In a pivotal Policy Statement delivered today in Parliament, President Ranil Wickremesinghe unveiled the government's intentions to alleviate the tax burden as part of ongoing economic reforms aimed at stabilizing the nation's economy.
President Wickremesinghe emphasized the government's commitment to fostering economic growth by revising the Value Added Tax (VAT) percentage. This adjustment aims to provide further impetus to Sri Lanka's economic expansion efforts.
Highlighting significant progress in tax compliance, President Wickremesinghe noted a substantial increase in tax registrations. From 437,547 registrations in 2022, the number surged to 1,000,029 by the conclusion of 2023, reflecting an impressive 130% upsurge.
