Malaysia asked where money for Lanka went

October 8, 2019

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He said there were allegations that Patmanaban has since been detained by British authorities for having links with terrorists and for money laundering.“There are numerous claims, allegations and queries about the fund. We can’t possibly answer for Ramasamy.“As a responsible party deputy secretary-general and state deputy chairman, Ramasamy must come clean on the issue to safeguard party interests. “The public wants to know if the money reached the Tamil war victims of Sri Lanka,” he told the Malaysian website Free Malaysia Today.He said rumors were circulating that the money had been deposited to a personal account of a London-based Sri Lankan called Patmanaban. Ramasamy in a news report in 2009, said the campaign was endorsed by the state government.“This campaign is being launched on humanitarian grounds and is not racially-motivated,” he said.Efforts to reach Ramasamy today for comments were futile as he did not reply to calls and text messages.DAP Penang chairman Chow Kon Yeow has claimed that he knew very little of the details of the fund, except that “it had been sent out.” Malaysia’s Penang Deputy Chief Minister II P Ramasamy has been asked to clarify where the money collected under the Sri Lanka Tamil War Victims Relief Fund in 2009 has gone, the Malaysian media reported today.G Asoghan, chairman of the Jalan Bagan Luar branch, said Ramasamy must explain what happened to the estimated RM73,000 collected from mainly Malaysian Indians for the fund. Due to his branch’s involvement in the initial stage, Asoghan said many contributors have been questioning him on the status of the funds collected. “This is not a small matter and he can’t go on being quiet. He’s got to clear the air once and for all to prevent DAP from being accused of sponsoring terrorists and terrorism,” said Asoghan. He said his branch was indirectly involved in the issue as it organised the first meeting of the relief fund committee presided by Ramasamy. Several contributors are contemplating lodging reports with the police and Malaysian Anti-Corruption Commission (MACC) on the issue if Ramasamy fails to explain publicly soon.Asoghan said he had openly called on Ramasamy to “clear the air” only after failing to obtain replies from the party leadership.Penang DAP launched its Sri Lankan Tamils Relief Fund to help ethnic Tamil civilians injured in the fighting between the military and Tamil Tiger rebels in 2009. read more


Five year tax relief on agricultural income for small scale entrepreneurs

October 8, 2019

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Therefore, Agricultural income generated specially by the small scale entrepreneurs in the  cultivation of any agricultural produce such as tea, spices, coconut, rubber, paddy, fruits, vegetables, etc, to be exempted from income taxation for a period of 5 years.With the introduction of several changes to the tax system by the previous government, Sri Lanka’s business community particularly the small and medium entrepreneurs those engaged in professional and other services and agricultural activities have been confronted with complex taxation and heavy tax burden.In addition to the imposition of high income taxes on wage income and other remuneration, interest and rent incomes, tax burden has also increased through high tax rates and reduction in tax free thresholds for the implementation of Value Added Tax (VAT), Nation Building Tax (NBT) Economic Services Charge (ESC), withholding taxes, etc. People are looking for a simple, broad based, low tax rates, a transparent tax system and a simplified tax administration. Agricultural income generated, specially by small scale entrepreneurs in the cultivation of any agricultural produce such as tea, spices, coconut, rubber, paddy, fruits, vegetables, etc, are to be exempted from income taxation for a period of 5 years.In order to promote the  agricultural production in the country for exports and consumption purposes the Government has decided to provide a five year tax exemption to the agricultural based small and medium industry. In addition the annual income tax rate on processing industries using local agricultural commodities is to be reduced from 28 per cent to 14 per cent. Further, as a measure to ease the serious hardships to small holder business operations, it has been proposed to raise the threshold for the application of ESC Economic Service Charge from Rs. 12.5 million per quarter to Rs.50 million per quarter. The relief measures have been introduced on the instructions of the President and the Minister of Finance and Economic Affairs and are aimed at providing highest priority to agricultural development.Accordingly the Government is of the view that every effort should be made to make use of the 2018 /19 Maha cultivation season as a new beginning. Such a system of taxation is important to provide an environment conducive for doing domestic business in the SME sector, professional and other services and agricultural activities. While formulating a simple tax system takes some time, Mahinda Rajapakse, Minister of Finance and Economic Affairs, proposes at this stage to introduce some specific measures towards providing incentives that will enable SMEs and small sector business activities to revive rapidly. read more