Colombo (LNW): In light of the recent hike in the Value Added Tax (VAT), Finance State Minister Ranjith Siyambalapitiya reassured that certain sectors, including electricity tariffs, will remain unaffected.
His comment coincides with the ongoing efforts by the authorities to regularise the country’s tax system, aiming for what the government describes as a fair and efficient collection process.
The decision to increase VAT was implemented in January as part of the government’s strategy to enhance revenue in compliance with agreements with the World Bank. However, the Minister underscored that this is a temporary measure.
He further elaborated that once the tax network is thoroughly optimised, the government will be in a position to offer relief to the public.