"Current tax policy is a rescue operation" - President

Tax Policy is a rescue operation, says President

COLOMBO (News 1st); Sri Lankan President Ranil Wickremesinghe said that the current tax policy is not a normal tax policy, but a rescue operation.

Wickremesinghe noted that if this process is disrupted, Sri Lanka will not be able to join the International Monetary Fund (IMF) program and may lose the opportunity to do business with foreign countries.

The President made these remarks while delivering the keynote speech at the Tax Forum 2023. 

President Ranil Wickremesinghe also stated that the budget presented for the year 2023 in Sri Lanka is not an ordinary budget, but rather an operation to rescue the economy. 

The President also stated that once an agreement with the International Monetary Fund is reached, it will be presented to Parliament and it will have the option to pass or reject it. If the proposal is rejected, the relevant parties should submit alternative proposals to the International Monetary Fund, he added.

Commenting on the debt restructuring process with the main creditors of Sri Lanka, the Paris Club, India and China, the President said that the Paris Club has guaranteed its financial support for Sri Lanka, and India is following its own method, but China has not expressed agreement about its method so far. 

However, President Ranil Wickremesinghe mentioned that their stand will be announced at the G-20 Finance Ministers’ meeting on the 23rd in Bangalore, India.