The Government will increase income tax, withholding tax, pay-as-you-earn tax and value added tax to levels before the 2019 controversial tax cuts which reduced fiscal revenue to a paltry 8.6 percent of gross domestic product when it should be between 13 and 14 percent.
The first to be hiked will be income and PAYE taxes, Finance Minister Ali Sabry told the Sunday Times. “VAT is the last thing I want to raise because that will have a direct impact on consumer pricing,” he said. “All these taxes need to be revisited so we can take revenue collection back to 13-14 percent of GDP.”
Mr Sabry would not commit to a time frame and said it had to be decided whether the increase would be in stages or outright. The objective is to go to the levels of taxation existed before the 2019 reductions which economists have widely criticised as having contributed to the present crisis.
To read more, check the Sunday Times print edition here.
Mr. Ali Sabri Rahim, a Member of Parliament (MP) for Puttalam District whom an open warrant had been issued, attended a public ceremony at Al Aksha National School in Kalpitiya today (16) as the special guest of honor.
The Supreme Court today refused interim relief in an application filed by President’s Counsel Senaka Walgampaya seeking an Order from the Supreme Court compelling the President to appoint judges to fill the existing vacancies in the Court Of Appeal.
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Two underworld criminals wanted for multiple crimes, including murder, were brought from Dubai to Sri Lanka, today (12).
Senior DIG Nilantha Jayawardena has been sent on compulsory leave pending disciplinary investigation over his failure to prevent the Easter Sunday bombings.
The 22nd amendment to the constitution dealing with the term of the President has been gazetted by order of President Ranil Wickremesinghe.
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