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Message: <blockquote data-quote="yapa100" data-source="post: 27651351" data-attributes="member: 245310"><img class="smilie smilie--emoji" loading="lazy" alt="🔴" title="Red circle    :red_circle:" src="https://cdn.jsdelivr.net/joypixels/assets/6.6/png/unicode/64/1f534.png" data-shortname=":red_circle:" />BREAKINGTax Vat 14% යිMajor Tax hike coming<img src="http://www.newswire.lk/wp-content/uploads/2022/04/Ali-Sabry-Gota.jpg" alt="" class="fr-fic fr-dii fr-draggable " style="" />Finance minister Ali Sabry has told the BBC he has no choice but to hike the country’s sales tax as it faces its worst ever economic crisis.In an exclusive interview with the BBC, Ali Sabry conceded the government made a mistake when it almost halved the rate of value added tax (VAT) to 8% in 2019.Mr Sabry says the nation needs $4bn (£3.2bn) over the next eight months to pay for imports of daily essentials.“We have to increase the taxes. We need to find a way to bridge the revenue gap and expenditure which we have,” he said.He added that the current level of VAT is “definitely not sustainable” for a country like Sri Lanka that is dependent on the imports of essentials and said the rate should be raised to 13% or 14%.He also admitted that a move to cut taxes in 2019 soon after Gotabaya Rajapaksa became president was wrong, adding that the government had waited too long before calling on the IMF for help. (BBC)</blockquote>

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