Deputy finance minister rules out surprise tax moves ahead of November 12 budget
Summarised by AI from 2 articles
Speaking on Tuesday ahead of the November 12 budget presentation, the Deputy Minister of Finance and Planning said indirect taxes are high, but ruled out surprise measures or implementing a property or wealth tax.
Daily Mirror identified him as Labour Minister Dr. Anil Jayantha Fernando and cited a property tax, while Thinakaran named him Industry Minister Anil Jayawardena Fernando and cited a wealth tax.
He explained that the 18 percent VAT rate cannot yet be cut without harming fiscal consolidation, though indirect taxes could be lowered once state revenue reaches around 18 percent of GDP by 2030.
Daily Mirror reported revenue reached 16.7 percent of GDP by late 2025, exceeding the 2030 target of 15.4 percent by 1.3 percentage points, whereas Thinakaran reported it is expected to reach that level.
Read the original reports
How the story developed
- සිPresident Dissanayake proposed a digital transformation authority, an AI center, and student broadband internet vouchers.
- සිPresident Dissanayake allocated 200 million rupees for a Katunayake Airport flyover to support re-exportation centers.
- தHarsha de Silva criticized the budget for lacking structural change and maintaining previous expenditure levels.
- සිOpposition Leader Sajith Premadasa accused the government of concealing economic data and manipulating budget figures.
