Prime Minister Ranil Wickremesinghe on Tuesday (08) delivering a special speech at the Parliament announced details on the proposed tax amendments.
Wickremesinghe said that the Nation Building Tax (NBT) will not be increased and it will remain at 2 per cent.
However, Value Added Tax (VAT) will be brought to 15 per cent, the Prime Minister added. He said VAT will not be imposed on essential commodities and electricity. Wickremesinghe also went on to say that the Capital Gain Tax will be reintroduced.
“First, the country must break out of a debt trap,” he said. Prime Minister Wickremesinghe also blamed the previous Mahinda Rajapaksa regime for leaving behind a massive debt burden on the country.
Prime Minister Wickremesinghe also agreed to allocate a date for a debate on the economic situation of the country following discussions with the party leaders.
In a bid to boost the local economy, the Prime Minister said that the Government also looks forward to work closely with India, China, the US and other countries