Wednesday, April 17, 2024

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State Minister of Finance Assures Reduction of Tax Burden on Citizens

In a press conference held at the Ministry of Finance, State Minister of Finance Ranjith Siyambalapitiya affirmed the government’s commitment to alleviating the current tax burden faced by the people. Siyambalapitiya assured that necessary measures would be promptly undertaken to relieve taxpayers and emphasized that the government had no intentions of imposing additional burdens on them.

Siyambalapitiya stated, “We are determined to engage in discussions and swiftly reduce this burden at the earliest opportunity.”

Regarding Sri Lanka’s economic progress, the State Minister highlighted a substantial growth rate of 38.1% from January to May of the current year, compared to 2022. He further provided specific figures, stating that tax revenue had increased by 44.9%, income tax by 53.6%, Goods and Services tax by 65.6%, and taxes on foreign trade had decreased by 12.2%. Siyambalapitiya clarified that the decline in taxes on foreign trade was not attributed to any fault on the part of Customs but rather the result of restrictions on the importation of certain goods to stabilize the country’s economic state.

Additionally, Siyambalapitiya acknowledged that total expenses had risen by 47.8%, primarily due to the implementation of welfare schemes and subsidy grants.

Overall, the State Minister’s remarks reassured the public that the government was committed to addressing the tax burden and taking necessary actions to alleviate it while highlighting the country’s economic progress and the factors contributing to the current state of taxation.

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