Categories: PoliticsHeadlines

Govt. to introduce laws to waive taxes: Mangala

The government will soon introduce new legislation — in the form of an amendment to the Inland revenue Act — to waive taxes on children’s savings accounts, Finance Minister Mangala Samaraweera told Parliament yesterday.

“The government’s policy is to gradually reduce the Value Added Tax (VAT) and concentrate on earning revenue from direct taxes. We will manage the economy while focusing on the people’s needs. The government has to deal with the debt crisis because total debt component to be settled this year is a staggering Rs.1.9 trillion. It will be a Rs.4 trillion in the next financial year,” he said.

Responding to remarks made by the opposition that the prices of essential commodities had gone up, the minister said only coconut prices were high at the moment.

“It is true that this government increased the prices of fuel recently, but the prices are lower than what they were during the previous regime,” he said.

AddThis Website Tools
Lankanewspapers

Recent Posts

LNP – Indictments served on Yoshitha Rajapaksa and his grandmother

LNP – Indictments served on Yoshitha Rajapaksa and his grandmother

Indictments have been served before the Colombo High Court on Yoshitha Rajapaksa, the son of…

17 hours ago
LNP – Trump says he’ll ‘look’ at deporting Musk as feud reignites

LNP – Trump says he’ll ‘look’ at deporting Musk as feud reignites

President Donald Trump told reporters Tuesday his administration will “have to take a look” at…

23 hours ago
LNP – Haj delegation hails Saudi Arabia’s outstanding arrangements for 3,500 Sri Lankans

LNP – Haj delegation hails Saudi Arabia’s outstanding arrangements for 3,500 Sri Lankans

Ambassador of Sri Lanka to the Kingdom of Saudi Arabia Omar Lebbe Ameer Ajwad on…

23 hours ago
LNP – Bollywood star Shah Rukh Khan to arrive in Sri Lanka on 2 August

LNP – Bollywood star Shah Rukh Khan to arrive in Sri Lanka on 2 August

Bollywood star Shah Rukh Khan is scheduled to arrive in Sri Lanka on 2 August.

1 day ago
LNP – Over 138,000 tourist arrivals recorded in June

LNP – Over 138,000 tourist arrivals recorded in June

A total of 138,241 tourists arrived in the country in June 2025, data from the…

1 day ago
LNP – IMF Executive Board approves Sri Lanka’s fourth review

LNP – IMF Executive Board approves Sri Lanka’s fourth review

The Executive Board of the International Monetary Fund (IMF) has approved the Fourth Review of…

1 day ago