CB’s Executive Officers’ Union warns of dire consequences of unbearable tax hike

Date:

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.

Share post:

spot_imgspot_img

Popular

More like this
Related

Sri Lanka’s BIRDS-X DRAGONFLY Nanosatellite Set for September 19 Launch

Sri Lanka's BIRDS-X DRAGONFLY Nanosatellite Set for September 19 Launch

Sinopec Refinery Sparks Concerns over Sri Lanka’s Energy Independence

Sinopec Refinery Sparks Concerns over Sri Lanka’s Energy Independence

TAX Revenue Management IT System Flaws Threaten Billions in State Revenue

TAX Revenue Management IT System Flaws Threaten Billions in State Revenue

Spice Import Licenses Spark Fears of Backroom Deals and Industry Betrayal

Spice Import Licenses Spark Fears of Backroom Deals and Industry Betrayal