Thu, 02 Feb 2023 Today's Paper

High net worth individuals to benefit more from new personal tax reforms of Budget 2016

30 November 2015 03:27 am - 0     - {{hitsCtrl.values.hits}}

A A A

High net worth individuals have been provided a host of benefits in the Budget 2016, possibly in an interpretation of the social market economic theory of providing a strong safety net for citizens.

“Personal taxpayers who pay more than Rs.25 million per year will be granted with special privileges,” Finance Minister Ravi Karunanayake’s proposals said.

According to the new personal tax reforms in the Budget, an individual would have to have a personal taxable income of Rs.166.67 million annually to enjoy such benefits. These benefits will not be limited to their right to use the VIP counter at the airport and priority treatment at government institutions and hospitals.

High net worth individuals already receive luxurious treatment at the airport. Further, since the budget itself had identified the shortcomings of the state-sector healthcare facilities and the need to improve them, such individuals may not be amenable to visiting such facilities, unless driven by a zealous patriotic streak.

“Consultation services to the tax payers will be provided by the Inland Revenue Department and an effective help desk with competent officers will be allocated,” the Budget further added. An argument could also be made as to whether such individuals would visit government institutions personally to sort out administrative details and whether they would require state-sector tax consultations after reaching such a level of affluence.

Further benefits include special invitations for state functions and a once a year felicitation meeting with the President and Prime Minister.

Recent evidence has suggested that such individuals have unfettered access to both the President and the Prime Minister. However, social market economic theories say that a strong safety net should be extended to all citizens of a state, which brings about the question of why only the top one percent of the wealth pyramid is provided with these priorities and benefits. (CW)

Order Gifts to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Vegetables, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Sending Money,Online Books, Delivery Service, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop Sri Lanka

  Comments - 0

Order Gifts to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Vegetables, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Sending Money,Online Books, Delivery Service, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop Sri Lanka

Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment




Order Gifts to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Vegetables, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Sending Money,Online Books, Delivery Service, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop Sri Lanka

Health System in the emergency room

Sandya Kumari from Kotahena has been experiencing chest pains since 2015 and

Canada’s targeted sanctioning of Gota and Mahinda

History was made last week when two former executive presidents of Sri Lanka

SC judgement on Easter attack: Court rules negligence stood in the way of avoiding most heinous crime

“On the ill-fated day of 21st of April 2019, this island home was awoken ru

Lasantha was a Fearless Editor who Spoke Truth to Power

Friends,Family members, colleagues, schoolmates and admirers of Lasantha Wick