Written by Staff Writer
14 Jul, 2016 | 8:59 pm
The Sri Lanka Freedom Party has taken steps to compile special report regarding Value Added Tax.
State Minister of Finance, Lakshman Yapa Abeywardena stated that during the meeting held at the ministry, the president had instructed them to introduce a system where VAT would not be a burden to the general public.
Four proposals have been discussed deals with broad range of Value Added Taxes; considering the increase in VAT from 11% to 15%.
Explaining further, he noted that discussions were made on how VAT would affect the prices of essential goods. Discussions were also held on whether direct tax schemes should be introduced.
He went on to note that the extensive report will be handed to the President by the SLFP on July 17.
Minister of Petroleum Resources Development, Chandima Weerakkody proposed that the registration fee for bunkering fuel for ships should be raised, as it is only $100.
He added that the revenue of the country could be increased without burdening the public if taxes are imposed on synthetic lubricants.
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