Video: PM launches third generation economy

5 November 2015 11:41 am

While pledging that it would build a third generation economy in the coming years, the Government today announced key changes in the economic grounds aimed at realising these goals.

Prime Minister Ranil Wickremesinghe who came out in Parliament with the key changes and on the plan to build up a third generation economy pledged that changes would be made to tax policy under which the focus was made on earning 60 percent of revenue from indirect taxes and rest through direct taxes.

This is compared to the present policy of earning 80 percent from indirect taxes and the rest from direct taxes.

It was also announced that the one off tax, import tax on text books and sports goods would be removed. Also all Sri Lankan expatriate workers would be exempted of all taxes.

It was also announced that ownership would be given to those who were living in government houses on rent for more than ten years and to those who are in line rooms in the plantations. (Yohan Perera)