FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com


Join the forum, it's quick and easy

FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com
FINANCIAL CHRONICLE™
Would you like to react to this message? Create an account in a few clicks or log in to continue.
FINANCIAL CHRONICLE™

Encyclopedia of Latest news, reviews, discussions and analysis of stock market and investment opportunities in Sri Lanka

LISTED COMPANIES

Submit Post
Poll

Can there be another Covid-19 wave in Sri Lanka?

 
 
 

View results

STOCK MARKET TRAINING
ශ්‍රී ලංකා මූල්‍ය වංශකථාව - සිංහල
Submit Post


CONATCT US


Send your suggestions and comments

* - required fields

Read FINANCIAL CHRONICLE™ Disclaimer


Latest topics

» ASSOCIATED MOTOR FINANCE COMPANY PLC (AMF.N0000)
by kanishkaecomm Yesterday at 10:12 pm

» TOKYO CEMENT COMPANY (LANKA) PLC
by SAGA Yesterday at 9:15 pm

» EXPOLANKA HOLDINGS PLC (EXPO.N0000)
by EPS Yesterday at 9:11 pm

» GLAS will be winner with Super Gain.
by Eranga87 Yesterday at 9:07 pm

» Top Foreign Trading today - 22/06/2021
by SAGA Yesterday at 8:50 pm

» TOP 20 LISTED COMPANIES BY FINANCIAL CHRONICLE™
by CHRONICLE™ Yesterday at 8:37 pm

» Daily Foreign Transactions update
by Pradeep90 Yesterday at 8:30 pm

» RWSL for short term profits
by madukp Yesterday at 5:17 pm

» YORK has a potential to go double ...
by Vasyan Yesterday at 5:07 pm

» United motors limited UML
by smnsam Yesterday at 2:43 pm

» dividend counters
by kanishkaecomm Yesterday at 12:43 pm

» HAYCARB PLC (HAYC.N0000)
by samaritan Yesterday at 11:33 am

» World-famous angel investor Conny enters Sri Lanka
by samaritan Yesterday at 10:00 am

» SINHAPUTHRA FINANCE PLC (SFL.N0000)
by kanishkaecomm Yesterday at 9:47 am

» ADAM CAPITAL PLC (PCHH.N0000)
by GayanKK Yesterday at 9:46 am

» New Commodity bubble. How will it impact the CSE?
by CHRONICLE™ Yesterday at 8:53 am

» MELSTACORP PLC (MELS.N0000)
by engineer Yesterday at 7:29 am

» R I L PROPERTY PLC (RIL.N0000)
by SAGA Mon Jun 21, 2021 9:57 pm

» Dividend - July/August
by High-flyer Mon Jun 21, 2021 9:41 pm

» SOFTLOGIC CAPITAL PLC (SCAP.N0000)
by madukp Mon Jun 21, 2021 9:08 pm

EXPERT CHRONICLE™

MARKET CHAT


CHRONICLE™ ANALYTICS


ECONOMIC CHRONICLE

GROSS DOMESTIC PRODUCT (GDP)


CHRONICLE™ YouTube


You are not connected. Please login or register

FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Objectives of the Mid-Year Fiscal position report not complied with

Objectives of the Mid-Year Fiscal position report not complied with

Go down  Message [Page 1 of 1]

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
The objectives of the Mid-Year Fiscal Position Report is to provide updated information of the Government’s fiscal performance and to thereby enable the public to evaluate the Government’s fiscal performance as against the fiscal strategy as set out in its current Statement.

(1) The Mid-Year Fiscal Position Report in respect of a financial year shall contain: (a) a statement of the estimated and actual expenditure for the first four months of that year ; (b) a statement of the estimated and actual revenue for the first four months of that year; (c) a statement of the estimated and actual cash flows for the first four months of that year; (d) a statement of the estimated and actual borrowings for the first four months of that year ; and (e) such other statements which may be necessary to reflect fairly, the financial position of the Government, in respect of the first four months of such financial year.

(2) Where there is a shortfall in the estimated revenue or cash flow, or an excess in the estimated expenditure or borrowings, the mid -year fiscal position Report shall stale the reasons for such shortfall.

(3) Subject to the provisions of subsection (4). the information contained in the Mid-Year Fiscal Position Report shall take into account, as far as possible, all government decisions and all other circumstances that may have a material effect on the fiscal position (including decisions taken and circumstance that exist, after the passing of the Appropriation Act for that year).

(4) Nothing contained in this section shall be read and construed as requiring the inclusion in the Mid-Year Fiscal Position Report, the disclosure of any information, which: the written opinion of the Minister, will: (a) be prejudicial to national security ; (b) compromise Sri Lanka in a material way in negotiation, litigation or commercial activity.

(5) Where any information on any matter required to be included in a Mid-Year Fiscal Position Report remains unchanged from the information in relation to such matter as is included in the last Budget Economic and Fiscal Position Report, the Mid-Year Fiscal Position Report shall state that such information remains so unchanged.

The purpose of themed term Fiscal Report is to compare the performance during the first 4 months in terms of the Budget for the year. So it is essential that the comparative figures for the Budget are also given on a proportionate basis. But the Report furnished by the Secretary to the Treasury compares the performance against the previous year’s figures and not the budgeted figures. This seems to be defeats the purpose of the law and I wonder whether the omission o compare with the budget is even legal. The intention of the law in my opinion is clear from clauses above. I wonder whether a lawyer would comment.

RMB Senanayake
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=58184

Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum