The leader of the United Republican Front (URF) Patali Champika Ranawaka said that the government has burdened the public with a regime of heavy taxes, which could also have an adverse effect on the economy.
Speaking to the media at the party head office on Thursday (02), Ranawaka found similarities between the taxes of the present regime with those by Ranil Wickremesinghe.
He noted that taxpayers would need now to pay an additional Rs. 136,000 in taxes compared to 2020.
Ranawaka alleged the government’s tax policy was excessive and potentially harmful to economic recovery.
In 2025, the government aims at a revenue target of around Rs. 4,300 billion.
Compared to the tax revenue of Rs. 1,300 billion during Gotabaya Rajapaksa’s rule in 2020, this means an additional Rs. 3,000 billion this year, he explained.
He said that the new taxes, heavily influenced by IMF conditions, prioritized debt sustainability over public well-being.
He also referred to the increase in the withholding tax on bank deposits from 5% to 10% and the imposition of a 15% tax on export-oriented professionals.
Those could discourage savings and investment, could potentially have severe repercussions on the banking sector and threaten economic stability, he added.
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