The sick leave campaign initiated by government executive officers from 18 sectors persists into Friday (03), according to Chairman of the Joint Committee of Government Executive Officers, H. A. L. Udayasiri.
Udayasiri stated that the trade union action was commenced on Thursday (02) due to the failure to address their demands, particularly concerning salary issues. Despite requests for a discussion with the President’s Secretary on Thursday (02), Udayasiri lamented that their requests were disregarded.
The sick leave campaign is reported to be ongoing across all 25 districts, involving government executive officers from various fields such as the state engineering service, agriculture, veterinary, science, ayurveda medicine, education, administrative, surveying, postal, fisheries, and information technology.
May 03, Colombo (LNW): Ambassador Julie Chung reiterated the United States’ commitment to assisting Sri Lanka in its efforts to alleviate prison overcrowding, modernize court processes, and improve the efficiency of the judicial system. Her remarks came following the donation of 35 video conferencing units and the inauguration of new facilities in Agunakolapalessa and Galle prisons. Ambassador Chung emphasized that these initiatives will facilitate virtual proceedings, thereby enhancing prisoners’ access to legal services, expediting trials, and reducing judicial backlog.
In a tweet posted on ‘X’ (formerly Twitter), Ambassador Chung underscored her participation alongside the United Nations Office on Drugs and Crime (UNODC) and Sri Lanka’s Justice Minister Wijeyadasa Rajapakshe in a significant milestone for the Ministry of Justice’s virtual courts initiative in Sri Lanka.
She stated, “The United States State Department’s Bureau of International Narcotics and Law Enforcement Affairs (INL) is committed to supporting Sri Lanka’s initiatives that aim to reduce prison overcrowding, streamline court automation, and enhance the overall effectiveness of judicial processes.” This reaffirms the US government’s dedication to collaborating with Sri Lanka in advancing its judicial reforms.
May 03, Colombo (LNW): Foreign Secretary Aruni Wijewardane attended the ‘Humanity at the Crossroads: Autonomous Weapons Systems and the Challenge of Regulation’ Conference at the Hofburg Palace in Vienna, Austria, last week, upon the invitation of the Austrian Federal Ministry for European and International Affairs.
The conference, aimed at addressing concerns and challenges associated with the use of Lethal Autonomous Weapons Systems (LAWS), drew over 1,000 participants from 144 countries. Representatives from various states, the United Nations, international and regional organizations, academia, think tanks, industry, and civil society were in attendance.
During the panel discussion titled ‘Geopolitics and Machine Politics: How to Move Forward on LAWS?’, Foreign Secretary Wijewardane reiterated Sri Lanka’s longstanding commitment to advocating for conventional and Weapons of Mass Destruction (WMD) disarmament and applying humanitarian principles in warfare. She expressed support for a legally-binding instrument regulating and prohibiting the use of LAWS. Other panelists included Minister for Europe and Foreign Affairs of Albania Igli Hasani, Foreign Affairs and International Co-operation Minister of Sierra Leone Timothy Musa Kabba, and United Nations High Representative for Disarmament Affairs Izumi Nakamitsu. Sri Lanka played a significant role as a main sponsor of the first-ever UNGA resolution on LAWS adopted last year.
Following the conference, Foreign Secretary Wijewardane engaged in bilateral discussions with Foreign Policy Advisor to the Chancellor of Austria Peter Launsky and her Austrian counterpart Nikolaus Marschik, Secretary General of the Federal Ministry for European and International Affairs of Austria. These discussions were particularly significant as both countries commemorate the 70th anniversary of diplomatic ties this year.
During her meetings, Foreign Secretary Wijewardane briefed Secretary General Marschik on Sri Lanka’s recent economic progress and covered various bilateral matters including investment, energy transition, migration and mobility, visa, and tourism promotion.
Additionally, the Foreign Secretary met with Chairman of the Vienna Philharmonic Orchestra Professor Daniel Froschauer to discuss potential musical collaborations between the two countries.
Accompanying Foreign Secretary Wijewardane were the Ambassador of Sri Lanka to Austria and officials from the Embassy and Permanent Mission of Sri Lanka in Vienna.
