State Minister of Finance addresses taxation policies and trade issues

Tuesday, 14 May 2024 00:01 - - {{hitsCtrl.values.hits}}

Says Govt. already initiated steps to remove taxes on special trade items

State Minister of Finance Ranjith Siyambalapitiya yesterday addressed key taxation policies and trade-related concerns during a statement in the Parliament, affirming the Government’s readiness to engage in negotiations and implement necessary changes.

“The Government has already initiated steps to remove taxes on special trade items, indicating a willingness to accommodate any party with concerns in this regard through wide-scale negotiations,” he told the House.

Despite ongoing discussions surrounding the sugar tax fraud, the State Minister highlighted the absence of practical solutions from parties critiquing the policy. He urged those with viable alternatives to present them for consideration and implementation.

In addressing concerns about duty reductions, Siyambalapitiya underscored the importance of importers adhering to relevant deductions. Failure to do so, he warned, could result in importers accumulating unlimited amounts when disposing of their goods.

State Minister Siyambalapitiya cautioned against the immediate increase of duties, citing potential repercussions on the country’s stock values. “It is crucial for the Government control to prevent traders from exploiting such situations for undue profit,” he added.