Home / Front Page/ NEC stresses on need for sensible tax policy on imports and exports

NEC stresses on need for sensible tax policy on imports and exports

Comments / {{hitsCtrl.values.hits}} Views / Thursday, 12 July 2018 01:07

The National Economic Council (NEC) has stressed on the need for a sensible tax policy on imports and exports. 

At its meeting on Monday, the NEC chaired by President Maithripala Sirisena has paid attention to situations where the retail price is significantly higher than the landed cost of some imported goods. The President expressed concern over apparent excessive profits made by intermediaries and businesses on some goods and services and the need to have a systemic system for strengthening consumer protection.

The NEC also deliberated on the need for changes to the tax policy on imports and exports in order to discourage non-essential imports and promote exports. As foreign exchange is important to the development of the Sri Lankan economy, the President said that foreign exchange remittances to the country should be free of any taxes and levies. Higher remittances will also help build up foreign exchange reserves.President Sirisena and Minister Arjuna Ranatunga stressed the importance of completing the construction of the new pipeline to pump oil from the Port of Colombo to the Kolonnawa refinery. 

The President ordered quick steps by relevant ministries to solve the issues arisen at Mahawatta area regarding the construction of the new pipeline.

The Electricity Sector Master Plan prepared by the Japan International Cooperation Agency (JICA) for the Ministry of Power and Energy was presented to the President by the Japanese Ambassador Kenichi Suganuma. Chief Representative of JICA Sri Lanka office and a contingent of Japanese delegation participated in this event.

On behalf of the Government, NEC Secretary-General Prof. Lalith Samarakoon thanked the Japanese Government, Ambassador Suganuma and JICA for their support and the master plan which will benefit Sri Lanka in designing its energy policy.

Ministers Mangala Samaraweera, Mahinda Samarasinghe, Arjuna Ranatunga, Ranjith Siyambalapitiya and Kabir Hashim, State Minister Ajith P. Perera, Secretary to the President Udaya R. Seneviratne, the Secretary-General and Chief Economist of the National Economic Council, Prof. Lalith Samarakoon and other members and officers were present at the meeting.

Share This Article


1. All comments will be moderated by the Daily FT Web Editor.

2. Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.

3. We may remove hyperlinks within comments.

4. Kindly use a genuine email ID and provide your name.

5. Spamming the comments section under different user names may result in being blacklisted.


Today's Columnists

In the desert of Tamil films, actor Sivaji Ganesan was an oasis

Saturday, 22 September 2018

‘Indian Film,’ first published in 1963 and co-authored by former Columbia University Professor Erik Barnouw and his student Dr. Subrahmanyam Krishnaswamy, is considered a seminal study of the evolution and growth of Indian cinema. The book is cit

Imran may turn blind eye to blasphemy law and persecution of Ahmadiyyas

Saturday, 22 September 2018

There are clear signs that Pakistan’s freshly minted Prime Minister, Imran Khan, will make a sincere effort to reduce corruption and maladministration in the domestic sphere. In foreign affairs he is likely to make a brave attempt to mend fences wi

The rate of exchange, capital flight and the Central Bank

Friday, 21 September 2018

The Central Bank (CBSL) exists for the sole purpose of price stability. Its controls on the financial system and monetary policy exist to maintain price stability. As put forth many times by the Governor, the failing of the CBSL to control inflation

Red flag over the Sri Lankan Navy

Friday, 21 September 2018

Shocking story Rusiripala, a former banker in Sri Lanka, who has taken to writing in Daily FT, is perturbed by the red flag I have raised (Daily FT article 18 September) over the shocking charge that our Navy had operated a ransom gang that had abduc

Columnists More