Reply to thread

Message: <blockquote data-quote="truthful" data-source="post: 11238161" data-attributes="member: 377479"><a href="http://www.enewslanka.com/2011/08/07/sri-lanka-gets-only-10-from-oil-exploration-in-its-waters/" target="_blank">Sri Lanka gets only 10% from oil exploration in its waters</a>Posted on 07 August 2011. <a href="http://www.enewslanka.com/wp-content/uploads/2011/08/cairnMR.jpg" target="_blank"><img src="http://www.enewslanka.com/wp-content/uploads/2011/08/cairnMR.jpg" alt="" class="fr-fic fr-dii fr-draggable " style="" /></a>It is reported that Sri Lanka gets only the ‘royalty’ in the oil excavation deal in Manna basin with the Indian company. Accordingly, the government violating Inland Revenue regulations secretly has abolished all taxes the company has to pay the country. In the tender it had been mentioned that no tax relief would be given to companies involved in the excavation for oil. However, this has been changed on a direct mediation by the President.According to conditions the tender had to pay a tax of 15% from the income earned but the government has now decided to do away with this tax as well. Also, the Port and Aviation Levy (PAL)too has been withdrawn.Former JVP Parliamentarian Wasanthe Samarasinghe pointed out that withdrawing tax conditions will leave only the 10% royalty from the income to the country. He said this is only the license fee for allowing excavations to be carried out in our waters. He said there is a massive fraud behind allowing the company tax reliefs that were denied by the conditions in the tender and pointed out such acts of the government not only deprive the country of its natural resources but would also shatter confidence of foreign investors. Speaking further Mr. Samarasinghe said such tax reliefs could be given only for investments that are carried out under the BOI but the tender notice specifically mentions that no tax relief could be given for oil exploration even if the investment is made under the BOI.Mr. Samarasinghe said his party would carry out a campaign to make the masses aware regarding this corrupt deal.The special privilege of avoiding taxes has been given to Cairn India Limited through a cabinet paper</blockquote>

Verification: Awruddata maasa keeyada?

Top Bottom