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Thursday, February 26, 2015 - 06.19 GMT

End to market manipulation – Finance Minister

 

The Colombo Stock Market will not be used for ulterior motives in the future, Finance Minister Ravi Karunanayake said.

He made this remark addressing a seminar held in Colombo on Interim Budget Highlights 2015-Tax proposals and impact on Business, organized by the Institute of Certified Management Accountants of Sri Lanka.

Responding to a question rose at the seminar about market manipulation and insider trading, Karunanayake stressed that stern action would be taken against those trying to dump an account. “When we did a trend analysis of certain people, it was found that 98% of the market is held by 3 to 4% individuals. We will not allow these people to dominate the market in the future.

There are compounded cases, almost 30 that have been closed. We ensure those corrupt measures will be re-looked at.

The Minister called upon the private sector, government servants, chambers and foreigners to bring forward innovative ideas and solutions to address the pressing needs of the economy.

“We want to walk the talk. The Government needs to listen to these problems. We’re willing to learn from them. If you have ideas that are helpful to the economy, please come forward. The private sector was maintaining a wait and see policy, why don’t you get involved, the Minister queried.

“This was the main reason that the Government imposed one time super gain tax. I appreciate the response with happiness as almost 99% of the companies that are called upon have accepted this in a correct way,” the Minister said.

The Government will also publish the exact figures of the Sri Lankan economy to reveal the exact status of the economy within a month. We will put the real figures out, so that we can share exact figures with openness and share this with all multilateral agencies, rating agencies.

Commenting on taxation on hybrid vehicles, the Minister said that the prime objective of this move is to collect revenue from the people who can afford.

“Only the traders are having a problem here. We have given them some subsidies and exemptions and my question is why can’t they add that and sell it to the customers.

The Minister while commending CMA’s role in the accounting sphere berated some associations that haven’t done what is expected of these associations. “We want professionals to be professionals and not to be trying to curry favor with the Government. As accountants, we need to show the world that we stand up to what’s right. I don’t think they played the role they are expected to play. We saw how some of the private sector individuals and organizations reacted in the past which basically distorted the country’s economy,” he said.


 

 
 
   
   
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Last modified: February 26, 2015.

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