Revenue raising measures insufficient to recover SL’s financial crisis – SJB

Samagi Jana Balawegaya (SJB) MP Eran Wickramaratne has stated that Sri Lanka’s financial crisis cannot be addressed merely by revenue raising measures, without the implementation of cost cutting and efficiency  increasing measures.

Issuing a statement in this regard, the former State Minister of Finance noted that while government revenue needs to be increased, resolving one financial problem by creating further financial problems is not prudent.

Speaking on the recent tax revisions, Wickramaratne stated that taxing those earning over Rs. 250,000 per month on a progressive basis must be considered, adding that the value of the tax-free threshold of Rs. 250,000 has halved within a year, owing to runaway inflation.

“Particularly food inflation, which is near 100%”, the SJB MP said, emphasizing that it would be unwise to lower the tax-free threshold.

Speaking of the numerous employees within various sectors, Wickramaratne asserted that these people have already been taxed by inflation, and that pushing them into government dependency would be ‘unacceptable’ and ‘self-defeating’.

“The Government must focus on addressing real issues and not push those who live and work with dignity in to dependency by irrational and impractical tax measures”, he said in this regard.

Below is the relevant statement issued by the MP;