Despite the recent increase in the Value Added Tax (VAT), State Minister of Finance, Dr. Ranjith Siyambalapitiya, assured that it will not impact certain sectors, including the electricity tariffs.
The move to raise VAT was made in January as part of the government’s efforts to boost revenue in line with World Bank agreements, but the Minister emphasizes that this is a temporary measure.
Dr. Siyambalapitiya further explained that once the tax network is thoroughly streamlined, the government will be able to provide relief to the public.
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The Minister’s remarks come as the authorities work towards regularizing the tax system to ensure a fair and efficient collection process.
courtesy dailymirror
