Thursday, December 7, 2023

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Government to ease oppressive taxes after economy gains momentum.

Sri Lanka government is to ease the oppressive taxes imposed on the people after the economic situation is improved as the tax hikes were aimed at supporting 90 per cent of the people who need the state assistance, a senior minister said.

A great deal of indignation and fury as to the impact on their disposable income and lifestyle have been expressed by many over the media and social media.

In addition, concern has been expressed that the country will lose many skilled professionals who might migrate to countries with higher tax rates and compliance of nearly 100%!

The corporate sector, which is also being impacted, has demanded from the government greater restraint, accountability, and transparency on its spending.

Unfortunately, Sri Lankans, have, in addition to accepting corruption as part of country’s DNA, turned a blind eye to the civic responsibility of being a tax-compliant citizen for multiple reasons.

State Minister of Finance, Ranjith Siyambalapitiya says that the imposition of new taxes has been done in order to support 90 per cent of the people who need the government’s assistance.

Speaking to the media while joining an observation tour at Embilipitiya Excise Station, the State Minister mentioned that he hopes to revise the oppressive taxes for the people at the first possible opportunity.

“Taxes are not something that will continue forever. We are ready to reduce them at the first possible moment and provide relief to the taxpayer. But until then we have to keep this society alive.”

Social security contribution levy was criticized by many people, the State Minister said, mentioning that he also believes that it is not that much of a good tax to be imposed.

Further, he expressed that they hope to remove some parts of the social security contribution levy which has some effects, by the beginning of next year.

“The first meeting of the Treasury which will be held on January 02, is to talk about the taxes”, he said.

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