Sri Lanka to introduce a simple tax system

The Sri Lankan government has appointed a commission with tax experts in Sri Lanka to prepare a simple tax system suitable for the country since the present system in effect is very complex, a government minister has said.

Presenting several tax bills in the parliament for amendment, senior Minister Dr. Sarath Amunugama said the government expects to introduce a simple tax system and the proposed amendments to these bills will streamline the tax collection in the country.

Eight amended tax bills including VAT and nation building tax were debated and passed in the parliament today.

Participating in the debate President Mahinda Rajapaksa said the government has launched the one million domestic economic units program for the country's growth and state resources are available to assist the program.

He urged all relevant parties to work together to accelerate the development programmes in the country.

During the debate President Rajapaksa said the government has taken measures to provide fertilizer to every farmer at a subsidized price of Rs. 1,200 for 50 kg bag.

"People will be able to buy fertilizer at subsidized price from any place" the President has said.