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| Tuesday, 27 April 2004 |
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by Ranil Wijayapala The Finance Ministry is now examining a proposal for levying extra taxes from casinos, betting centres, liquor bars, wine stores, night clubs and top of the shelf luxury items to raise revenue for implementing the UPFA's pledges to the people, the Daily News learns. Finance Minister Dr. Amunugama in an interview with the Daily News said yesterday that the Ministry has engaged in an exercise of finding ways and means of raising revenue to meet the extra expenditure following the promises made by the UPFA. The Minister said there had been some uncertainty in financial circles regarding financing for programmes such as the fertiliser subsidy, a new employment scheme and greater allocations for education and health. However, Dr. Amunugama said he was confident that the Ministry will find extra revenue by entering areas which were considered 'no go zones' by the UNP which deliberately kept them out of the tax net as a mark of gratitude for financing their political 'switchovers'. It is expected that the new revenues would off set recently undertaken expenditure. Consequently, new concessions granted by the UPFA Government such as the fertiliser subsidy should not lead to a growing gap between the country's revenue and expenditure, the Minister said. Dr. Amunugama also said that, when he took over the office of Finance Minister from Mr. K.N. Choksy, the income and expenditure projections envisaged in the 2003 budget had both gone 'way off the mark'. The Minister also hopes to boost agriculture. He cited sugar, onions, chilies and potatoes as areas he would attempt to adjust subsidies and taxes to encourage the local producers. He was also looking at granting more relief to the manufacture of agricultural equipment, to encourage local industries which provide a large number of jobs to skilled and semi-skilled youth. "I know how to find the money," Dr. Amunugama added. "Areas which were protected for political reasons must now be opened up for taxation." He also said that higher taxes on gambling and liquor bars should gladden the hearts of Jathika Hela Urumaya monks. Dr. Amunugama has also decided to import urea fertiliser under a scheme that would reduce cost of freight and insurance so that the savings thus made could be passed on to farmers as a subsidy by reducing fertiliser prices further. Dr. Amunugama who had talks with United Arab Emirates Ambassador Sayed Al Ali Nuwaiz when he called on him at his Ministry yesterday, said almost 90 per cent of Sri Lanka's requirements of urea fertiliser is imported from the UAE. The present imports are made on a staggered basis with shipments of around 10,000 to 15,000 metric tons each. A saving on freight and insurance charges could be made by importing a larger stock of about 50,000 metric tons per shipment. He also discussed with the UAE Ambassador, the possibility of obtaining a two year quota of urea fertiliser from the UAE on a credit basis. UAE assistance would also be sought to increase the production of agricultural implements locally. Dr. Amunugama said the UAE Ambassador also informed him that UAE industrialists and businessmen have expressed their willingness to start joint ventures in Sri Lanka and requested him to arrange a Sri Lanka business delegation to visit the UAE on a familiarisation tour. |
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