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Last Updated : 2024-05-10 01:00:00
3 January 2024 09:32 pm - 33 - {{hitsCtrl.values.hits}}
Colombo, Jan. 03 (Daily Mirror)- Trade, Commerce and Food Security Minister Nalin Fernando today pledged a significant reduction of 75% in the cost of living burden on the people by the end of the first quarter this year.
He attributes this positive outlook to the initiation of 2024 with a positive economic growth rate.
Minister Fernando expressed his commitment to enhancing consumer rights by introducing a new programme for the Consumer Authority, aiming to provide greater security for consumers, the President’s Media Division said.
The Minister's remarks were made during a press conference at the Presidential Media Center (PMC) today under the theme “Collective Path to a Stable Country”.
He acknowledged the impact of India's halt on big onion exports, which has reverberated in Sri Lanka. However, the minister assured that the situation will be sorted within the next two weeks when India relaxes its restrictions on onion exports.
“While some argue against levying taxes for government income, it must be emphasized that such statements are counterproductive to the country's economic growth. Citizens bear the responsibility of supporting government investments in the country's future using tax revenue. Critics often cite high taxes as a reason for leaving the country. However, taxation in our country stands at a modest 12%, significantly lower than the 38% to 43% in countries attracting emigrants. These nations have thrived due to their tax policies,” he said.
Nimal Wednesday, 03 January 2024 09:45 PM
Is this a deliberate lie or just wishful thinking?
Cabarala Wednesday, 03 January 2024 09:51 PM
That means USD Vs LKR will come down to around 240 range. Thank you.
Rajkumar Mr Nagarajah Wednesday, 03 January 2024 09:57 PM
Yes, The Minister will do this through Sathosa! Good job Minister. I can't wait to go to Sathosa to buy all my groceries.
Jude Wednesday, 03 January 2024 10:40 PM
Who's this Joker!????
DD Thursday, 04 January 2024 07:25 AM
This joker was sleeping during the cabinet meeting and even slept in parliament. Suddenly, he woke up and made VAT the law of the country. Now, he's playing BAILA.
Pullma Dingalimga Thursday, 04 January 2024 07:50 AM
I don’t know. Someone you elected ?
Sam Silva Wednesday, 03 January 2024 11:10 PM
The 75% reduction will come to effect just before elections.
Siva Wednesday, 03 January 2024 11:20 PM
He is a joker.please don't waste our time. You all will learn a lesson soon
Jude Wednesday, 03 January 2024 11:41 PM
High CoL and High Poverty is here to stay!! Yeah. You can sugarcoat anyway you like but that's the reality!! Believe me, at the next Elections you guys gonna be wipeout!!
Gt Thursday, 04 January 2024 12:03 AM
So in 3 months they will collect enough to reduce costs? What lies, or is 3 months of heavy taxation on poor people enough to buy new vehicles and holidays? I eagerly await new gov so all these crooks who live in luxury get locked up while stealing from poor families who can't even eat or send children to school, they have taken away our children's futures and still they want more, squeezing every bit of life out of us, so they can live in luxury, justice will coke to all the evil doers, if not in this life then the next
Utterly Disgusted Cut The Lecture Out Thursday, 04 January 2024 12:19 AM
No stability and or collective path until those responsible who brought down the country are put before a court of law and justice is served to its Citizens, go get the money from them and invest in govt projects. Why the "hello" should Citizens support the govt investments, when they are suffering and DO NOT have their daily basic needs. It does not make sense sighting OTHER COUNTRIES having higher taxes, these countries NEVER had a family govern a country and or governments with a infestation of deceitful politicians, if any irregularities come to light the person is removed and or steps down from his/her Ministry until an independent inquiry is set up to investigate and report the findings. If found guilty the person is removed and or steps down. Please DO NOT try to compare and contrast Sri Lanka with countries that have higher taxes, cause majority of countries give their Citizens FAR MORE THAN OUR CITIZENS GET in some shape or form.
Dream On Thursday, 04 January 2024 12:27 AM
STOP PULLING THE WOOL OVER CITIZENS EYES, YOUR PREDICTION HOLD NO WATER, EVEN THE WEATHER CANNOT BE ACCURATELY PREDICTED. I SUGGEST YOU LEAVE THIS SERMON FOR END OF FIRST QUARTER.
Smh Thursday, 04 January 2024 12:44 AM
Wow. Genius! Please tell Biden also how to do it.
Ama Thursday, 04 January 2024 01:16 AM
In the past, you all WON the election by telling lies after lies. And "mooda" people believed and voted for you all.
Navin Perera Thursday, 04 January 2024 03:25 AM
When did this crawl out of rock?
Nimal Thursday, 04 January 2024 03:28 AM
These uneducated politicians are living in a fantasy world and not reality. It is economically IMPOSSIBLE for Sri Lanka to lower our COST OF LIVING (i.e. INFLATION) by 75% by the end of the first quarter.
DD Thursday, 04 January 2024 03:29 AM
Nonsense.. When the VAT decisions were made in the cabinet, he was dozing off in slumberland. In parliament, he sat like a statue, raising his hand to turn it into law, enjoying all privileges on the citizens' account, including luxury cars. Now, a symphony of promises plays when the country is ablaze. The responsibility falls on you; you can enjoy these perks only until election day. Citizens are waiting to hold you accountable.
Waco Thursday, 04 January 2024 04:54 AM
This man’s face is round due to over eating. All these reductions are election tricks.
Citizen k Thursday, 04 January 2024 07:30 AM
Wishful thinking.Only election propaganda.
Gamaya Thursday, 04 January 2024 07:50 AM
Well yes developed countries charge you a higher tax percentage, but have you seen the salary scales in those countries? A salary of Rs. 1.2mil per year would be a joke for them. Also they do see how their money is used by the Govt for the good of the citizens unlike in Sri Lanka where the politicians and their cronies operate in corrupt practices and spend the tax money on themselves and also evade tax. Thing is even if people pay 40% tax in other countries they can have a better life than in the wonder of Asia
Fred Thursday, 04 January 2024 07:57 AM
The countries the Minister is possibly referring to have not thrived because of their tax policies, higher taxes.They have thrived because the people work harder there is more equitable distribution of income and wealth not a few very rich and the majority poor and no corruption.They also uphold the rule of law all of which attract skilled migrants which add to the wealth and prosperity of the nation.In SL the 12% that is collected is spent often on luxuries the country cant afford or lost due to corruption.By comparison the 30% collected in developed countries is spent on real needs like transport health education and where there is corruption or waste it is dealt with through the law and justice served.The Minister is welcome to check.If SL is run like a developed countries many will return I assure you
Jayantha Thursday, 04 January 2024 07:58 AM
A guy who imports non essential item talks rubbish. He imported eggs,chicken and now keeri saba with dollara when latter is an issue we have. that money should be use for most essential things like medicine. This crook should be behind bars.
Sambo Thursday, 04 January 2024 07:59 AM
You think the public are stupid to listen to your bogus statements. Those days are gone my friend.
Dee Thursday, 04 January 2024 09:14 AM
Most people who so called ‘migrate’ actually go for studies and do odd jobs. But if they start work legally and have to purchase a home - then they realize what taxes mean! No protesting like in SL about having to open a tax file. Either open or get out!
roni Thursday, 04 January 2024 09:27 AM
Are you too in the same bracket of that notorious Rambukwella and sleepwalking and daydreaming.
Nimal Thursday, 04 January 2024 09:46 AM
Makes sense..!
VJ Thursday, 04 January 2024 10:43 AM
Minister, please be realistic, you are setting yourself up to fail. And when you fail, that would be the end of your political career.
Nelumuk Therupalan Thursday, 04 January 2024 11:31 AM
Try to feed with Thana Kola to Pin Gon MPs not for good people! Give more to RW and Myna and company then save lots of public funds!
RSR Thursday, 04 January 2024 11:38 AM
Mathematically , this means what is sold at 100 should come down to 25. This idiot is talking through his hat!
Cherath Thursday, 04 January 2024 12:20 PM
All these huge taxes are collected in Rupees. How can it resolve the main economic crisis of dearth of foreign exchange for infrastructure development, investment on enterprises and expanding the job market? Also, would the government guarantee that it will resign immediately if it fails to reduce the cost of burden by 75% by end of 1st quarter? Otherwise, it'll be like Ranil's promise to be developed by 2048 - who is left to test the result by then?
Kundasale Nalamanikkaram Thursday, 04 January 2024 04:16 PM
All are good for Pin Bath Pin Gon MPs! They get 100% reduction of of their illegal activities through poor man pocket! They have no food - no water - no electricity etc. Who did vote and appoint this Pin Gona? Shame on you all! Eat some Green Grass to reduce the living cost!
Gon Thadiyek Thursday, 04 January 2024 05:39 PM
Bandu, Bindu and now a Nalin
Hamun Nadarajah Friday, 05 January 2024 02:18 AM
The people who have selected this idiot must feel sorry! Determine not to send such idiots in future - They have raised both hand to increase all prices, taxes and VAT - Also to appoint an unelected refused man for Pin Gon - Pin Padi job! Now talking Bana without a yellow Robe!
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