No loss from Colombo night race

The Ministry of Finance and Planning, in a media statement, says there is no truth to claims that the Government has lost Rupees 2022 Million due to importing racing cars for the recent Colombo night race.

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, the Ministry of Finance and Planning said.

It said that the equipment or machinery brought to this country for such competitions or exhibitions should be re-exported within the recommended time period.

“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 statement said.

It also noted that another baseless rumour spread by some 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.