President discusses next steps on vehicle imports, tax reforms and digitalisation

Wednesday, 8 January 2025 00:08 - - {{hitsCtrl.values.hits}}

In meeting with Finance Ministry officials reiterates Govt.’s commitment to maximising benefits to people despite challenges

President Anura Kumara Dissanayake yesterday discussed the next steps with regard to vehicle imports, tax reforms and digitisation with officials from the Finance Ministry.

A statement from the President’s Media Division (PMD) said a significant portion of the discussion addressed the challenges surrounding vehicle imports into Sri Lanka. The President emphasised the need for a well-balanced approach to address these concerns, taking into account 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 subject to income tax.

Additionally, President Dissanayake highlighted the urgent need to digitise Value-Added Tax (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, Ministry of Finance Secretary Mahinda Siriwardana, Central Bank Governor Nandalal Weerasinghe, Senior Advisor to the President Duminda Hulangamuwa, and senior officials from the Ministry of Finance.