Economy Decoded! Let’s talk about tax!

Lanka game of thrones Sunday, 20 November 2022 01:23 AM

Glad to see the article, but seeing the young people talking about tax being "necessary evil" makes be me wonder if they will more likely stoop to tax evasion, citing it as as personal "necessary evil" to keep more of their incomes to themselves. Hopefully once the next generation of children in the tax funded public education system do more English at school, the English communication skills of next Sri Lankan youth will be much better. Maybe there needs to be more education in schools before O level about taxes, and the benefits to society from them efficient use. While not taught they should then reason that the of the so much collected tax spent on defence as it happens here is inefficient and an evil against our society.

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Athk69 Sunday, 20 November 2022 04:19 PM

Doesn't the constitution guarantee the freedom to live? How can citizens survive at the current inflation levels, significantly diminished disposable income, significant erosion of the value of savings, high interest on loans taken, very low wage growth, very high cost of living, - All of which were due to bad politics and short sighted policies etc... doesn't this violate the fundamental right to survive? How is it that the constitutional right of citizens survival isn't violated? Rather, there should be more tax slabs that progressively introduce small incremental rates. The highest rate at the highest slab, wont affect the lower and middle income earners. This is similar to what was implemented by Thailand.

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firdhous Monday, 21 November 2022 11:52 AM

State revenue must be added in the school syllabus as a subject and every one should be educated about the importance of state revenue, paying taxes and right use of it.

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Rehan Fernando Thursday, 24 November 2022 08:13 AM

Only the people who have tax files which is approx. 400k files will get taxed. All others will go Scott free!

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GERIATRIC Friday, 25 November 2022 06:02 PM

Only 150,000 Tax Files for 22 Million. Oh! Gosh!! What about the others? Consider the fate of a Retired Private Sector Employee - Total Monthly Income Rs.400,000 paying Health Insurance Policy Premium USD 2000. The Total Threshold earlier was Rs 4.2 Million which included 1.2 Million for Health and Education Expenses. When The threshold drops to Rs 1.2 Million his/her added tax burden is 36% of Rs. 3 Million which works out to Additional Rs. 90,000 per month. If the elder is paying about Rs, 350,000 per month to an Elders' Home, how is he going to find money to pay the additional Tax?

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Nuwan Sunday, 27 November 2022 01:20 PM

Isn't the lowering of taxes by Gota was the problem? Now the increase in taxes is a problem? What do you want people? Reduce tax for goods and services.

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Alpha Sunday, 04 December 2022 10:37 PM

Only 150,000 Tax Files for 22 Million. The best tax is indirect tax. This way everybody pays taxes. No avoidance and no evasion.

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Percy Wijenayake Tuesday, 13 December 2022 05:08 PM

We must insist that everyone has a tax file and it is the responsibility of the Inland Revenue to take appropriate action with the employers to comply and remit the salary details to the tax Department to stop tax evasion. It may be difficult for some but the government will be considerate when the economy picks up.

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Alpha Thursday, 15 December 2022 10:33 AM

Why target only employees? What about lawyers, doctors, mason basses, boutique owners and many others in the informal sector? Employees are the only people who can't hide their incomes. The IRD has been most inefficient all these years. We cant expect them to suddenly becoming ultra-efficient overnight.

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