President Ranil Wickremesinghe said he hopes to introduce a wealth tax to replace the property tax system, with a minimum tax exemption in 2025.
The President said this while making a special statement today in Parliament about the financial facility received from the International Monetary Fund. In addition, he said that steps will be taken to introduce a gift and property tax.
The President stated that the government’s goal is to reduce the primary deficit to 2.3% of the GDP by 2025 and plans to increase the government’s income to 15% of the GDP by 2026.
The President further mentioned that the corporate income tax rate has been increased to 30% without sectoral tax concessions and steps have been taken to increase the VAT rate from 8% to 15%.