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AKD does not have any idea about turnover tax – State Minister

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Finance State Minister Shehan Semasinghe stated that VAT is anyway based on turnover and NPP leader Anura Kumara Dissanayake is talking about an additional turnover tax without any basis. He said if VAT rates are changed and an additional turnover-based tax system is introduced instead, the people will have to pay more taxes than they currently do.

The Minister of State explained that VAT is a very scientific tax system currently in operation in the world and added anyone who has a good knowledge about taxes will explain that if a tax on turnover is introduced instead, the people will be burdened with more taxes.

“VAT is charged on value added. In the case of turnover tax, a tax is levied at every input period from the purchase of a raw material in the production of a product. Likewise, every activity from sending the finished product to the market is taxed. In that case, the turnover tax system is a tax on top of tax. Such taxation is a system that has gone out of the world by now,” the State Minister said.

The State Minister further said “Anura Kumara Dissanayake, speaking about the country’s tax system, said that VAT rates will be changed or a tax on turnover will be introduced. Currently a sales tax is already charged under the social security tax. It is a very low percentage. He should explain more about the VAT percentage reduction or the imposition of new taxes”.

The post AKD does not have any idea about turnover tax – State Minister appeared first on DailyNews.

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