Written by Lahiru Fernando
02 Apr, 2017 | 4:07 pm
Is the government attempting to increase the tax burden on people? Well, civil societies think so.
The VAC convener Wasantha Samarasinghe points out that the Central Bank Bond Scam took the ‘Employee Provident Fund’ as its “victim”. He added that the Government is now “preparing to tax the EPF”.
“This extortionist government is trying to extort the people’s money through various rules and regulations, and by using their power.”, he added.
As per the calculations of Wasantha Samarasinghe: If an employee had Rs. 500,000 in his EPF (on 10% benefit), he will receive Rs. 50,000 in his account. However now, according to Samarasinghe, he will only receive Rs. 38,000.
Civil societies state that this matter is made clear when going through the budget documents pertaining to the 2017 financial year.
Budget speech 2017 – Technical notes on taxation
The present tax rate of 10% applicable for funds such as the EPF and ETF, charitable institutions, dividends, treasury bonds and treasury bills and any other sector will be increased to 14 percent.
“We can see that the current government is feeding the thieves and are feeding poison to the public.” says Chameera Perera (Convener – Left Centre)
Chameera Perera says that the “application of taxes” is the only economic policy the government is “carrying out to the letter”.
The Left Centre convener pointed out that the EPF is not given to people for free, but a right of the people.
“These are the funds of the people. These are the people’s savings ..”, he added.
The FSP Propaganda Secretary says the government is acting as if the working class is their “enemy”. Pubudu Jayagoda charged the government of not taxing the wealthy, but providing them with relief.
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