Govt. to introduce laws to waive taxes: Mangala

22 June 2018 06:49 am - 9     - {{hitsCtrl.values.hits}}

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The government will soon introduce new legislation -- in the form of an amendment to the Inland revenue Act -- to waive taxes on children’s savings accounts, Finance Minister Mangala Samaraweera told Parliament yesterday.

“The government’s policy is to gradually reduce the Value Added Tax (VAT) and concentrate on earning revenue from direct taxes. We will manage the economy while focusing on the people’s needs. The government has to deal with the debt crisis because total debt component to be settled this year is a staggering Rs.1.9 trillion. It will be a Rs.4 trillion in the next financial year,” he said.

Responding to remarks made by the opposition that the prices of essential commodities had gone up, the minister said only coconut prices were high at the moment.

“It is true that this government increased the prices of fuel recently, but the prices are lower than what they were during the previous regime,” he said. (Yohan Perera and Ajith Siriwardana)

  Comments - 9

  • prabha Friday, 22 June 2018 07:48 AM

    We commend you Minister for trying to broad base taxes. But your efforts are being eroded away by a VVIP who is trying to curry favour with influential groups like Doctors, MPs etc. Be bold and retain the taxes for channel income and myriads of allowances enjoyed by MPs. Get those idiots to pay tax on their earnings. In the present case tax the minors' accounts beyond a suitable ceiling similar to senior citizens. It will prevent plutocrats place their black money in their kids' accounts.

    Harini Friday, 22 June 2018 08:28 AM

    While the composite theft of this government has surely added to the debt burden of the country, should children's savings accounts have been taxed in the first place? Also, for how long will this tax concession actually hold? Till after the next election? The determination for policy should be the reality and needs assessment of people right now, not a staid comparison with a previous regime. Again: YOU have been voted in for a reason. Do your job.

    cheers Friday, 22 June 2018 09:02 AM

    Mangala you have lost the plot next govt will send you packing to the gallows are you ready

    lkboy Friday, 22 June 2018 09:34 AM

    Has this minister even gone to a market? Does he know the vegetable prices?

    Ravi Friday, 22 June 2018 09:50 AM

    Are the staggering robberies done by your government also included in this amount? How much is that? We are sick of hearing from you and your Co about MR' s

    ravin Friday, 22 June 2018 11:38 AM

    Mr. Minister better study the tax system of progressing countries. Most of those countries have tax system where except president, king, queen or governor general all others are equally taxed. Implement combine of those systems to suite the countries needs, government wastage could be cut down by 75%. All commissions and omission's will be eliminated up to grate extension and there will be enough and more funds available in government coffers for essential infrastructure development.

    thirukumar Friday, 22 June 2018 11:57 AM

    Hi mangala economy is being managed very professionally by taking correct decisions bring the MP's too into the tax bracket -if not you are not sincere

    Sam Friday, 22 June 2018 01:16 PM

    Sod the MP's, what about the 2,000,000 public sector employees, paying their tax from are tax!

    ND Friday, 22 June 2018 01:18 PM

    Tax the govt. servants too including the parliamentarians who kill each other to come to power knowing well that this is the easiest path to become rich. Then get the stolen money from the culprits of the previous govt and you will have plenty to develop the country without taxing and taxing the middle class!


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