Siyambalapitiya outlines objectives of SOE restructuring

Friday, 26 April 2024 00:56 - - {{hitsCtrl.values.hits}}

State Minister of Finance Ranjith Siyambalapitiya

Highlights need for a broader policy framework to guide transition of entrepreneurship activities from public to private entities, while maintaining Govt. oversight and collecting necessary taxes
Asserts massive tax burden imposed on citizens due to losses incurred by SOEs operating outside proper policy frameworks

State Minister of Finance Ranjith Siyambalapitiya yesterday shed light on the objectives behind the ongoing restructuring of public enterprises, noting the Government’s aim to transfer entrepreneurship activities to the private sector whilst ensuring effective regulation and reducing the burden on State institutions.

Speaking in Parliament, Siyam-balapitiya addressed concerns raised by MP Lakshman Kiriella regarding the restructuring of profit-making State-owned enterprises (SOEs).

He underscored the need for a broader policy framework to guide the transition of entrepreneurship activities from public to private entities, while maintaining Government oversight and collecting necessary taxes. “The main objective of restructuring public enterprises is to transfer entrepreneurship activities to the private sector within a broader policy framework,” he added.

The State Minister highlighted the significant tax burden imposed on the country’s citizens due to losses incurred by SOEs operating outside proper policy frameworks.

Siyambalapitiya highlighted the importance of transparency in the restructuring process, stating that it is essential for ensuring accountability and public trust.

He reiterated the Government’s willingness to consider any proposals or queries related to the restructuring of SOEs, underscoring its commitment to addressing concerns and fostering dialogue on the matter.

“Pointing fingers at each other will not help,” the State Finance Minister stressed, urging cooperation and collaboration in achieving the objectives of SOE restructuring. He also underscored the need for collective efforts to streamline operations, enhance efficiency and alleviate the tax burden on citizens.