Deputy Minister of Entrepreneurship Development Chathuranga Abeysinghe says that there is no possibility of reducing taxes this year. He says that steps should be taken to collect 15.1% of the gross domestic product in taxes as per the agreements reached with the International Monetary Fund.
He said,
“Especially, a reduction in indirect taxes will have to be done over time. Because we cannot expect a tax reduction within this year. We should collect a certain amount of tax from the 15.1 percent gross domestic product according to the IMF. But when we come out of this process, when the efficiency of revenue collection increases, there is a possibility of giving those concessions back to the products of those industries. Going beyond that, the new government hopes to provide tax concessions, especially for technological investments in the banking sector and industries.
So we can see all this in the 17 budget. The government hopes to provide the necessary facilities and support, especially to industries, through the budget. The government’s aim is to create an environment suitable for industries in the next few years.”
Deputy Minister Chathuranga Abeysinghe further stated that steps will be taken to introduce a new tax policy for importing goods for industries.