State Minister of Finance Ranjith Siyambalapitiya has stated that the government has no intentions to implement any new indirect taxes that would escalate the prices of goods.
Speaking to the media in Kegalle today (29), Siyambalapitiya further assured that the state has no intention to further increase the current tax percentages, and is instead focused on increasing state revenue.
Commenting further in this regard, the State Minister explained that the cost of goods will not increase as a result of a hike in indirect taxes any longer, and instead, will likely be affected by factors such as the demand and supply of goods.
“We are working in a manner to increase state revenue, and resultantly reduce the percentage of indirect taxes, so that we can reduce the burden on the people”, Siyambalapitiya said.
The State Minister also noted that a new property tax is slated to be introduced in 2025.
While the relevant tax is being imposed in accordance with the recommendations made by the International Monetary Fund (IMF), Siyamabalapitiya assured that the tax would be a progressive tax, expected to be levied on those who own large amounts of property.
(Ada Derana)
