New tax structure on way
Import duty on essentials to be reduced:
Irangika Range
|
Dr. P.B. Jayasundara |
The Government is reviewing the entire tax structure to afford relief
to the people in the aftermath of the war. Treasury Secretary Dr. P.B.
Jayasundara told the Daily News that the whole tax system will be
reconsidered on instructions by President Mahinda Rajapaksa as the
Finance and Planning Minister to fit into the current pattern of
consumption and taking into account the on-going development activities
of the country after eradicating LTTE terrorism.
“We have targeted to provide maximum concessions to the public who
made a number of commitments by shouldering many burdens during the war
period,” he said.
He said that the Government is currently exploring the possibilities
of reducing import taxes imposed on essential items including dhal,
sugar, onion etc expecting to grant more relief to the consumers.
It is expected to reduce tax rates imposed on several items which are
manufactured locally.
Reduction of taxes imposed on vehicle imports too are under
consideration.
He further said that the people have raised their concerns on several
occasions regarding the tax rates imposed on vehicles which suffered a
drastic reduction during the past few years. Therefore, we are looking
thoughtfully at this aspect,” Dr. Jayasundara added.
Dr. Jayasundara further said that the Government aims to implement
the proper tax structure appropriate for the entire economic sector and
the necessities and current requirements of the people. This will also
create an environment conducive for more investments which will
contribute towards development and economic growth. |
