Finance Ministry says no loss to country by importing racing cars

Friday, 21 December 2012 00:54 - - {{hitsCtrl.values.hits}}

The Ministry of Finance and Planning yesterday emphasised that the statements made by certain interested parties that the Government has lost Rs. 2,022 million due to importing racing cars was a fabricated story.

“There is no tax for machinery, jewellery, motor cars or any other items which are imported to this country for development projects and exhibitions on a temporary basis which will be re-exported," it said.

The equipments or machinery brought to this country for such competition or exhibition should be re-exported within the recommended time period,” the Finance Ministry said in a statement.

“The country has not lost any tax revenue for the racing cars imported for the use at the Night Races held recently in order to promote tourism industry and foreign investments,” the Ministry said.

“Another baseless rumour spread by these groups is that Dr. P B Jayasundera, Secretary to Ministry of Finance and Planning, informed ministry secretaries at a meeting held at the Treasury that they should curtail all Government expenses except payment of salaries,” the Finance Ministry statement added.