What happened to taxes introduced and amended in 2017 budget?

What happened to taxes introduced and amended in 2017 budget?

What happened to taxes introduced and amended in 2017 budget?

Written by Staff Writer

21 Jun, 2017 | 6:28 am

Seven long months have gone by since the 2017 budget was presented in Parliament.

The budget contained a variety of new taxes and amendments to existing tax systems. However, none of the presented taxes have been gazetted yet.

And now, there is a risk of the government failing to raise the expected revenue.

The following are the taxes introduced and amended by the 2017 budget and the expected incomes:

  • Capital Gains Tax: Rs. 5 billion
  • Super Gains Tax: Rs. 32 billion
  • Withholding Tax (amended): Rs. 26 billion
  • Pay As You Earn Tax (amended): Rs. 25 billion

“The tax that is earned is carried out as per the systems that were gazetted through the 2014 Mahinda Rajapaksa budget. When a budget gets approval in parliament it should be gazetted within two months.” – S.B. Dissanayake (Minister of Social Empowerment, Welfare and Kandyan Heritage)

The Inland Revenue Department Workers’ Union says that the dept. is unable to meet the revenue targets. “We have not been able to earn a large sum of money as taxes.” said Union secretary Ajith Pushpakumara.

He added that the Min. of Finance is talking about new taxes and increasing revenue while the dept has been “unable to earn revenue through existing taxes”.

The 2016 Finance Report – incomplete?

Meanwhile, the opposition pointed out in Parliament on Tuesday, June 20 that the 2016 Finance Ministry report is incomplete.

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