Revised taxes on personal income a ‘short-term development strategy’ – Fiscal Policy Dept.

Revised taxes on personal income a ‘short-term development strategy’ – Fiscal Policy Dept.

February 7, 2023   06:28 pm

Director General of the Department of Fiscal Policy, Dr. Kapila Senanayake has assured that the recent tax revisions on personal incomes is only a short-term strategy to resurrect Sri Lank from its ongoing economic crisis.

Speaking at a meeting held for trade union leaders and representatives of civil organizations, Dr. Senanayake explained that the new taxes were imposed as a short-term strategy, emphasizing the these new taxes are of  a meager percentage when compared to those taxed in other Asian countries.

The meeting was held last afternoon (06 Feb.) at the auditorium of the Ministry of Finance on the instructions of the President’s Secretary Saman Ekanayake, presided over by the President’s Trade Union Director General Saman Ratnapriya and Dr. Senanayake.

Accordingly, Saman Ratnapriya explained that the main goal of the meeting was to gather concepts and recommendations, in order to find solutions to the current issues faced by employees subjected to these taxes.

Ratnapriya also stated that these conversations will result in swift short-term solution recommendations that may be taken to address the difficulties that have emerged upon being presented to the President and the Prime Minister.

Moreover, Senior Deputy Commissioner of the Department of Inland Revenue K.K.I. Eranda outlined the numerous tax rules and described how taxable personal income is calculated as per the new tax law.

Meanwhile, trade union leaders who took part in the discussion stated that there are issues with the new tax policy’s tax system, adding that the trade unions should be consulted prior to the creation of such policies.

They further demanded that fair services be given to the public for the taxes levied like in other countries, and that prompt solutions be provided to reduce the inconvenience faced by professionals owing to the revised taxes.

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