Sri Lanka Podujana Peramuna Member of Parliament, Professor Ranjith Bandara says that a country cannot depend on external sources to cover the income-expenditure gap for a long time.
“A country cannot depend on external sources to cover the income-expenditure gap for a long time. Therefore, by amending this tax act, the tax-free allowance will be reduced and the tax net will be expanded. And those whose gross monthly income is Rs.1 lakh or more are subject to these taxes. The top marginal individual tax revenue will increase to 36%. This is a draft. This should be submitted to the parliament and passed. But the people of this country should know that the government has prepared all the arrangements to submit the bill to amend the tax policy, which has been discussed for a long time to cover the income-expenditure gap, and gazetted it.”
Professor Ranjith Bandara said this while addressing a press conference of the Sri Lanka Podujana Peramuna held yesterday (12).