No need to increase VAT if ‘public monies in bond scam’ are utilised – civil society opines

No need to increase VAT if ‘public monies in bond scam’ are utilised – civil society opines

No need to increase VAT if ‘public monies in bond scam’ are utilised – civil society opines

Written by Tharushan Fernando

31 Oct, 2016 | 7:20 pm

While the fraud that occurred through the bond scam is undergoing renewed scrutiny, the government recently decided to increase the Value Added Tax rate.

Critical views were expressed on the political stage and by the civil society in this regard

Leader of the Lanka Sama Samaja Party,Prof. Tissa Vitharana charged that the Finance Minister has said that the revenue from the VAT will be 1.5 billion and Perpetual Treasuries has suddenly earned a massive profit of 10 billion, but this is public money and if they utilise these funds, there is no need to increase VAT.

Attorney-at-Law,Chrishmal Warnasuriya pointed out that when you collect the billions made from the two bond scams, it is almost equal to the anticipated revenue from the VAT and if this money can be recovered, there is no need to unnecessarily increase the VAT.

“That is a political decision”, he charged and explained that the decision can be made by the Executive – and institutions that hold executive power and institutions that hold judicial power must act in this regard.

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