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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lanka expropriated sugar firms begin to hit tax payers

Sri Lanka expropriated sugar firms begin to hit tax payers

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wiki


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

July 05, 2012 (LBO) - Two sugar mills expropriated by the state last year has begun to burden ordinary citizens with the finance ministry channeling 557 million rupees from taxes extracted from the people to the firms.

A mid-year fiscal report to parliament revealed that 550 million rupees had been given to cover day to day expenses of two expropriated firms, Pelwatte and Sewanagala Sugar Industries.
Seven million rupees had also been given to buy a vehicle.

Ironically the handouts have been channeled via a entity called the 'Ministry of Productivity Promotion.'

Sugar also is also given import protection through taxes, curtailing the trade freedoms of the poorest sections of society most.

The money has been channeled to the two firms without first going to parliament for approval using so-called contingency funds from the Treasury, a process that has evolved in Sri Lanka despite parliament being nominally in control of finances.

Sri Lanka's rulers expropriated a series of private firms including the two sugar firms, last year through a controversial law that where rulers resumed violating citizens property rights.

The law flack from critics for being flawed legislation that was ad hominem and trespassed on the separation of powers between the executive and the judiciary.

The law was passed despite a nominal constitutional guarantee against expropriation.

Expropriations and violating people's property rights originated mostly in then-East European countries like Germany which were consumed by Marxian thought, after legislating parliament emerged.

Sri Lanka started widespread expropriations after gaining self-determination from British rule in the middle of the last century, killing a newly emergent native entrepreneurs and driving out foreign citizens who had invested in the island.


http://www.lbo.lk/fullstory.php?nid=486571697

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