Lankapage Logo CP 18 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

Leading News from Sri Lanka::

* Sri Lanka President, PM to unveil Vision-2025 economic development plan for next eight years
Thu, Aug 24, 2017, 07:26 pm SL Time, ColomboPage News Desk, Sri Lanka.

Aug 24, Colombo: Sri Lanka's President Maithripala Sirisena and Prime Minister Ranil Wickremesinghe will unveil the economic development plan for the next eight years, Vision-2025 on 4th September in Colombo, State Minister of Finance Eran Wickramaratne said.

State Minister Wickramaratne made these comments at a press briefing held today (24th Aug.) at the Department of Government Information to discuss about the new Inland Revenue Bill which is to be presented in Parliament on Friday (25th Aug).

State Minister Wickramaratne said that in the past, concessions were given in an ad hoc manner. Now the government wants to create social equality.

Therefore, the government would gradually reduce the indirect taxes to 60 percent from the current 80 percent and increase the direct taxes from 20 to 40 percent. He said that in countries such as Malaysia the indirect tax is 30 percent while the direct tax is 70 percent.

The Minister pointed out that the new indirect to direct tax ratio will provide relief to middle and low income earners. He said that indirect taxes will be reduced within the next three to four years.

According to the existing tax system, taxes are levied on income above Rs. 62500 per month and under the new act the limit will be raised to Rs. 100,000. Incomes below Rs. 1.2 million per year will not be taxed.

The State Minister insisted that the new Inland Revenue Bill would not affect the private sector retirement fund, Employee Provident Fund (EPF). He also added that the new act will be simple, transparent and will reduce the decision making power as everything will be specified.

According to the Supreme Court ruling, the new tax bill has been amended and the trade union representatives' proposals and other proposals have been considered.

 


ColomboPage - Recent 10 Stories ::
More Sri Lankan skilled workers go abroad for work
-- [4 hours ago]
Sri Lanka's Kitul Honey promoted in Guangzhou
-- [4 hours ago]
Former Senior DIG Lalith Jayasinghe arrested for favoring a murder suspect
-- [5 hours ago]
Sri Lanka business chamber presents seminar on 'Construction Industry and the Way Forward' on Sept 28
-- [6 hours ago]
Sri Lanka Cricket to fully cooperate with the ICC investigation
-- [6 hours ago]
Iceland scientific and research agency to support Sri Lanka's fisheries industry
PM emphasizes development of tourism industry to build a strong economy
Sri Lanka President says results of sacrifices made to gain prosperity and reconciliation are visible
New tax law exempts net income of small businesses and artistes up to Rs. 500,000 from tax
Health Minister charges trade unions of focusing on political issues, not fulfilling their responsibilities to workers

Copyright © 2000, 2016 by LankaPage.com (LLC) :
The news and other contents on ColomboPage are copyrighted property of LankaPage.com, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from LankaPage.com, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.