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Planning to revise VAT percentage to further support economic growth: President

7 February 2024 11:19 am - 52     - {{hitsCtrl.values.hits}}

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By  Ajith Siriwardana and Yohan Perera 

Colombo, Feb 7 (Daily Mirror) - The government was planning to reduce the tax burden as economic reforms continue to stabilize the economy, President Ranil Wickremesinghe said in his Policy Statement in Parliament today.

“We are also revising the VAT percentage to further support economic growth,” he added.

Delivering the government's Policy Statement in Parliament, he said the tax registration has substantially increased, with the number of registrations growing from 437,547 in 2022 to 1,000,029 by the end of 2023, representing a 130% increase.

 

 


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  Comments - 52

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  • Attraction to voter for coming election Wednesday, 07 February 2024 12:02 PM

    Plan to increase after election if so

    U forgot Corruption Thursday, 08 February 2024 07:08 AM

    You are despised coz no corruption

    Ah Wednesday, 07 February 2024 12:02 PM

    Bravo president. You can do it.

    Pigs may fly Wednesday, 07 February 2024 04:06 PM

    He tried for 40 years and was an abject failure. Maybe if he undergo a pre-frontal lobotomy we may see success.

    last chance Wednesday, 07 February 2024 04:37 PM

    Yes, he can do by keeping people staving without food while raising the malnutrition among children a up to 31 according to the statistics of his government. Fools can only praise such statements when the whole country is suffering except for few.

    Jehan Wednesday, 07 February 2024 12:03 PM

    People have already forgotten the dire state of the economy when the new president took over and already going behind two unproven politicians. God save these short sighted people.

    Patriot Wednesday, 07 February 2024 09:05 PM

    Agreed!

    Rathnavali Wednesday, 07 February 2024 10:28 PM

    Absolutely right!

    Vishwa Wednesday, 07 February 2024 11:17 PM

    When your car is broken do you take it to the mechanic who broke it or try a better one.

    Gokula Siripathiarachchi Thursday, 08 February 2024 03:26 AM

    They are not short sighted..this clown was in politics for most of his life , he was the leader of a proud and mighty party which he brought to its knees, now he has a positioned himself as a saviour of the nation. What he has done to stabilise the economy if not rocket science and alarmingly he is protecting his fellow clan of politicians while increasing the burden on the common people and tightening laws to restrict freedoms. He is a dangerous and smooth operator. Give us younger unproven people anyday rather than this bunch of failed old fools!

    Fuzzy logic Thursday, 08 February 2024 05:33 AM

    Ok then let's support a proven failure, who couldn't give a rat's behind about the country or her people.

    Grace Wednesday, 07 February 2024 12:12 PM

    Reducing VAT percentage only temporarily. In the coming election if you win you can recover the amount.

    cheating Wednesday, 07 February 2024 04:59 PM

    of course he well know that how to cheat the people for election

    Jabila Wednesday, 07 February 2024 12:13 PM

    Pohottu ranil consensus and mutual colaboration is for safety of both sides, and prevent many end up in jail. VAT 'revision' for regime's daily survival. Contry needs non communist, non patriotically extriemist government.

    Voter Wednesday, 07 February 2024 12:23 PM

    Election gimmicks are coming up all of a sudden

    Sumal Wednesday, 07 February 2024 12:28 PM

    How long you are going to punish private sector employees? Because of your unethical tax policy (APIT), SL has already lost a formidable and experienced IT professionals. All these done without a single benefit to the people who are paying tax. How to build the country by pushing people who contribute to the economy?

    Sambo Wednesday, 07 February 2024 12:46 PM

    Where were your brains when you were implementing such high tax rates. No sales no taxes will come. Now starting the reverse policy.

    Nimal Wednesday, 07 February 2024 12:55 PM

    We very well know what he means by revising. People of this country should braze themselves for another hefty increase of VAT. What are these economic reforms he mentions that have stabilized the economy? They are all taxes and burdens heaved on the masses who have been called upon to atone for the grievous sins and corruptions of successive regimes, commencing from the turn of the century. What economic reforms were places other than taxes and burdens? Nothing at all. The sooner we chase away this undemocratic dastardly regime, the better.

    sam Wednesday, 07 February 2024 01:02 PM

    Economic growth? big joke

    SujMan Wednesday, 07 February 2024 01:10 PM

    The rouges will have to run and live in the country by the selves. All professional paying payee tax would have left the country by then.

    joshua Wednesday, 07 February 2024 01:35 PM

    Reduce closer to the election? This method is now outdated.

    Robin Wednesday, 07 February 2024 01:40 PM

    Very sensible move high taxes affect in a bad way with consumer .retail .bussines economy sentiments people intend to minimize spending due to high level of price increase cost of living inflation unbearable cost that lead to other domestic business issues with public suffering whitout having high taxes stimulate the economy in a way that middle class the poor families at least live reasonably will be a great help for all and a very wise to minimize suffering

    United SriLanka Wednesday, 07 February 2024 01:51 PM

    Let's join hand to get rid of these corrupt selfserving politicians.

    Gabriella Wednesday, 07 February 2024 01:56 PM

    With the elections approaching every sadist is developing a Social Conscience.

    I am too sexcy for my country Wednesday, 07 February 2024 04:17 PM

    Very true, Ranil is the poster boy for narcissism.

    DOT Wednesday, 07 February 2024 02:04 PM

    Did you discuss with IMF?

    A Wednesday, 07 February 2024 02:12 PM

    Then why did you increase

    DOT Wednesday, 07 February 2024 03:33 PM

    Just to get IMF second payment!

    Sam Silva Wednesday, 07 February 2024 06:28 PM

    @dot We did not get the second installment as yet as per news

    Dee Wednesday, 07 February 2024 02:25 PM

    Most of the time the benefits of tax or price reductions won’t go to end users! Traders and middleman gain profits whilst blaming the government for taxes(which they dodge) and foolish public believe. So might as well keep it as it is. If reduced, they will find some excuse and further increase prices to end consumers. See bakeries sold underweight bread and arbitrarily increased prices when they were raided! That’s Sri Lanka. A land like no other!

    roni Wednesday, 07 February 2024 02:36 PM

    These are election tricks 2 months after implementation the IMF has changed its stance. Good for the marines Ranil Rajapakse. People will still kick you out. Before that travel the world at the expense of the people's funds. Your track record of been elected at elections says it all.

    ROSH Wednesday, 07 February 2024 02:37 PM

    Unelected master debating president wants charge for his services in mile high club when unelected master debating president uses electricity make his double bed so steamy when he’s doing internal work to develop the economic activities on normal folks back. Of course we must build his statue without his trousers in front of the parliament to see how much internal work he has been doing externally. This is the best unelected master debater my country and whole world ever had.

    Lesslie Wednesday, 07 February 2024 02:53 PM

    People need to think the bad times we experience few months before prior taking over the countries leadership when all rejected..Now calling unelected etc etc.if he dint come today would have been much worse in very bad way one man can't do everything all others must contribute too President have huge task ahead let's hope things get better eventually possitive feed back what we all need and let the President no....while other good for nothing will not do anything anyway..

    pradeep Wednesday, 07 February 2024 02:55 PM

    He is enjoying with every possible opportunities as a president while protecting his close roughs and putting all burden to people. Lets wait up to next October to chase away these idiots who led the country to bankruptcy

    S. Samarakoon Wednesday, 07 February 2024 03:05 PM

    Please Proscribe NPP before it is too late !!

    Anthony Perera Thursday, 08 February 2024 08:26 AM

    why? are you just another conman who does not explain anything. Pathetic.

    Lasantha Jayasinghe Wednesday, 07 February 2024 03:26 PM

    I honestly thought Ranil is above cheap politics - This belief has been shattered manytimes since he became the president. He has shown he is another cheap politicians who try to deceive people by adopting cheap gimmicks. NPP is the only solution

    Ashley Wednesday, 07 February 2024 03:56 PM

    When you adamantly increased the VAT, we humbly decided not to vote you, IF you are not put genuine effort to collect, bad debts tune to trillions of rupees borrowed from state banks by your friends, why ,we have been taxed if you exempting such billionaire borrowers , we feel our vote is not worth to you, better come up with good solution sooner,

    Junthi Nagapala Wednesday, 07 February 2024 04:18 PM

    How about the money Robbed from the Central Bank with RKNayam and the Hora group?

    Nodaking kalakani Wednesday, 07 February 2024 04:20 PM

    Ranil the conman at work.

    isee Wednesday, 07 February 2024 04:56 PM

    All the seeni bolas are been provided for the 69 mil intellectual voters. Great going. Soon after elections all the squeeze will start again. Interestingly the tactics still works even after 76 years. Well done the master marketers!

    Suhada Malli Wednesday, 07 February 2024 05:39 PM

    Dear Mr. President, While you very correctly said that this country needs 25 years to reach development a statement which economics professors even advising the NPP (JVP) and the SJB have also confirmed, we as citizens are deeply concerned and disappointed to note that none of the parties are promising to release a 25 year development plan and supporting policies. In the case of the President he reveals bits and pieces of a high level thought process, such as the need to embrace AI - Artificial Intelligence but such utterances are not going to achieve a tangible result. If you want the votes of the private sector tax paying citizens, how ever bitter it is please share a long term journey of how we will develop at least by 2048 - which too seems to soon considering the repeated failures in the last 10 years to achieve the revenue numbers declared in our national budgets.

    saman Wednesday, 07 February 2024 07:16 PM

    Pin Janadipathi, we predicted that you will reduce the VAT to 5% and Increase the tax threshold to Rupees 200,000 per month in August 2024, just before the election. We feel sorry for you. Enjoy the last 7 months with those old handa hamila.

    Lanka Shantha Wednesday, 07 February 2024 07:37 PM

    If you like the country grab all the monies from former corrupt rulers. Get the large sum of money from the bank loan holders who are not paying back the people's money.

    SSZ KHAN Wednesday, 07 February 2024 09:01 PM

    Educate people about economic implications and tax the rich properly. Attract foreign investments by reorganizing the system to rid bribery and corruption by officials.

    Aviator Wednesday, 07 February 2024 10:40 PM

    Come on Ranil. Well done! Following the usual election gimmicks of the past. No votes for you, darling. The people know better now.

    dana Wednesday, 07 February 2024 11:11 PM

    We believe this as political gimmick to catch power for another 5 years,but to catch the power, you too give promises ,which should be attractive than NPP promises, such as revoke perks and pensions for parliamentarians, punish who Looted public assets

    Db Thursday, 08 February 2024 01:53 AM

    Vat should be applied for international companies who operate in sri Lanka. All SaaS, Iaas and paas, not only local service providers.

    Jeewaka Thursday, 08 February 2024 02:01 AM

    You better have your economics to cronies and hencement of rajapakshas. You are at a failure 31 defeats of a world record of an elections. Better spend next 6 months of your free luxury time by the expense of Sri Lankan poor people

    Jude Thursday, 08 February 2024 06:07 AM

    This guy never had a clue in SL economy!!; never had The Pulse of the poor people off SL. That's why RANIL lead UNP got only 249, 435 votes out of 16.2 million eligible voters. Back in 1977 general elections when SLFP down to 8 seats they got 1,85,331 yeah almost 2 million votes. UNP no longer a mainstream political party in SL Coz NPP And TNA at the 2020 general Elections. Voters have rejected UNP outright, yeah.

    Sumo de Silva Thursday, 08 February 2024 08:21 AM

    Can you trust this ,am. Certainly not. He could have done this at the time VAT was increased. This man has no compassion. A man who taxes food including baby food, the basic ingredient for human continuation. How can you trust him. Needs an alternative for this man who shioelds thieving scumbags. This is just a dangling carrot to hoodwink the voting public. I hope people have matured politically not tom fall for this kind of BULLSHIT.

    navratne willamune Friday, 09 February 2024 05:33 PM

    election bribe,closer to it they will reduce it further


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