Colombo (LNW): There could be dire consequences of unbearable tax hike under the new advanced personal income taxes and rationale for requesting an immediate downward revision, pointed out the Central Bank Executive Officers’ Union, in a letter addressed to Treasury Secretary Mahinda Siriwardena.
The Union told the Treasury Secretary that urgent measures ought to be taken to revise the exorbitant tax rates imposed under the advanced personal income tax (APIT), which came into effect at the beginning of this year, despite of the multitude of adverse repercussions highlighted by the professionals and the civil society in the country.
In the light no anti-corruption measures being undertaken thus far to recover the fraudulent / misappropriation of public funds, it is critical to take necessary legal actions against all forms of public money frauds that have taken place over the course of time in an expeditious manner, in order to regain the trust and credibility of the public on the transparency of public funds utilisation, the Union emphasised.
