State institutions too responsible for economic downturn: Wijeyadasa

• Claims state institutions such as BOI have also engaged in various acts which have contributed to the economic downturn

By Yohan Perera and Ajith Siriwardana

Large scale companies which owe US$ 53 billion to the government as taxes, state institutions such as Central Bank and BOI are responsible for the economic downturn, Minister of Justice Wijeyadasa Rajapakshe told Parliament yesterday.  

Minister Rajapakshe said only 53 percent of companies who are engaged in exports have submitted their annual export revenue reports. “Central Bank has called for export reports from 100 companies but only 53 percent of them have submitted their reports. Also some of the reports submitted by companies are not completed,” the minister said. 

“Other state institutions such as BOI have also engaged in various acts which have contributed to the economic downturn. BOI has signed an agreement with Rigid Tyres in Horana claimimg a 10 year tax holiday with the pledge that the company will invest dollars 100 million but the company has actually invested dollars 15 million..Therefore, state institutions are also responsible for the economic downturn,” he added.