SLBC pays VAT for building, land rented out to supermarket – COPE

A 120 perch block of land with a building situated in Colombo, belonging to the SLBC, has been leased to a supermarket for a period of 20 years but the bankrupt state enterprise continued to pay VAT for the land as well as the building.

This has been revealed at the recent COPE proceedings according to a press release issued by Parliament.

The COPE has been told that the agreement on the block of land was prepared by the supermarket.

During the examination it transpired that though the SLBC received a monthly rent of Rs 2 mn, VAT payments were continued to be in violation of regulations.

The controversial agreement has been signed by current Chairman Hudson Samarasinghe and former Director General of the SLBC (SF)