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Ranil justifies tax hikes amidst criticism_我的网站

一 |     Colombo, Oct 20 (UNI) Amid growing criticism, Sri Lankan President Ranil Wickremesinghe has justified a hike in income tax for both corporates and individuals, saying it was for the greater good of the country and critical to garner much needed financial support from the international community.
In an address to the nation, the President said the International Monetary Fund (IMF) with which the government has signed a Staff Level Agreement for a $2.9 billion four-year financial support, advised the need for a surplus in Sri Lanka’s primary budget, the Daily FT reported on Thursday.
“It was agreed to since the country needs the support of the IMF,” he was quoted him as saying.
“It was also decided to increase the country’s income from 8.5 per cent to 14.5 per cent of the GDP. However, it is a difficult task to accomplish immediately, it is envisaged to achieve this by 2026.
"Initially, a decision had to be taken on the manner in which the income is to be increased. Money was printed due to the decrease in income. During the past two years, Rs. 2,300 billion has been printed, resulting in inflation rising to 70-75 per cent and even more in respect of food inflation," he said.
Wickremesinghe said these increases need to be controlled, while securing income. Therefore, during the discussions with the IMF a new tax system was proposed. The IMF informed that even the export industries would be required to pay taxes.
The IMF pointed out that in countries with an export economy, the related industries were liable for tax. The IMF also upheld that Sri Lanka’s primary export economy is based on the plantation industry.
During British rule, taxes were charged from every plantation sector, including tea, coconut and rubber. Therefore, if the country has to move towards that goal, taxes will have to be paid. The export sector has now questioned this aspect and the related concerns are to be submitted to the IMF.
Referring to the issue of higher personal income taxation, the President said the majority of tax revenue was through indirect taxation. The majority of the country’s citizens, even those below the poverty line, had no choice but to pay indirect taxes, the President said.
The direct tax revenue was 20 per cent and 80 per cent has been derived from indirect taxes.
The IMF had reservations in this regard and said the amount of tax obtained through direct taxes should exceed 20 per cent. The IMF noted that otherwise this would not be successful and ordinary citizens would need to pay taxes, the President said.
Therefore, the Treasury and the IMF discussed the possibility of limiting the taxation from those who have an income of Rs. 200,000, which did not materialise. Eventually, this resulted in the decision to levy income tax on people earning over 100,000. This has become a vital concern amongst citizens.
But without this tax system, the desired goal will not be achieved. The agreed goal is to achieve 14.5-15 per cent of Gross Domestic Product (GDP) revenue by 2026, Wickremesinghe said.
If Sri Lanka withdraws from this programme, IMF assistance will not be received. Without IMF certification, the support of institutions such as the World Bank, Asian Development Bank, and the countries that have supported financially will not be forthcoming. Then, Sri Lanka will be back to the era of queues, he warned.
In his address, Wickremesinghe also said the Government was ready to implement prudent economic management after successful debt restructuring.
He noted that it was not possible to strengthen the economy without increasing the revenue of the country, which will compel him to reluctantly make tough decisions in order to rebuild the nation.
The President pointed out how in November 2019, the country’s taxes were drastically reduced, reducing the government revenue to 8.5 per cent. This was when the IMF set aside the agreements with Colombo and declared that it was unable to provide the agreed assistance.
"That year the government lost approximately Rs. 600-700 billion as revenue. Simultaneously, the country had to face the Covid-19 pandemic. These issues are the main factors that led to the collapse of Sri Lanka’s economy.
"The country at this juncture is facing a difficult period. Expectedly tough decisions have to be taken during these difficult times. I undertook this challenge when no one else was willing to come forward."
UNI MR。    中新社上海8月25日电 (记者 陈建新 缪璐)“欢迎大家来大陆，走进校园、走进训练基地，参与训练交流、赛事活动、学习实践。”25日在上海出席一场两岸青年交流活动时，奥运冠军马龙向台湾青年发出邀请。         　　他说，大陆拥有广阔的体育土壤、完善的培养体系、开放的交流环境，不仅可以培养专业的运动员，也适合每一位热爱运动的年轻人。         　　“同心同行——两岸青年交流季上海站”活动当天开幕，马龙在主论坛上作主旨演讲，分享参与两岸青年交流的故事。                   8月25日，“同心同行——两岸青年交流季上海站”活动开幕，马龙在主论坛上作主旨演讲，分享参与两岸青年交流的故事和感受。中新社记者 汤彦俊 摄          　　2024年底，作为北京体育大学的学生，马龙随大陆高校师生访问团首次踏上宝岛台湾。他表示，见到日月潭，品尝地道美食，接触台湾同胞，让他真切浓烈地感受到两岸同根同源，同胞骨肉天亲，文化没有隔阂，青春没有距离。         　　他提到，整整9天8夜的行程，一路上随处都能看到大家热情等候的身影。同时还收到很多台湾同胞手写的信件、明信片和用心准备的小礼物。“我们和很多台湾青年成了朋友，临行前依依不舍，约定以后常来常往、多走动。”          　　谈及参访台北故宫博物院、淡水沪尾炮台以及台北孔庙等地的感受，马龙说，我们的民族和文明虽然历经无数风雨磨难，但靠着台湾同胞在内的全体中华儿女的共同坚守，中华民族没有散、中华文明没有断。“两岸同胞一路走来，始终一脉相承、心手相连、守望相助，守护中华民族共同家园。”                    8月25日，“同心同行——两岸青年交流季上海站”活动开幕，马龙在主论坛上作主旨演讲，分享参与两岸青年交流的故事和感受。图为马龙(右一)在论坛现场向参加“同心同行”2026年两岸青少年乒乓球交流赛的两岸选手赠送球拍。中新社记者 汤彦俊 摄          　　在台期间，访问团还赴台湾大学、新竹清华大学等6所高校，以及台北市立中山女子高级中学参访交流。

二 | 作为乒乓球运动员，让马龙惊喜的是，参访的高校里开设了乒乓球社团，大家都很热爱这项运动。         　　他邀请台湾青年“登陆”体验，感受大陆系统的训练体系、专业的教练团队、浓厚的体育氛围，以及快速的竞技水平提升。         　　论坛现场，他向参加“同心同行”2026年两岸青少年乒乓球交流赛的两岸选手赠送球拍，“希望你们能在场上尽情挥拍，结识更多朋友，也希望我们有机会在球场上交流”。(完)                【编辑:万纪玮】。

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