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

Thursday, 12 July 2018 01:07 - - {{hitsCtrl.values.hits}}

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.