Sri Lanka considering tax reforms
Mon, Nov 2, 2009, 10:00 pm SL Time, ColomboPage News Desk, Sri Lanka.
Nov 02, Colombo: Sri Lanka government is to consider revamping the country's tax structure under a directive of President Mahinda Rajapaksa, Treasury Sources said.
The move is aimed at providing relief to the people who were heavily burdened during the decades-long conflict.
The government is considering to restructure the tax system to fit into the current pattern of consumption and taking into account the on-going development activities of the country after eradicating LTTE terrorism, Treasury Secretary Dr. P.B. Jayasundara told the state-run daily, Daily News.
According to the Treasury Secretary the government is looking for ways to reduce import duties on essential items including dhal, sugar, onion etc to grant more relief to the general population.
The Treasury is also considering to reduce taxes on locally-manufactured products and imported vehicles.
By these measures, the government aims to implement the proper tax structure appropriate for the entire economic sector and the necessities and current requirements of the people, Jayasundara said adding that the measures will also create an environment conducive for more investments promoting development and economic growth.