Govt. tax...

The 11 months saw the Treasury obtaining Rs.533 billion in foreign borrowings, and repaying Rs. 186.9 billion, while it borrowed Rs. 994.2 billion from the domestic market and repaid Rs. 706.6 billion.

Overall, financing for the government from January to November 2017 was 1 percent less YOY at Rs.633.7 billion, with lower levels of net foreign financing, and more financing taken from domestic sources compared to the corresponding period last year.

When contacted by Mirror Business, Yamu Director/founder Indi Samarajiva said they are proud of their unbiased reviews.

“Honestly, at Yamu we might give a bad review sometimes. That’s our opinion. That doesn’t mean it’s like the holy truth. We can be wrong about things, but I would say that calling the cops is an unusual and irrational reaction, but it certainly makes for an interesting story,” Samarajiva said.

“Sri Lanka has freedom of speech under Article 14 of the Constitution. So you can write your opinion about things including restaurants. It’s certainly not a criminal matter. It could be like a civil matter and you could sue anybody for anything but it definitely doesn’t have to get the police involved. I think it’s a waste of the police’s time.

I told the police I wanted to talk to my lawyer so I’m going in tomorrow at 11.30 a.m. I’ve been in constant touch with the police. I just needed a day to talk to my lawyer,” he added.

Interestingly, in an earlier occasion, reviewing a café previously located at the same place where Ankara is currently located, Yamu.lk had run into trouble, according to Samarajiva.

“I had to go to the cops and sit with them for a while. Nothing happened, there was a police report,” he quipped.. subsequent to the receipt of the contribution money,” it said. The comments were made in the audit of the Employees’ Provident Fund (EPF) annual report for 2015, which was published recently along with the annual report for 2014 after years of delay.

The 30 percent refund scheme allows an EPF account holder to refund 30 percent of their EPF deposits for the purpose of building a house, or in case of a severe medical emergency for themselves or their immediate family.

Although the amendments to the EPF Act outlining the refund scheme was passed in 2012 under the previous government, it came into effect in July 2015, after the then Finance Minister Ravi Karunanayake proposed to activate the law through the January 2015 interim budget.

Already, EPF members are eligible to draw a guaranteed housing loan from financial institutions worth 75 percent of their EPF balance, although housing loans taken from financial institutions are subjected to scrutiny.

From July to end-december 2015, Rs. 8.5 billion was refunded by 10,000 eligible members under the 30 percent scheme, according to the 2015 Annual Report. Further, Mirror Business reliably learns that Rs. 35 billion was refunded by account holders during 2016. The 2017 figures have yet to be finalized.

After the scheme came into effect, the Rs. 2 trillion retirement fund was observed liquidating some of its investments, and the then Central Bank Governor Arjuna Mahendran said that this was done in order to maintain liquidity in the fund to allow EPF members to make use of the 30 percent refund facility.

He had also said that the EPF may have to liquidate more of their investment portfolio as the number of refunds increase.

The EPF has to maintain higher liquidity going forward, since in addition to the 30 percent reform scheme, Sri Lanka is an ageing society, and while contributions to the fund are increasing, refunds have been increasing at a higher rate. From 2013, when net contributions amounted to Rs. 29.9 billion, the figure has fallen to Rs. 9.9 billion in 2016.

The refunds increased by 39.4 percent in 2016, compared to 19.4 percent in 2015 and 29.7 percent in 2014, while contributions grew by 15.5 percent in 2016 compared to 13.8 percent in 2015 and 12.3 percent in 2014.

Due to this mismatch, the increase in the EPF’S investment portfolio has been gradually slowing down. numerous challenges including time spent on manual applications, the requirement of personally being present at the department to lodge applications and fill documentation, time lost due to tedious back and forth communication, crowded offices and increasing importer complaints.

As Phase One of the project, the portal provides importers/exporters easy access to information, lodging of applications at one’s convenience even 24/7, quicker approvals, online receipt of import licenses, ease in monitoring the process and receiving timely email notifications.

The new system will help streamline processes, improve transparency, showcase IECD’S commitment and efficiency and contribute to generate more revenue as a result of increased importer compliance levels, and also a possible increase in the volumes of imported goods as a result of reduced delays.

Phase Two of the system, which is expected to be launched mid-2018, will integrate all recommendation agencies to the single window ecosystem.

To ensure a more smoother and convenient process in obtaining licenses, Phase Two will offer a single window concept, where applicants do not have to visit other agencies but submit and receive their permits through a ‘one stop shop’ model.

This will also include integrating the Customs procedures. Through the debiting and amendment process the information will then update and trigger Customs databases as well. As a result all manual procedures will no longer be required and importers/exporters can submit all requisite information via the IECD online portal.

The analytical data will further assist trade officials in decision making.

Phase Two will also provide for online payments where applicants can pay the fees via credit cards, bank drafts or transfers and inform the department accordingly.