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Government Affirms No Plans for New Indirect Taxes; Focuses on Revenue Increase, State Minister Says

State Minister of Finance, Ranjith Siyambalapitiya, clarified the government’s stance, stating that there are no intentions to implement additional indirect taxes that could lead to an escalation in the prices of goods. Addressing the media in Kegalle on Monday, January 29, Siyambalapitiya emphasized the government’s commitment to maintaining current tax percentages without any further increases.

During the media interaction, Siyambalapitiya assured that the state is concentrating on boosting overall state revenue and does not plan to raise indirect taxes. He emphasized that the cost of goods is unlikely to rise due to an increase in indirect taxes; instead, it may be influenced by factors such as demand and supply dynamics.

Siyambalapitiya stated, “We are working in a manner to increase state revenue, and resultantly reduce the percentage of indirect taxes, so that we can reduce the burden on the people.”

Furthermore, the State Minister disclosed that a new property tax is scheduled to be introduced in 2025. While aligned with recommendations from the International Monetary Fund (IMF), Siyambalapitiya assured that the property tax will be progressive, targeting individuals who own substantial amounts of property. This move aligns with the government’s strategy to balance revenue generation without imposing additional burdens on the general population.

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