ECONOMYNEXT – Sri Lanka’s state Minister for Finance Ranjith Siyambalapitiya has called for a probe on alcohol producers running their own retail outlets violating existing regulations and possible losses of tax revenues, a statement said.
Under Sri Lanka’s excise regulations, retail licenses are limited and a producers who run their own outlets can block competitors’ products. There have also been concerns raised by some industry analysts that production and retail data can be easily under-stated leading losses of taxes.
“Minister Siyambalapitiya ordered the Commissioner General of Excise for a report about alcohol producers running their own retail outlets,” the statement said following a meeting between alcohol producers and excise officials at the ministry.
“It was revealed that some licensed manufacturers are operating retail outlets under different business names and under the names of relatives.
“The Minister called for a report on the outlets operated by manufacturers and the lost tax revenue.”
Concerns had also been raised at the meeting that there was a risk of alcohol below the required standard being sold. (Colombo/Oct21/2022)