Observing that “it is the poor people who mostly pay taxes to the government by way of indirect taxes,” Minister of Finance and Mass Media Mangala Samaraweera said that he expected VAT to be reduced by 2.5% in the year 2020.
Mangala Samaraweera – Minister of Finance & Mass Media
Samaraweera, speaking at a ceremony to award letters of appointments to 68 newly recruited Assistant Superintendents of the Customs, also said that the Customs Ordinance is over 200 years old and that a new Customs Act would be brought to Parliament before the next budget.
According to a media statement released by his Ministry, Samaraweera had also spoken at length on the nature of the national debt.
“After Independence in 1948, the highest amount of debt servicing has to be paid in 2018. The total foreign debt to be paid this year is US$ 2,845 million and of which US$ 1,789 million has to be paid for government borrowings done before the year 2015. Only an installment of US$ 1,056 to be paid for the foreign loans borrowed after 2015. Accordingly, 63% debt installments to be paid this year are repayments of debts that had been borrowed during Mr. Rajapaksa’s tenure as finance minister. It was at the level of 75% in 2017.
“This situation would further worsen next year. US$ 4,285 million have to be paid in 2019 and of which UD$3,315 or 77% of the repayment are for the debt obtained during the tenure of the Rajapaksa regime.
“Another US$3,768 million will have to be paid as loan installments and the interest in 2020 and of which 77% or US$2,905 million is the debts that were borrowed before 2015. Only US$ 863 million have to be paid for the debt that was borrowed after 2015. In 2021, 83% of the foreign debt installments will have to be paid to repay the debt taken before 2015. In addition, even in 2030, 73% of the repayments will go to pay the debt that were obtained during Rajapaksa regime for the waste, fraud and corruption committed by the oligarchies of the Rajapaksas.”
Jim softy / May 24, 2018
I definitely know at least some of the Statements of Mangala Samraweera’s are outright lies. HE is giving an election promises and things they usually do that is to in the future. IT is Mangala Samaraweera who said that they cheated the co8ntry since 1948. So it is going from generation to generation. Mangala Samraweera should have stated how much they borrowed from time to time from vaious places. On the other hand, World bank has said 2018 is the only year that there is not debt installment coming due. On the othe rhand, he increased taxes to 40% and he will decrease it by 2.5%. that is also if he stays apolitician. HE is not sure about that. Right now we pay 92% of the GDP as debt. That is somthing difficult for a country to tolerate. All over the world Sri lanka is known as Debt ridden country. With the help of Mangala Samraweera some foreigners have tried to buy Sri Lanka too.
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Anonymous / May 24, 2018
Kumar Sangakkara to run for President in 2020! Let’s put the Rajapaksas Criminal on trial and send them to the Hage!?
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Native Vedda / May 25, 2018
Jim softy dimwit
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Could you find out from Mangala whether Percy the pathetic and his fellow Sinhala/Buddhist fascists are right when they say despite none payment of any Tax by Tamils and Muslims, Sinhala/Buddhists have been generous towards Tamils and Muslims and meet all their educational and other expenses.
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You too have the same perception of Tamils, Muslims, Christians, …………….
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Jim softy / May 24, 2018
Cabinet has 114 ministers, deputy ministers, state mninisters, ministers with no portfolios, ministers with table and chair to sit who comes only to the parliament. He should have stated how much they are spending on that. He should have mentioned how much they spent on Useless PCOLI report even JVP does not talk about eventhough they have access to it (one in the parliament,probably in the library). He should have talked about KUDU – imports via harbours and ports which are released by all the prominent politicians. There are more about it and leading politicians know and neglect it. Even presidents are doing importing. Why he di dnot talk.
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Estate Labourer / May 24, 2018
The big question is whether his party will get elected to power for him to be able to implement the proposal!
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Jim softy / May 24, 2018
MAngala may be diverting the attention other things going on. NEws say DAYA SIRI JAYASEKARA got Rs ONE MILLION CHEQUE from PTL affiliated company. this had been told in courts. SO, RANIL REWARDED him with DIVULAPITYA to continue robbing. So, LOOTERS are RULING and they are the LAW MAKERS, and appointing DIG and AG too. Some corruptions were revealed inside the AG’s department. AG would say any corruptions would have to go through me.
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Steve / May 24, 2018
It will be good to have a live debate between the present Minister of Finance and the previous President so that once and for all the people of the country will know the truth regarding the current financial state of the country and who is responsible for it. Officials from the Central Bank should also be present to clarify any disputed figures.
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Rohantha Perera / May 24, 2018
Steve
Agree to your idea of a live debate. But the medamulana Meeharaka is running scared to have a open live debate. He is attacking mangy through fraud proxies. Bugger cant add two sentences together!
All Meeharaka brothers are uneducated. Tell Prince Namal to show his A/L results.
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Jim softy / May 24, 2018
Now, in Sri lanka NGOs are money because they have to live and have to earn extra money. but, there certain private soceity individuals who are fulfilling the foreign needs. There was a CT article about LAW society (BASL) head, A Tamil, importing software and playing a new kind of game to send all the information via internet. Another CT long time ago writer has published a strage article in the web which says govt is not letting him Humongous amounts of money into the country as investments. There are so many stories which says that kind of investments destroyed economy and the country of some debt ridden countries. I know Mangala Samraweera dn Ranil were laying foundations for that kind of things. I amwondering This minister is trying to divert attention from those. Otherwise, what he has written should be lies and not the holy truth. IT is Ranil even becoming the Elected PM went to Indonesia for an Economic conference and Met MCC boss, then he went to Belgium saying for GSP+ andmet the same guy, then they got a private loan to the govt. Only thing we know EPF funds, PEOples Bank, Sabings Bank and some other Bank went empty. Peoples Bank I heard is empty for the third time.
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Nosey Parker / May 24, 2018
Is the FM an economist?
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soma / May 25, 2018
A backside economist.
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Isharath / May 24, 2018
By other words he says there is no chance we can see a debt-free Sri Lanka before we die. Isn’t it funny to try to be a Singapore in this situation? – When a country is full of educated and uneducated low IQ idiots, this is what it deserves, very logical.
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Maharage, Nimal / May 24, 2018
The BIG QUESTION is how much of these loans were taken from China. Because MaRa pocketed in at least 20-30% as commissions from Chinese loans.
China is notoriously known to bribe corrupted leaders of Third World countries to rob their resources and exercise some king of regional political hegemony over them.
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K.Pillai / May 24, 2018
Minister of Finance and Mass Media Mangala Samaraweera observes ~ “……………it is the poor people who mostly pay taxes to the government by way of indirect taxes……..”.
This is a well known Lemma off the Theorem “Poor people outnumber the rich”.
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Mangala promises reduction in VAT by 2.5% in 2020. Is it not true that promises are MEANT to be broken?
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Mallaiyuran / May 24, 2018
Customs Ordinance is over 200 years old and that a new Customs Act What the master crook Mangala Proposing is Customs Fraud Amnesty Act (2018) Mangala the fraud was given the $18B information by a foreign country. He right away protected his partner, Old King and brought the Foreign Exchange Fraud Amnesty Act 2017. Now he is putting his hand on Customs. Earlier they came out with the idea of Sandbox games through Central Bank to temporarily lifting banking laws on frauds.
Mangala is betting on Old Royals coming after 2020. I bet with him on that. If he wants a public debate, let him come to CT. Because he is betting that Old Royal coming to power after 2019, he is proposing to government’s income reduction after 2020. His argument is “They did it, so let them pay for that. We Yahapalanaya are not running government for people. But we run it only for the ministers.” Aren’t these crooks won an election over Old Royals only because Old Royals were not running the government for the people but only for them? Where is he inventing this argument that they did it so they can come back and pay for that, but we take all with us what we earned?
“In addition, even in 2030, 73% of the repayments will go to pay the debt that were obtained during Rajapaksa regime for the waste, fraud and corruption committed by the oligarchies of the Rajapaksas.”
Mangala is the world famous “WORLD’S GREATEST LIAR”. This guy cheated on $18B lie and people starting to realize that he keeps blaming Old Royal as criminal only for his advantage. He knows innocent people like to hear it and he keep saying these lies to cheat people. He will never – ever bring any action against any criminal he blames on. It is the obligation of Old Royals to effectively answer to this liar and shut up his mouth forever from using these lies to win elections.”
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thrishu / May 24, 2018
Mangala the sly fox. Jam tomorrow ………. LOL ……….. don’t trust any politcian, and especially this rainbow warrior. We know how yamapaalana gangsters came into power with this promise and that promise behind the smoke screen of Sirisena; yeah most of us were taken for a ride for them, and I hope and pray that people out there outside the CT blog-world remember them for what these poly-tikkos really are.
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Native Vedda / May 25, 2018
thrishu
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“We know how yamapaalana gangsters came into power with this promise and that promise behind the smoke screen of Sirisena; “
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What was different between 2015 and 2005/2010, or before?
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Isharath / May 24, 2018
Mr. Mangala, a few questions:
How can you talk about reducing taxes while confirming we will still have debt-to-GDP at 73% in 2030?
Why are you so pessimistic that our GDP won’t do better by then? What plans you got to improve our GDP? Blame-game plus taxing seem to be only tactics you people know.
Why can’t you find out wasted resources and institutions to transform them to be more productive? You won’t do that because that will impact your vote-bank because of Sri Lankans’ mentality.
MR did lots of blunders true, but he can prove at least 10% of his borrowings, what have you got to show for more than last 3 years? You can’t keep on blaming past regime and say you too borrow to repay those. You got to do something about it, if you can’t you should not have come into power.
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Native Vedda / May 25, 2018
Isharath
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Mangala is a ruling politician hence its not fair by him to answer even all your simple questions.
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Leave him alone.
As long as he doesn’t ban media including CT I am happy.
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K.Pillai / May 24, 2018
Mangala Mangala Mangala: Enough of the sermons on Debt Servicing. We have had enough of this ‘blaming the other side’.
Surely you know that we have been dragged screaming and yelling into ‘New-Terrorism (NT)’. (In NT realm, corruption/nepotism/impunity are legitimate).
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Jim softy / May 25, 2018
Ranil says, eventhough Interpol Reports that they located Arjun Mahendran in Singapore, he won’t be arrested, there is another group protecting him.
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Good Sense / May 25, 2018
Mangala Pinsiri Samaraweera! My humble recommendation to you is confine to your expertise to express expert opinion. Hearing pronouncements of this nature, reminds me of Joseph Goebbels. (Incidentally you are the Minister of Mass Media as well). Taxation has its glorious uncertainties. A Treasury can afford to reduce taxes if and only if there is a reform agenda with a track record of implementation to reduce expenses, which means reduction of waste and mismanagement. But the biggest source of undetected drain of resources in so many ways is kleptocracy. Now, even the highest have the time to count money twice, possibly a minimum of 4000 notes, in hotel car parks and that cannot be an exception (Of course the smarter way, which is currently practiced, is to use off-shore accounts). As long as there is no concrete steps are taken to reduce the drain or hemorrhage one cannot dream of reducing taxes in a hurry. One of the factors that contributed to the rise of Singapore is the reduction in waste, mismanagement and corruption cum kleptocracy. (There seems to be a rise in sexual favors over there.)
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thumpane gamaya / May 25, 2018
Mangala is a disaster as a finanace minister just like Ravi K.
These guys have no clue of how a country should move forward. Instead of taxing the Rich these guys continue to tax the ordinary citizens. I was shocked when I saw how my savings account interest was tax by the UNP Govt. Be assured I will never vote for UNP again.
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Champa / May 25, 2018
“Yes I can” dreamer!
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Jim softy / May 25, 2018
KAru Jayasooriya has appointed the Foot Note gang as the COPE committee. what kind of PALhoru these thieves are. VVIP thieves. they come and talk big with poor voters’ money.
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Eagle Eye / May 25, 2018
If the Ministers have guts they should come to Satana program in Sirasa and face grilling by journalist instead of sending jokers who sometimes lie as representatives of UNP. Someone asked why Ministers do not appear and the reply from the organizer was that Ministers tell people should use Right for Information to obtain whatever information they need.
Malik Samarawickrama should come forward and tell why he signed Sri Lanka Singapore Trade Agreement in a highly secretive manner without even considering the views of President, Ministers and Professional Bodies. Funny thing is that the negotiating team has been trained by Singaporeans. A lawyer who appeared in a TV discussion as the representative of UNP told that Sri Lanka can give three months notice and terminate the agreement. This showed his dumbness. It is not that easy to terminate bilateral agreements. Even the future generations in Sri Lanka will have to live with this lop-sided agreement. This agreement gives opportunity to Arjun Mahendran to sit in Singapore and manipulate things in Sri Lanka!
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dayal / May 29, 2018
mr.mangala,
you generally talk sense. rational, intellectual, unbiased and totally non communal. OK fine. but this 2020 is very irrational. you might not be there and moreover, whatever relief you like to grant do it immediatly..
-dayal
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Lanka nitizen / May 29, 2018
Will The public have access to right of information to this chunk of money borrowed ! ?
Or will it be ,The government and minister in charge will tell us and we just shut up ?
What really happened with the World bank funding ?
Any explanations ?
Any proof in detail accounts !
Who got the money ? What was done with it ? Have the poor man benefited !?
Or was the cash Syphoned out ?
Its time IMF start investigations
Most of Sri Lanka population unfortunately don’t care , they just want their prejudices digested .
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China approves $1 bln loan for Sri Lanka highway – Sri Lanka PM’s office | Reuters
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Lanka nitizen / May 29, 2018
@dayal ,that’s a 10 thumbs up to you man..
In few words ,said the perfect thing.
But wait ,then the new one Billion USD coming in have to be first syphoned out no ,paw no ,let them do the distributions and leave us the debts to be paid added in 2020 to the trillions .
The next government will take care of everything ,note infrastructure to be gained in 50 years period
Very good. So next Airport in digana and port in the Kandy lake ,
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Native Veda and Amerasiri goes ,ha ,bla , bla ,blah ,has the Saudi Crown prince seen around anywhere in hambaya’s thota
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Lanka nitizen / May 29, 2018
Just remembered ,we can not have a port in Kandy lake ,because ,Halangoda said there are lots of padlocks(IBO) in the lake.
Must ask what barakath Ali thinks about doing with the rest of our forest reserves ,now don’t screen wappa
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Nondi kakul Johnson / May 29, 2018
Aney Jansy kela ,just go men, that us where two bull picked up nails under the fever tree men ,no padlocks there.
Gon denek unne gaha yatte ana getha, a IBO naha
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Lanka nitizen / May 29, 2018
Mr.Mangala .
You must agree that the present house of Representatives ,unlike the good old
Days, are wholesale bunch with a tract record of Nothing but Comedy of errors .
At least ,look at Donald duck ,I take the hats off for the man ,he goes to the Camel world , listens to one bunch of Camels and nods his head ,gives a good shake ,I mean handshake (,get that out of your gutters, I didn’t mean that now) collects a couple of millions ,Some for me ,some for Uncle-Sam ,then he goes to the supreme Camel heads and get them to deliver the billions .
Instead our guys watch till a bunch of hooligans set the whole country on fire ,rape and attack tourists , and Mister Motta appa. ,opposes the removal of illegal structures which were the cause .so , what else you will phrase these actions other than what I have stated ??
Mr.Mangala can you be a gentleman and bring in a new Constitution that will end this wholesale robbery of this wonderful land and start investing on skills upgrading of the common man and provide him with comfortable homes (Not Marie biscuit man’s ) pigeonhole flats ,and good air-condition ,Transport ,of buses and trains ,and offer some relief to ease the cost of living , we can not wait till 2020.
I think 90% are thinking of not going to the ballot ,unless the constitution is in favour of the common man
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Lanka nitizen / May 29, 2018
Muslims particularly are disappointed with this government.
Because there was no change at all. And the bulk of the middle class and the poorer lot’s votes are secured by Mahinda ,not Gota , because Mahinda they will vote for Gota if he runs for Prez .
There is lot of pressure on these two segments of the Muslim population who have very less choice and have always been neglected.
The rich Muslims never feel any impact ,whoever comes to power they keep making money and its always more than the last time.
The saddest part is ,it is always the middle class and poorer Muslims who have to bear the brunt , no matter what of cause it is 100% guaranteed that The Rajapakshe family will win 2020 with a landslide victory and this time they really are in no need of Minority votes .
The upcountry Tamil us fully reserved for him.by Rhonda and north and east will not to go to unp or Slfp or SLPP.
We can only wait and hope for the best ,who knows things may change in The way Mahinda use to think . ,miracles happens daily .huh !
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Lanka nitizen / May 30, 2018
Why was SLPP Councillor assassinated ?
Is there any truth in What MR States ,? That the Drug Lords and contract killers have. Returned to the island ,? If that is the case ,is it not The government’s duty to provide extra protection to Politicians Like MR who maybe hated most by these killers and easy target? Only if that is true ?
But what if its a global killer of mafias who are now taking on contract killing as the terrorists are getting completely wiped out ,of cause thanks to Putin but unfortunately He has zero control over his own Country’s mafias ,today the world’s most feared ,but how do you nab them ? according to many rumours ,they are of various ethnic people ,some members are suppose to be Colombians .
So what mask will they be wearing ,are we heading towards Mexico style Nation ? As Tons and Tons of drugs have been detected ,but we never saw what happened to the confiscated drugs ,it should have been publicly destroyed ,so where is it ? What happened to it ,A very scary question
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Lanka nitizen / May 30, 2018
Was the new contract Hit squad- The global mafia paid to attack the Saudi Crown Prince ???
According to some news (which is unable to be verified )Its almost a month or more after the shootings ,to date the (Al Saud) Crown Prince ,someone who was always on media has gone missing.
Why there is no news ?
Should countries be careful allowing Tourists in ?
How safe is the world today ? What happened to the remaining terror members after the main groups were eliminated ? Did they form an alliance with mafias?
Only time will tell.
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Lanka nitizen / May 30, 2018
God forbid ,if the rumour is true of The global mafia consisting of ex ,Well trained terrorists ,merciless mafis ,mercenaries ,drug Lords ext. Who have said to form an alliance of ethnics from almost all communities &religious fanatics ,which was circulating in certain blogs sometime back .may even but important people travelling overseas .
How much can foreign governments guarantee protection .
It is always a case when you eliminate a criminal force ,the one follows it is even worse .
Damn scary .
No one will be invisible. But the criminals will be to a very grate extend. Money moves mountains
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