Written by Staff Writer
11 May, 2016 | 9:41 pm
A petition was filed at the Supreme Court claiming that the amended Value Added Tax and Nation Building Tax had been imposed in an illegal manner. It cites a number of respondents including the Minister of Finance.
Leader of National Freedom Front, MP Wimal Weerawansa says:
Taxes have been imposed on sectors which were exempted from VAT, without necessary amendments. Therefore the tax system is illegal.
Leader of the New Sama Samaja Party, Dr. Wickremabahu Karunaratne stated that if the government cannot charge taxes from the rich, revolutionary steps must be taken as they have to investigate how tens and millions were spent on the meeting held in Kirulapone.
Explaining further, he added that Arjuna Mahendran said as soon as he came into power that 80% of tax is paid by the poor, and the rich pay only 10% of the taxes.
State Minister of Finance, Lakshman Yapa Abeywardene stated that the VAT was increased because of the global economic crisis, decrease in state revenue, the need to sustain other essential activities.
He added that only 4-6 percent of the population pays direct taxes as everything else are indirect taxes. Therefore if indirect taxes are to be increased investments and economic stability must be provided.
He further stated that once the economy stabilises, it will be easy to attract investors as there will be an amendment to the VAT structure for the next two years at least.
17 Jun, 2021 | 03:49 PM
20 Apr, 2021 | 11:46 PM
Are you interested in advertising on our website or video channel
Please contact us at [email protected]