News
Ravi seeks approval to raise billions
View(s):Finance Minister Ravi Karunanayake will reintroduce a resolution in Parliament on Tuesday to get approval to raise Government borrowing by 47 percent or Rs. 400 billion, a move that was defeated by majority vote in April this year. Unlike in April when the UNP led a minority government, the resolution is likely to have an easy passage through the House with the large majority the Government enjoys now.
In April, the resolution to raise Rs. 400 billion through the issuance of Treasury Bonds was defeated with 52 MPs voting against it and 31 for. Along with the resolution, Parliament will also debate five other finance bills including amendments to the Finance Act Bill. The amendments seek to impose the Mansion Tax, Migration Tax and the Super Gains Tax on a company or individual whose profit before tax exceeds Rs. 2,000 million.
The bill was earlier presented in Parliament consequent to the interim budget in January. The amendments to the Finance Act provide for the imposition of the Bars and Taverns Levy, the Casino Industry Levy, the Super Gains Tax, the Mobile Telephone Operator Levy, the Direct-to-Home Satellite Services Levy, the Satellite Location Levy, the Dedicated Sports Channel Levy, the Mansion Tax, the Migration Tax and the Motor Vehicles Importer License Fee.
Meanwhile, the Government has withdrawn the Bill to amend the Telecommunication Levy Act to impose a levy on the operators and the recipients for prepaid services. This was after a petition was filed in the Supreme Court challenging the constitutionality of this Bill.