INSUBCONTINENT EXCLUSIVE:
The Committee on Public Finance (CoPF) has raised concerns over potential revenue losses arising from inconsistencies in tax collection on
imported motor vehicles, particularly used and short-distance driven units.During a recent meeting, CoPF Chair MP Dr
Harsha de Silva questioned officials from the Sri Lanka Customs Department on the taxes levied on both registered and unregistered vehicle
He specifically sought clarification on the collection of Value Added Tax (VAT) on used vehicles and whether the process was equitable and
efficient.Officials informed the Committee that there is a variation in taxes imposed on used vehicles that are not registered and that have
been driven only short distances
The Chair pointed out that, as the government expects substantial tax revenue from vehicle imports, the country is losing significant
the Committee on the taxes collected from a sample of imported used vehicles.Meanwhile, the CoPF has granted approval for Resolutions under
Section 8 of the Appropriation Act No
several Ministries and Departments for the year 2024 has already been set, and under the provisions of the Appropriation Act, the Minister
of Finance is empowered to revise these limits of advance accounts by way of a Resolution based on emerging needs of the relevant year
Officials, in providing clarification on the proposed revisions, further stated that these revised limits must be presented to Parliament
Commission to Investigate Allegations of Bribery or Corruption, the Committee Chair stated that the Committee on Public Finance would extend
full cooperation for any task undertaken to curb corruption.State Minister Dr
Harshana Suriyapperuma, Members of Parliament Ravi Karunanayake, Dr
Kaushalya Ariyarathne, Arkam Ilyas, Nimal Palihena, Attorney-at-Law Chithral Fernando, Attorney at Law, Thilina Samarakoon, Champika
Hettiarachchi, and Lakmali Hemachandra, Attorney at Law were present at the Committee meeting held.
