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Prices of ten essential commodities to fall

18 November 2015 10:45 am - 6     - {{hitsCtrl.values.hits}}

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The expansion of the tax net and reduction of prices of ten essential commodities will be among the main proposals of The ‘Budget 2016’ to be presented in Parliament by Finance Minister Ravi Karunanayaka tomorrow, a senior Cabinet Minister disclosed today.

Special Assignments Minister Dr. Sarath Amunugama told the media that the first budget speech of the UNP led consensual government would be a development, investment, revenue growth and relief oriented one with the target to achieve an accelerated GDP growth in the next five years.

“It is a known fact that government’s tax revenue is inadequate and the tax collection mechanism is weak. Therefore, the budget 2016 will focus its attention to expand the tax net further to include more effluent and taxable people into the government’s tax system. However, I assure you that the reformed tax regime will not affect the poorer section of the society,” Minister Amunugama stressed.

Minister Amunugama said the government tax collection through 30 tax regimes was inadequate and sufficient to meet only the recurrent expenditure.

The government is to increase budgetary allocations for social welfare health, education and in addition to capital for various government development projects. That is why the government is compelled to increase tax revenue and up the bar on taxable people.

Minister Amunugama without elaborating said the budget 2016 would also lower the prices of ten essential commodities in the similar manner the government did by bringing down the prices of 13 consumer goods including power tariff and bus fares from the mini budget in January 29 by lifting tax on them. (Sandun A. Jayasekera)
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  Comments - 6

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  • Goliwog Wednesday, 18 November 2015 04:35 PM

    Caution! Get a crash helmet just in case these prices may fall on your head.

    Premalal Wednesday, 18 November 2015 05:35 PM

    Funny, they never talk about the massive cabinet, tons of ministers and the bloated public sector. Always fleece the productive sector.

    onlooker Wednesday, 18 November 2015 05:37 PM

    Take cover Amunugama is at it again.

    TONY Wednesday, 18 November 2015 05:56 PM

    POLITICIANS WILL GET A RAISE IN JANUARY

    Aruna Wednesday, 18 November 2015 06:20 PM

    Yet again making fool with poor us - we remember your list of essential goods Sustegeon, Coriander etc. We have no hopes yet anymore!

    Prem Nath Wednesday, 18 November 2015 06:24 PM

    Elections drawing near.


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