President outlined plans to reduce the tax

4 weeks ago
Sri Lanka

President Ranil Wickremesinghe In his address marking the commencement of the fifth session of the 9th Parliament & presentation of the policy statement, announced a significant turnaround in the nation’s economic landscape. 

Despite the 1.9% Gross Domestic Product (GDP) deficit in 2022, Sri Lanka achieved a surplus by the end of 2023, marking the first such occurrence since 1977. 

President Ranil Wickremesinghe highlighted a substantial increase in tax registration, with the number of registrants soaring from 437,547 in 2022 to 1,000,029 by the end of 2023, representing a 130% increase.

The President also outlined plans to reduce the tax burden as economic reforms continue to stabilise the economy, while also revising the VAT percentage to further support economic growth.