Finance Minister elaborates on new customs act

Finance Minister elaborates on new customs act

Finance Minister elaborates on new customs act

Written by Lahiru Fernando

29 Sep, 2016 | 9:22 pm

At a media briefing in Colombo on Thursday, September 29, Minister of Finance Ravi Karunanayake elaborated on the new customs act.

“Based on the decisions reached during the meeting held on the 15th of January,  we will present the bill with everyones consent”, said Minister of Finance Ravi Karunanayake.

The minister used a letter endorsed by the Government Printer to respond to the claims put forward by the Joint Opposition citing that there is a disparity with the dates on which the VAT amendment draft bill was adopted by cabinet and the date on which the draft bill was gazetted.

In the letter,  the Government Printer notes that gazette notifications are generally published on Friday and that supplements are published until the next Friday.

The government printer went on to note that the VAT amendment draft bill was published in a supplement on September 13, to the gazette of  September 9.

“Bandula is trying to school us on how to improve the economy, like he tried to feed a family with 2,500 rupees. If he had done these during their administration and reduced their unwanted spending we would not be facing about 90 percent of the issues before us today”,  said the Minister.

The minister also expressed views on a 5% increase in oil prices made by OPEC leaders after it decided to make production cuts in eight years.

“They had agreed to a reduction in supply which will help to push the price up – not that they increased by 5%. Because of yesterday’s statement it had increased such a price was what was mentioned. So, there was no formal increase of prices. The reduction that is intended would reduce the supply as a result the rates would go up is what was speculated. So, I guess there are enough areas where speculation is overridden with actual access”, said Minister Ravi Karunanayake.

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