Coops exempt from taxes

By L. S. A. Wedaarachchi

[email protected]

The Cooperative movement has been exempted from all taxes. It has been granted a further tax-free period of five years, said Trade' Marketing Development, Cooperative and Consumer Service Minister Bandula Gunawardena.

He said that representatives of managements of debt ridden cooperative societies are being interviewed by the People's Bank and the other government institutions to write off the loans.

"The aim of the government is to rejuvenate the cooperative movement which is a people's movement as a strong marketing arm.

Three-hundred-and-fifty "Coop City" supermarkets will be opened islandwide before the Sinhala New year, he said.

New Bank accounts have been opened in the People's Bank and Rs. 1 million had been deposited to set up "Coop City" supermarkets, he said. The Trade Minister said that a 25 acre wholesale centre for building materials will be set up at Godagama, Homagama for the benefit of building material producers of Kelani Valley, building constructors and consumers.

The centre will be administered by the Building Materials Corporation which had been closed for several decades. We want the corporation revived by increasing its contribution for the country, he said.

He said that four zones will be developed under the "wholesale centre" project. The zones are paint, PVC pipes and chemicals, hardware, electrical and ceramic items.