Siyambalapitiya speaks out on easing tax burden

COLOMBO: State Minister of Finance Ranjith Siyambalapitiya has assured that all necessary measures will be taken to reduce the current tax burden imposed on the people as soon as possible.

Speaking at a press conference held at the Ministry of Finance on the country’s economic state and tax policies, Siyambalapitiya explained that the government has no intention of placing new burdens on the country’s taxpayers.

“We intend on having a discussion with them and reducing this burden at the first chance we get”, he said.

Speaking on the progress Sri Lanka has made thus far, the State Minister noted that in comparison to 2022, from January to May this year, there has been a 38.1% growth.

“Tax revenue has grown by 44.9%, income tax has grown by 53.6%, the Goods and Services tax has grown by 65.6%, taxes on foreign trade have reduced by 12.2%. This is not due to a fault of the Customs, we had to stop the importation of several goods to bring the country to this state,” he explained, adding that the total expenses have increased by 47.8%, mainly due to welfare schemes and subsidy grants currently in place.