Tax rates to be increased

Finance Minister Ali Sabry said yesterday his office had started initial consultations on the increase of fiscal revenue from the present 8.5 percent of the Gross Domestic Product (GDP) to 13-14 percent.

The Minister told Daily Mirror that it is difficult to run a country with such a low tax revenue base as a percentage of the GDP.

“We have not made a final decision yet. But, we believe there should be a general tax increase,” he said.(Kelum Bandara)