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Sri Lanka Equity Forum » Stock Market Talk » NOW all public officials to get duty free vehilcle permit for two cars

NOW all public officials to get duty free vehilcle permit for two cars

Go down  Message [Page 1 of 1]

vic19

vic19
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
The Finance Ministry said yesterday that the Government had decided to reintroduce its previous program with amendments to provide vehicle permits to public officers, officers of state corporations and statutory boards on a concessionary basis.

Minister of Finance Ravi Karunanayake presented the Cabinet paper in this regard on 26 March 2016 and it received Cabinet approval on 16 July 2016. Accordingly, the Industry and Investment Department has issued the Circular No. 01/2016 in this regard.

Public officers and executive officers attached to the state corporations and other statutory boards, doctors and legal officers attached to government service, university vice chancellors, university lecturers and executive grade officers attached to university non-academic staff are entitled to receive vehicle permits under this concessionary basis vehicle permit scheme.

Under the new circular, the period of service completed by individual officers in the state sector will be taken into consideration before concessionary vehicle permits are issued. Accordingly, an applicant should complete more than six years in state service to be eligible to receive a vehicle permit. However, this limit of service in the state sector will differ for the officers of state corporations and statutory boards.

One officer is entitled to only two concessionary vehicle permits.  

After claiming the first vehicle permit, the second vehicle permit will be issued 10 years after the purchase of the first concessionary vehicle. In addition to Circular No.01/2016, Public Administration Circular No.22/99 will also be equally effective in this regard and, under this circular, government officers of Executive Grade will be issued permits under the concessionary basis at the time of their retirement.

The face value of each concessionary vehicle permit is $ 30,000. A permit holder is entitled to 50% tax waive of the total tax to be paid for his or her selected vehicle.

The state sector officers, who have already claimed two concessionary vehicle permits or more than that, will not be entitled to the new concessionary vehicle permits scheme.

The Government has issued more than 38,000 vehicle permits to state sector officers under the previous concessionary scheme since 2010. The value of tax waive by issuing concessionary vehicle permits to public officers exceeds Rs. 143 billion.

The circular relevant to this vehicle permit scheme can be downloaded from the official website of the treasury, www.treasury.gov.lk under its Trade and Investment Policy Department tag.  - See more at: http://www.ft.lk/article/558548/Public-officers-back-in-the-driving-seat-of-new-duty-free-vehicles#sthash.afyd7EFi.dpuf

source : ft.lk( 01/08/2016 )


how can a country like ours  can afford this type of concession not one but two vehicles........it is  So crazy in my view.

on the other side all world institutions and other countries are giving loans at high interest rates which will make our debt burden to increase many fold .

what a disaster for Sri Lanka. I never thought Ranil government will entertain this type of misuse of power. Sad

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics
Unnecessary and unreasonable concession to public officers to spend Dollars. This is just to keep them calm.


No concessions to those who  face all the hardship in other countries to earn and send  Dollars for Sri Lanka .


They have to pay 200-300% 'penalty'  if they import a vehicle using their own money earned in elsewhere while our people are allowed to import  vehicles tax free using  dollars earned by those penalized people working abroad .


මේ අසාධාරණය නවත්වන්න කෙනෙක් උපදින්නේ නැද්ද ?

sharemarket

sharemarket
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@Chinwi wrote:Unnecessary and unreasonable concession to public officers to spend Dollars. This is just to keep them calm.


No concessions to those who  face all the hardship in other countries to earn and send  Dollars for Sri Lanka .


They have to pay 200-300% 'penalty'  if they import a vehicle using their own money earned in elsewhere while our people are allowed to import  vehicles tax free using  dollars earned by those penalized people working abroad .


මේ අසාධාරණය නවත්වන්න කෙනෙක් උපදින්නේ නැද්ද ?
ඇයි හිටං ඉන්නෙ

Mrs Kudabadu Kularthnae

Mrs Kudabadu Kularthnae
Stock Analytic
Stock Analytic
i agreed with chinwi..how many of our housemaid work in UAE and suffer a lot and send money and lift the SL economy.
all housemaids should be provided with duty free threewheeler for their husband.. then husbands can ride here rather

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