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Sri Lanka

President meets with FinMin officials to discuss vehicle imports

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Photo: PMD
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President Anura Kumara Dissanayake held extensive discussions with officials from the Ministry of Finance on Tuesday (07) at the Presidential Secretariat with a special focus on vehicle imports.

The meeting, attended by Deputy Minister of Finance and Planning Dr. Harshana Suriyapperuma, Secretary to the Ministry of Finance Mahinda Siriwardana, Governor of the Central Bank Nandalal Weerasinghe and Senior Presidential Advisor Duminda Hulangamuwa, also focused on issues related to withholding tax and the digitalization of VAT collection.

A significant portion of the discussion addressed the challenges surrounding vehicle imports into Sri Lanka where the President emphasized the need for a well-balanced approach to address these concerns, taking into account the country’s financial constraints and economic priorities.

Digitization efforts

President Dissanayake highlighted the urgent need to digitize Value-Added Tax (VAT) collection processes to enhance efficiency and transparency.

He announced plans to implement a comprehensive digital system soon, which is expected to improve tax compliance and revenue generation.

Relief for senior citizens?

The President also highlighted the importance of establishing a mechanism to refund Withholding Taxes (WHT) deducted from retirees who are not subject to income tax.

However, opposition lawmaker Dr Harsha de Silva posting on X (formerly Twitter) observed that the National People’s Power (NPP) policy document endorsed by President AKD failed to mention plans to increase WHT on interest.

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