The Secretary to the Treasury and Ministry of Finance, Mahinda Siriwardena, has announced that the primary method for generating revenue in the 2025 budget will be through the relaxation of import restrictions and the revenue earned through taxation of vehicle imports.
According to him, this revenue is expected to be about 1% of the country’s Gross Domestic Product (GDP).
Speaking at a post-budget discussion in Colombo, Siriwardena highlighted that the relaxation of vehicle import restrictions is anticipated to boost government revenue significantly.
Additionally, he revealed that the budget will also include higher taxes on imports related to digital services, tobacco, alcohol, and casino activities.
He added that these measures are part of the government’s broader strategy to increase revenue and manage fiscal policies in the coming year.
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