Government Considers Tax Base Expansion Program to Curb Rising Tax Levies

Date:

Finance State Minister Ranjith Siyambalapitiya has revealed that the government is contemplating the implementation of a program aimed at expanding the tax base, instead of resorting to frequent tax increases. Siyambalapitiya addressed the media, expressing his commitment to gradually reducing tax percentages in the future.

These statements were made by the lawmaker during his inspection of a shipment of illicitly imported cigarettes confiscated by Sri Lanka Customs. The consignment, comprising 556,000 cigarette sticks, had been smuggled in under the guise of machinery importation by a company approved by the Board of Investment (BOI).

The confiscated contraband, valued at approximately Rs. 85 million, is presently held at the Customs’ container terminal in Orugodawatte. This incident underscores the need for effective measures to tackle smuggling activities and reinforce revenue generation through a broader tax base expansion initiative.

Share post:

spot_imgspot_img

Popular

More like this
Related

BOI Firms Warn of Heavy Losses from Palm Oil Import Ban

Sri Lanka’s palm oil based industry, once a promising...

UN Flags Sri Lanka’s Slow Progress on Enforced Disappearances

The United Nations Committee on Enforced Disappearances (CED) has...

Sri Lanka Tourism Surges: October Arrivals Break New Records

Sri Lanka’s tourism industry has entered October on a...

Banking Sector Assets Expand 14.9% amid Profit Surge and Lower Defaults

Sri Lanka’s banking sector displayed renewed resilience in the...