Written by Tharushan Fernando
16 Apr, 2016 | 9:10 pm
The revised Value Added Tax, which will come in to effect on May 2, was widely discussed in the political arena.
“Following the dawn of the New Year the Government of Good Governance gave the people of the country a gift”, charged UPFA MP, Rohitha Abeygunawardena who stated that VAT will be imposed on goods and services and this will affect the economy of everyone in the country and the expenses for an innocent person to go get his health checked will be doubled.
Deputy Minister of Transport and Civil Aviation, Ashoka Abeysinghe noted that in 2015 the GDP of the country dropped to 10% but it has to be increased to 15 or 20 percent, therefore a decision has been taken to temporary increase the VAT from 11% to 15%.
“When the income of the country is 1250 billion the expenses are 3500 billion”, explained the Minister who pointed out that under VAT ,prices of goods will increase, which will increase the revenue of the government.
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