President Anura Kumara Dissanayake held a comprehensive discussion with officials from the Ministry of Finance today (7) at the Presidential Secretariat. The meeting addressed key economic concerns, including vehicle imports, withholding tax, and the digitalization of Value-Added Tax (VAT) collection.
Vehicle Imports
The President stressed the importance of balancing the challenges related to vehicle imports with the country’s financial constraints and economic priorities. He called for a strategic approach to manage the issue while ensuring minimal strain on Sri Lanka’s recovering economy.
Withholding Tax Refunds
Addressing the concerns of retirees, President Dissanayake underscored the necessity of creating a mechanism to refund withholding taxes deducted from individuals not liable for income tax. He emphasized that such measures would provide much-needed relief to senior citizens.
VAT Digitalization
President Dissanayake announced plans to digitize VAT collection processes to enhance transparency and efficiency. The proposed digital system is expected to improve tax compliance and significantly boost revenue generation.
Optimism for Economic Recovery
The President expressed confidence in Sri Lanka’s progress towards economic recovery and stability. He reiterated the government’s commitment to optimizing the benefits extended to citizens despite prevailing challenges.
The meeting was attended by Deputy Minister of Finance and Planning Dr. Harshana Suriyapperuma, Secretary to the Ministry of Finance Mahinda Siriwardana, Central Bank Governor Dr. Nandalal Weerasinghe, Senior Advisor to the President Duminda Hulangamuwa, and senior officials from the Ministry of Finance.
