President Anura Kumara Dissanayake held an extensive discussion with officials of the Ministry of Finance yesterday (7) at the Presidential Secretariat, on issues related to Vehicle Imports, Withholding Tax, and the digitalisation of Value-Added Tax (VAT) collection.
A significant portion of the discussion addressed the challenges surrounding Vehicle Imports into Sri Lanka. The President stressed the need for a well-balanced approach to address these concerns, taking into consideration the country’s Financial constraints and Economic priorities.
The President also highlighted the importance of establishing a mechanism to refund Withholding Taxes deducted from retirees who are not liable for Income Tax.
Additionally, President Dissanayake highlighted the urgent need to digitize VAT collection processes to enhance efficiency and transparency. He announced plans to implement a comprehensive digital system soon, which is expected to improve Tax compliance and Revenue generation.
During the meeting, the President expressed optimism about Sri Lanka’s Economic progress, stating that the country is steadily moving towards recovery and stability. He reiterated the Government’s commitment to maximising the benefits provided to citizens, even amidst the current challenges.
The meeting was attended by Deputy Minister of Finance and Planning Dr. Harshana Suriyapperuma, Secretary to the Ministry of Finance, Mahinda Siriwardana, Governor of the Central Bank, Nandalal Weerasinghe, Senior Advisor to the President, Duminda Hulangamuwa and Senior officials of the Ministry of Finance.
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