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| State Minister for Finance Ranjith Siyambalapitiya |
State Minister for Finance Ranjith Siyambalapitiya affirmed the Government's commitment to provide tangible benefits to the public through prudent fiscal policies.
Speaking in Parliament yesterday, the State Minister announced a series of measures aimed at reducing the tax burden on citizens, in line with the Government's promise to exploit increased state income for people's welfare.
“The proposed amendments, discussed under the Social Security Contribution Tax Amendment Bill, seek to exempt certain essential items from social security tax,” he said.
Equipment for people with special needs, machinery for rice production, polishable gemstones slated for re-export, items at duty-free shops and licensed energy distribution companies will be exempted thereby. Siyambalapitiya highlighted the success of the social security tax, which has exceeded anticipated revenue targets due to its uncomplicated nature.
Despite an initial projection of Rs. 459.92 billion in tax revenue by July, the actual collection surpassed expectations, reaching Rs. 480.17 billion.
“By leveraging increased state income, the Government is taking strategic steps to create a more equitable economic landscape, where citizens reap the benefits of fiscal progress,” he explained.
