Tax Reforms should get more from high-income blocks

COLOMBO (News 1st); The International Monetary Fund said that Sri Lanka's Tax Reforms should be betting more contributions from the high income earners.

IMF Mission Chief to Sri Lanka Masahiro Nozaki speaking EXCLUSIVELY to News 1st on its Newsline program said "The poor and vulnerable families will be taken care of by the social safety net reforms and then minimum spending floor."

Peter Breuer, the Senior IMF Mission Chief for Sri Lanka also speaking on Newsline said the 2019 tax break in Sri Lanka resulted in a large number of taxpayers leaving the tax net, and the number of taxpayers shrank significantly.

"So bringing people back into the tax net to make their fair contribution in line with what they can contribute to society is a crucial part," he told EXCLUSIVELY to News 1st.

He said the government is there to provide essential services and to support the poor and the vulnerable." And so, those who can most afford it should pay their fair share to contribute to the government to help others who are in a less fortunate position."

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