In the current situation of the country, if the government carries out a tax cut, within 06 months, the people will have to go back to the age of queues, Minister of State for Finance Sehan Semasinghe said in the Parliament.
He said that the current tax policy will not be revised for any reason.
By 2024, it is proposed to collect Rs 3,870 billion in tax revenue and Rs 4,127 billion in total revenue.
1,040 billion rupees in tax revenue and 1,521 billion rupees in total revenue have been collected in the first quarter alone. He also told the House that if the tax cut is done as suggested by the opposition, 25 percent of the government’s revenue will be directly lost.
He said this while addressing the debate on the adjournment motion brought by the opposition in Parliament yesterday regarding various issues including economy, law and order and security.
He continued to address the debate.
The announcement for the presidential election will be made soon. In this case, one party has made efforts to use the economic impact as a weapon and the other party has made efforts to weaken the current economic initiatives.
The United People’s Shakti says that the existing taxes will be reduced by 24 percent when it comes to power. It is strange that these people, who mention that the economy was hurt by tax cuts, are saying that they will cut taxes again in their administration.
It is safe to say that if the tax cuts live up to the political promises, within six months the people will have to go back to the age of queues. Keeping that in mind, the current tax policies are not going to be amended. The Financial Management Bill and the Economic Transition Bill have been submitted to Parliament to prevent the country from facing economic crises again. He added that those who are expecting a row age in 2022 will vote against these bills.
Lawrence Selvanayakam
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