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| Friday, 21 November 2003 |
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Consequent to budget decision on VAT Pricing of essential goods to be monitored Commerce Minister Ravi Karunanayake instructed officials of the Consumer Affairs Authority (CAA) to formulate a mechanism that will closely monitor price adjustment of all essential commodities following Wednesday's government announcement exempting VAT on certain items whilst reducing on others. "We want the total benefit announced at the budget to be passed on to the consumers", Minister Karunanayake said. He lauded the budget proposed for 2004 as "a package that will benefit all", industry, the public and the economy as a whole. He was however sceptical about the sincerity of a few who will avoid passing the benefit, and said the CAA will be watchful of such groups who will find loopholes not to do so. Under the new CAA Act, the Minister was empowered to take stern action against those who do not fall in line with the regulation. Come January, the masses will reap the benefit of the policies of the UNF Government under the leadership of Prime Minister Ranil Wickremesinghe. He said the two-year wait till economic reforms were in full gear was worth the while. The CAA will be strengthened with additional field staff to check on errant Traders Island wide from January, the Minister said. The Minister will also mobilize expertise from various fields such as Marketing & Sales, imports and production sector, services sector etc to give first hand information on pricing mechanism of each product or services. |
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