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


DISCLAIMER:

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.

COMMENTS

Today's Columnists

Greening China and BRI: Chinese legal framework for sustainable environment protection

Tuesday, 20 November 2018

The concept and scope of greening the belt and road The Greening BRI is to add the ‘greening’ notion along with the ‘BRI’. Building a ‘Greening BRI’ means adhering to the concept of green development, balanced development, harmony betwee


Political evil paralysing Parliament

Tuesday, 20 November 2018

Our politics has arrived at a point when we must insist on recognising the niceties of human nastiness. Organised horror in Parliament is either trivialised or ignored by most of mainstream media print and electronic.


10 theses on Sri Lanka’s existential crisis: Roots, dynamics, dimensions

Tuesday, 20 November 2018

1.The crisis has deep national, social and psychological roots. Our island contains two consciousnesses or two types of consciousness, two competing states of mind. Contrary to myth, the periphery of our island has the longest uninterrupted colonial


Make toilets and safe sanitation services accessible to all

Tuesday, 20 November 2018

All people everywhere should have access to safe sanitation services, including hygienic toilets that are connected to quality sewage systems. For many people across the WHO South-East Asia Region, as across the world, access to these services never


Columnists More