Sugar Scam cost the state Rs. 15.9 Bn in taxes

Sugar Scam cost the state Rs. 15.9 Bn in taxes

Sugar Scam cost the state Rs. 15.9 Bn in taxes

Written by Zulfick Farzan

09 Mar, 2021 | 3:05 pm

Colombo (News 1st); The Sugar Scam cost the state Rs. 15.9 Billion in taxes, said the Finance Ministry via a report to the Parliamentary Committee on Public Accounts on Tuesday (09).

The report further noted the Rs. 15.9 Billion in its entirety or a portion of it, benefited a small group of individuals.

Parliamentarian Dr. Harsha De Silva, who is a member of the Parliamentary Committee on Public Accounts speaking to News 1st said according to the report the reduction of taxes on sugar did not benefit the general public as a small group had control of prices in the market.

“The treasury lost almost Rs. 16 Billion from the sugar tax reduction,” said the MP.

The MP further revealed information regarding the companies which controlled the sugar scam,  “their purchases accounted for 39% of the total imports”.

He further said there are serious concerns with regard to the importation of a high volume of sugar ahead of reducing the taxes.

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