Sri Lankas Deputy Minister of Finance and Planning Dr.
Harshana Suriyapperuma states that the incumbent governments approach to the IMF-supported economic reform program is to prioritize on individuals needs as the first item.That is where we worked out with the IMF group within the framework of the program any place possible to supply relief to assist in the requirements of the markets, he told reporters in Colombo today (01 ).
He mentioned that one of these relief steps was the 50% decrease of the taxes that were imposed on service sector exports.The previous government has actually accepted charge 50% tax on IT sector particularly on service exports.
Through our discussion and negotiations, the present government had the ability to lower it by 50% to the accepted international level of 15%, which is on par with the international minimum tax levels.That is to facilitate the development of the markets, he said, throughout a press briefing at the Govt.
Details Department.The deputy minister even more stated that Sri Lanka needs to take this economy from where it is now and to grow exports from the current USD $20 billion to over USD $40 billion within the next 5 years by 2030.
The base of the economy, the structure of the economy require to be prepared.
That is why several measured were executed, Suriyapperuma added.
Tax on service exports cut to 15% from 50% agreed on by previous govt - Dy MinisterSri Lankas Deputy Minister of Finance and Planning Dr.
Harshana Suriyapperuma states that the incumbent governments approach to the IMF-supported economic reform program is to prioritize on the peoples needs as the very first item.That is where we negotiated with the IMF team within the structure of the program any place possible to offer relief to facilitate the requirements of the markets, he told press reporters in Colombo today (01 ).
He stated that a person of these relief steps was the 50% reduction of the taxes that were imposed on service sector exports.The previous federal government has agreed to charge 50% tax on IT sector especially on service exports.
Through our discussion and settlements, today federal government had the ability to lower it by 50% to the accepted worldwide level of 15%, which is on par with the international minimum taxation levels.That is to help with the development of the markets, he stated, during a press instruction at the Govt.
Information Department.The deputy minister further said that Sri Lanka requires to take this economy from where it is now and to grow exports from the current USD $20 billion to over USD $40 billion within the next 5 years by 2030.
The base of the economy, the structure of the economy require to be prepared.
That is why several measured were implemented, Suriyapperuma added.