Committee on Public Finance calls for CBSL observations on Forensic Audit Report

• CBSL officials asked to be present at Committee meeting on 18 Feb.
• Speaker says annexures to forensic reports, running into 10,000 pages, made available to all MPs
• Finance committee also seeks justification for VAT reduction to 8 %
• Also looks for clarification on taxes on tobacco, tobacco substitutes  

The Committee on Public Finance yesterday decided to call for the observations of the Central Bank of Sri Lanka (CBSL) on the Forensic Audit Report on the issuance of Treasury Bonds by the monetary authority.

The importance of the CBSL submitting its own observations at the next committee meeting was highlighted by Committee Chair TNA MP M.A. Sumanthiran.

Accordingly, the committee officials were directed to call for the participation of CBSL officials in order to submit their observations on the report at the next committee meeting scheduled for 18 February.

Speaker Karu Jayasuriya announced yesterday that softcopies of the annexures to the Forensic Audit Report, running into around 10,000 pages, have been made available to MPs and requested them to be mindful when making the contents public as many names were mentioned in them and the contents could harm people’s privacy.

The committee also refused to grant a mandate for the order Under Section 2A of the Value Added Tax Act, No. 14 of 2002, as amended by Act No. 6 of 2005, to reduce the Value Added Tax to 8%.

It decided to call for detailed financial justification to be presented at the next committee meeting.

In addition, the committee also refused to grant a mandate for the order under Section 3 of the Excise (Special Provisions) Act No. 13 of 1989 on products of tobacco or tobacco substitutes. The committee thus directed the respective officials from the Ministry of Finance to consult the National Authority on Tobacco and Alcohol, requesting the officials of the authority to be present at the next committee meeting.

State Minister Susantha Punchinilame, parliamentarians Dilan Perera, Bimal Rathnayake, Mayantha Dissanayake, Prof. Ashu Marasinghe and Dr. S.M. Mohamed Ismail were present at the committee meeting.