• Latest
  • Trending
Finance Minister says no choice but to raise sales tax

Sri Lankan Finance Minister says no choice but to raise sales tax

April 30, 2022
Manchester City's Etihad Stadium

English Premier League accuses Manchester City of breaking financial rules

February 6, 2023
Sri Lanka offers rescue services to Turkey

Sri Lanka offers rescue services to Turkey

February 6, 2023
7.8 magnitude earthquake shakes central Turkey

Second powerful earthquake hits Turkey and Syria; international aid efforts underway

February 6, 2023
Beyoncé Wins Her 32nd Grammy, Making History at the Awards

Beyoncé Wins Her 32nd Grammy, Making History at the Awards

February 6, 2023
Exchange Rate

Foreign Currency Official Exchange Rates from Central Bank of Sri Lanka

February 6, 2023
The hardest choice Gen.Musharraf had to make

The hardest choice Gen.Musharraf had to make

February 6, 2023
ChatGPT. Image credits - Getty

7 ways to use ChatGPT at work to boost your productivity

February 6, 2023
Vaping

Researchers uncover new negative effects of vaping

February 6, 2023
7.8 magnitude earthquake shakes central Turkey

7.8 magnitude earthquake shakes central Turkey

February 6, 2023
Electricity

Power cut schedule for today in Sri Lanka: February 6th

February 6, 2023
Clashes in the educational field over Darwin’s theory of evolution

Clashes in the educational field over Darwin’s theory of evolution

February 6, 2023
Pervez Musharraf, Ex-Pakistani Leader and Key U.S. Ally, Dies at 79

Pervez Musharraf, Ex-Pakistani Leader and Key U.S. Ally, Dies at 79

February 5, 2023
  • About Us
  • Advertisements
  • Privacy Policy
  • Contact
Monday, February 6, 2023
No Result
View All Result
NewsIn.Asia
  • Home
  • Around South Asia
    • All
    • Afghanistan
    • Bangladesh
    • Bhutan
    • China
    • India
    • Maldives
    • Myanmar
    • Nepal
    • Pakistan
    • Sri Lanka
    Exchange Rate

    Foreign Currency Official Exchange Rates from Central Bank of Sri Lanka

    The hardest choice Gen.Musharraf had to make

    The hardest choice Gen.Musharraf had to make

    Electricity

    Power cut schedule for today in Sri Lanka: February 6th

    Clashes in the educational field over Darwin’s theory of evolution

    Clashes in the educational field over Darwin’s theory of evolution

    Pervez Musharraf, Ex-Pakistani Leader and Key U.S. Ally, Dies at 79

    Pervez Musharraf, Ex-Pakistani Leader and Key U.S. Ally, Dies at 79

    Bangladesh Foreign Minister’s call to South Asia: “Set aside differences and cooperate”

    Bangladesh Foreign Minister’s call to South Asia: “Set aside differences and cooperate”

    Indian High Commission greets Sri Lankans on Independence Day in a unique way

    Indian High Commission greets Sri Lankans on Independence Day in a unique way

    Tea pluckers in Sri Lanka

    Can Sri Lanka trade its way back to prosperity?

    Paris Club

    Paris Club to give Sri Lanka financial assurances amid IMF debt talks – report

  • World
    • All
    • Japan
    • Russia
    • United Kingdom
    • United States
    Sri Lanka offers rescue services to Turkey

    Sri Lanka offers rescue services to Turkey

    7.8 magnitude earthquake shakes central Turkey

    Second powerful earthquake hits Turkey and Syria; international aid efforts underway

    Beyoncé Wins Her 32nd Grammy, Making History at the Awards

    Beyoncé Wins Her 32nd Grammy, Making History at the Awards

    ChatGPT. Image credits - Getty

    7 ways to use ChatGPT at work to boost your productivity

    Vaping

    Researchers uncover new negative effects of vaping

    7.8 magnitude earthquake shakes central Turkey

    7.8 magnitude earthquake shakes central Turkey

    U.S. Under Secretary of State for Political Affairs Victoria Nuland

    China has not done enough on Sri Lanka debt restructuring – U.S. diplomat

    UK hit by biggest strike action in more than a decade

    United Kingdom hit by biggest strike action in more than a decade

    Sri Lanka

    Sri Lanka makes top 10 in ‘Most Instagrammable Places in the World 2023’

  • Business
  • Politics
  • Sports
  • Entertainment
    • All
    • Books
    • Gaming
    • Movie
    • Music
    • Series
    Beyoncé Wins Her 32nd Grammy, Making History at the Awards

    Beyoncé Wins Her 32nd Grammy, Making History at the Awards

    "Avatar: The Way of Water" has soared into the $2 billion club of top grossing movies worldwide.

    ‘Avatar: The Way of Water’ crosses $2 billion mark in worldwide box office

    Pathaan

    Posters of Shah Rukh Khan’s Pathaan torn down and burnt outside cinemas in India

    Oscars 2023

    Oscars 2023: ‘Everything Everywhere All At Once’ leads nominations

    Much-awaited Sri Lankan 3D animation movie “Gajaman” coming to theatres

    Much-awaited Sri Lankan 3D animation movie “Gajaman” coming to theatres

    Prince William and Prince Harry arrive at the Canadian National Vimy Memorial in Vimy, France on April 9, 2017.. Image credits - Jack Taylor/Getty Images/File

    Prince Harry’s ‘Spare’ creates world record, becomes fastest selling non-fiction book

    Cocaine Bear (Credit: Universal Pictures)

    20 of the best films to watch in 2023

    Avatar

    Avatar: The Way Of Water passes USD 1B at the global box office

    (Image credit: Alamy)

    The 20 best films of 2022

  • Lifestyle
    • All
    • Fashion
    • Food
    • Health
    • Science
    • Travel
    Vaping

    Researchers uncover new negative effects of vaping

    Clashes in the educational field over Darwin’s theory of evolution

    Clashes in the educational field over Darwin’s theory of evolution

    Child. Image credits - Filip Mroz @mroz / Unsplash

    Your child’s academic success may start with their screen time as infants

    Chief pilot Ian Porter with wife Michelle, daughters Samantha and Sydney, who act as his co-pilots, and son Christopher.. Image credits - Samantha Porter

    The family of five flying around the world in a tiny plane

    Paris. Image credits - Alexander Kagan allewollenalex / Unsplash

    World’s ‘most powerful’ tourism city revealed

    Image credits - NASA nasa / Unsplash

    Earth’s inner core may have started spinning other way

    Global citizenship and residence advisory firm Henley & Partners has released its quarterly report on the world's most desirable passports. Click on to find out which passport offers the most access in 2023. Justin Sullivan/Getty Images

    The world’s most powerful passport for 2023 revealed

    Image credits - Tetiana Bykovets tetiana_bykovets / Unsplash

    New research reveals reason why chocolate tastes so good

    NASA’s Webb telescope

    Extraterrestrial wonders: Webb Telescope detects its 1st exoplanet

    Asafoetida plant. Photo via Adobe Stock.

    The most controversial ingredient in Indian food

    Trending Tags

    • Golden Globes
    • Mr. Robot
    • MotoGP 2017
    • Climate Change
    • Flat Earth
  • Tech
    ChatGPT. Image credits - Getty

    7 ways to use ChatGPT at work to boost your productivity

    Whatsapp. Image credits - AARN GIRI / Unsplash

    WhatsApp working on Calling shortcut feature for Android

    Child. Image credits - Filip Mroz @mroz / Unsplash

    Your child’s academic success may start with their screen time as infants

    Donald Trump

    Meta says it will restore Donald Trump’s Facebook and Instagram accounts

    WhatsApp

    5 great new features coming to WhatsApp in 2023

    Binance

    Binance is now authorised in seven EU Member States and fifteen jurisdictions worldwide

    Trending Tags

    • Sillicon Valley
    • Climate Change
    • Election Results
    • Flat Earth
    • Golden Globes
    • MotoGP 2017
    • Mr. Robot
  • Coronavirus
  • Videos
  • Home
  • Around South Asia
    • All
    • Afghanistan
    • Bangladesh
    • Bhutan
    • China
    • India
    • Maldives
    • Myanmar
    • Nepal
    • Pakistan
    • Sri Lanka
    Exchange Rate

    Foreign Currency Official Exchange Rates from Central Bank of Sri Lanka

    The hardest choice Gen.Musharraf had to make

    The hardest choice Gen.Musharraf had to make

    Electricity

    Power cut schedule for today in Sri Lanka: February 6th

    Clashes in the educational field over Darwin’s theory of evolution

    Clashes in the educational field over Darwin’s theory of evolution

    Pervez Musharraf, Ex-Pakistani Leader and Key U.S. Ally, Dies at 79

    Pervez Musharraf, Ex-Pakistani Leader and Key U.S. Ally, Dies at 79

    Bangladesh Foreign Minister’s call to South Asia: “Set aside differences and cooperate”

    Bangladesh Foreign Minister’s call to South Asia: “Set aside differences and cooperate”

    Indian High Commission greets Sri Lankans on Independence Day in a unique way

    Indian High Commission greets Sri Lankans on Independence Day in a unique way

    Tea pluckers in Sri Lanka

    Can Sri Lanka trade its way back to prosperity?

    Paris Club

    Paris Club to give Sri Lanka financial assurances amid IMF debt talks – report

  • World
    • All
    • Japan
    • Russia
    • United Kingdom
    • United States
    Sri Lanka offers rescue services to Turkey

    Sri Lanka offers rescue services to Turkey

    7.8 magnitude earthquake shakes central Turkey

    Second powerful earthquake hits Turkey and Syria; international aid efforts underway

    Beyoncé Wins Her 32nd Grammy, Making History at the Awards

    Beyoncé Wins Her 32nd Grammy, Making History at the Awards

    ChatGPT. Image credits - Getty

    7 ways to use ChatGPT at work to boost your productivity

    Vaping

    Researchers uncover new negative effects of vaping

    7.8 magnitude earthquake shakes central Turkey

    7.8 magnitude earthquake shakes central Turkey

    U.S. Under Secretary of State for Political Affairs Victoria Nuland

    China has not done enough on Sri Lanka debt restructuring – U.S. diplomat

    UK hit by biggest strike action in more than a decade

    United Kingdom hit by biggest strike action in more than a decade

    Sri Lanka

    Sri Lanka makes top 10 in ‘Most Instagrammable Places in the World 2023’

  • Business
  • Politics
  • Sports
  • Entertainment
    • All
    • Books
    • Gaming
    • Movie
    • Music
    • Series
    Beyoncé Wins Her 32nd Grammy, Making History at the Awards

    Beyoncé Wins Her 32nd Grammy, Making History at the Awards

    "Avatar: The Way of Water" has soared into the $2 billion club of top grossing movies worldwide.

    ‘Avatar: The Way of Water’ crosses $2 billion mark in worldwide box office

    Pathaan

    Posters of Shah Rukh Khan’s Pathaan torn down and burnt outside cinemas in India

    Oscars 2023

    Oscars 2023: ‘Everything Everywhere All At Once’ leads nominations

    Much-awaited Sri Lankan 3D animation movie “Gajaman” coming to theatres

    Much-awaited Sri Lankan 3D animation movie “Gajaman” coming to theatres

    Prince William and Prince Harry arrive at the Canadian National Vimy Memorial in Vimy, France on April 9, 2017.. Image credits - Jack Taylor/Getty Images/File

    Prince Harry’s ‘Spare’ creates world record, becomes fastest selling non-fiction book

    Cocaine Bear (Credit: Universal Pictures)

    20 of the best films to watch in 2023

    Avatar

    Avatar: The Way Of Water passes USD 1B at the global box office

    (Image credit: Alamy)

    The 20 best films of 2022

  • Lifestyle
    • All
    • Fashion
    • Food
    • Health
    • Science
    • Travel
    Vaping

    Researchers uncover new negative effects of vaping

    Clashes in the educational field over Darwin’s theory of evolution

    Clashes in the educational field over Darwin’s theory of evolution

    Child. Image credits - Filip Mroz @mroz / Unsplash

    Your child’s academic success may start with their screen time as infants

    Chief pilot Ian Porter with wife Michelle, daughters Samantha and Sydney, who act as his co-pilots, and son Christopher.. Image credits - Samantha Porter

    The family of five flying around the world in a tiny plane

    Paris. Image credits - Alexander Kagan allewollenalex / Unsplash

    World’s ‘most powerful’ tourism city revealed

    Image credits - NASA nasa / Unsplash

    Earth’s inner core may have started spinning other way

    Global citizenship and residence advisory firm Henley & Partners has released its quarterly report on the world's most desirable passports. Click on to find out which passport offers the most access in 2023. Justin Sullivan/Getty Images

    The world’s most powerful passport for 2023 revealed

    Image credits - Tetiana Bykovets tetiana_bykovets / Unsplash

    New research reveals reason why chocolate tastes so good

    NASA’s Webb telescope

    Extraterrestrial wonders: Webb Telescope detects its 1st exoplanet

    Asafoetida plant. Photo via Adobe Stock.

    The most controversial ingredient in Indian food

    Trending Tags

    • Golden Globes
    • Mr. Robot
    • MotoGP 2017
    • Climate Change
    • Flat Earth
  • Tech
    ChatGPT. Image credits - Getty

    7 ways to use ChatGPT at work to boost your productivity

    Whatsapp. Image credits - AARN GIRI / Unsplash

    WhatsApp working on Calling shortcut feature for Android

    Child. Image credits - Filip Mroz @mroz / Unsplash

    Your child’s academic success may start with their screen time as infants

    Donald Trump

    Meta says it will restore Donald Trump’s Facebook and Instagram accounts

    WhatsApp

    5 great new features coming to WhatsApp in 2023

    Binance

    Binance is now authorised in seven EU Member States and fifteen jurisdictions worldwide

    Trending Tags

    • Sillicon Valley
    • Climate Change
    • Election Results
    • Flat Earth
    • Golden Globes
    • MotoGP 2017
    • Mr. Robot
  • Coronavirus
  • Videos
NewsIn.Asia
No Result
View All Result
Home Around South Asia

Sri Lankan Finance Minister says no choice but to raise sales tax

Editor by Editor
April 30, 2022
in Around South Asia, Economy, Sri Lanka
Reading Time: 4 mins read
33 1
A A
Finance Minister says no choice but to raise sales tax

Finance Minister says no choice but to raise sales tax

34
SHARES
Share on WhatsApp

April 30 (BBC) – Sri Lanka’s finance minister 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, Ali Sabry conceded the government made a mistake when it almost halved the rate of value-added tax (VAT) to 8% in 2019.

For similar articles, join our Telegram channel for the latest updates. – click here

ADVERTISEMENT

Mr Sabry says the nation needs $4bn (£3.2bn) over the next eight months to pay for imports of daily essentials.

His comments come amid mass protests over government economic policies.

Mr Sabry – who is leading negotiations with the IMF as well as other lenders such as India and one of its largest creditors China – said raising taxes was just one of the difficult decisions he would have to make as talks continue over a bailout deal.

READ: Sri Lanka: Towards sustainable debt

“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.

READ: Lankan President finds a way to ease Mahinda Rajapaksa out of  Premiership

Mr Sabry was also cautiously optimistic that the country will be able to start paying its international creditors again by next year, but said it was “very, very difficult for me to give a timeline, I hope and pray that it is as soon as possible, probably six months one year down the line. But I don’t know.”

Earlier this month, the Sri Lankan government said it would temporarily default on $35.5bn (£27.3bn) in foreign debt as the pandemic and the war in Ukraine made it “impossible” to make payments to overseas creditors.

Since then, it has officially requested emergency financial help from the IMF as bailout talks got under way in Washington.

Mr Sabry is leading the negotiations with the country’s diverse set of creditors on restructuring its loans, a prerequisite for an IMF package.

China is one of Sri Lanka’s largest creditors and talks between the two countries may be tough after Beijing signalled its displeasure over Colombo approaching the IMF for help.

Last week, China’s ambassador to Sri Lanka, Qi Zhenhong, said “China did its best to help Sri Lanka not to default but the government chose “to go to the IMF on short notice has unavoidably had some impact on the current discussions.”

Successful negotiations with China are crucial for Sri Lanka.

“The ambassador for China in Sri Lanka had mentioned that it was not the most desired thing for Sri Lanka to go for IMF. But on our part, we did not have a choice, we will explain to them and we will continue to discuss with them and they are a good friend of Sri Lanka for a long period of time,” he said.

Meanwhile, India has offered a $1.5bn credit line for fuel supplies and Mr Sabry said India has agreed to another $500m credit line in principle.

Sri Lanka is set to receive $400m-$600m from the World Bank immediately, which could be used for “cash transfers and building a social safety net for the vulnerable,” Mr Sabry added.

The coronavirus pandemic, rising energy prices, tax cuts and rapidly shrinking foreign currency reserves have left Sri Lanka without enough dollars to pay for vital imports of fuel, food and medicine.

The capital Colombo has seen huge protests in recent weeks as the country has been hit by soaring inflation, shortages of essential goods and major power cuts.

On Thursday, many schools in the city were closed and several train stations deserted as teachers and train drivers joined mass walkouts as they called for the resignation of President Gotabaya Rajapaksa and his government.

Hundreds of workers from Sri Lankan state-run banks also joined other bank trade unions in a protest march to the president’s office as thousands of people took to the streets around the country.

Even as he leads negotiations to resolve Sri Lanka’s economic crisis, Mr Sabry said he had no indication of when shortages of essential items will end: “It all depends on how much of foreign currency inflows come to the country.

“So that all depends when the Sri Lankans decide to send their money through the proper channels, the banking channel.”

There is little sign of improvement in the amount of foreign currency arriving in Sri Lanka as money sent to the country by its citizens living and working abroad fell to $318m in March, almost half the level seen last year.

Subscribe to our Telegram channel for the latest updates from around the world

Tags: Sri LankaTax

Related Posts

Exchange Rate
Around South Asia

Foreign Currency Official Exchange Rates from Central Bank of Sri Lanka

February 6, 2023
The hardest choice Gen.Musharraf had to make
Governance

The hardest choice Gen.Musharraf had to make

February 6, 2023
Electricity
Around South Asia

Power cut schedule for today in Sri Lanka: February 6th

February 6, 2023
Clashes in the educational field over Darwin’s theory of evolution
Bangladesh

Clashes in the educational field over Darwin’s theory of evolution

February 6, 2023
Pervez Musharraf, Ex-Pakistani Leader and Key U.S. Ally, Dies at 79
Pakistan

Pervez Musharraf, Ex-Pakistani Leader and Key U.S. Ally, Dies at 79

February 5, 2023
Bangladesh Foreign Minister’s call to South Asia: “Set aside differences and cooperate”
Bangladesh

Bangladesh Foreign Minister’s call to South Asia: “Set aside differences and cooperate”

February 5, 2023
  • Electricity

    Power cut schedule for today in Sri Lanka: February 6th

    59151 shares
    Share 23683 Tweet 14779
  • Registration open for National Fuel Pass

    6627 shares
    Share 2688 Tweet 1641
  • Foreign Currency Official Exchange Rates from Central Bank of Sri Lanka

    1686 shares
    Share 681 Tweet 419
  • WATCH : Yohani’s first live performance in India

    789 shares
    Share 328 Tweet 192
  • Power interruption schedule released: Check your area power cut time

    742 shares
    Share 320 Tweet 176
  • About Us
  • Advertisements
  • Privacy Policy
  • Contact

© 2022 All rights reserved.

No Result
View All Result
  • Home
  • Around South Asia
    • Afghanistan
    • Bangladesh
    • Bhutan
    • China
    • India
    • Maldives
    • Myanmar
    • Nepal
    • Pakistan
    • Sri Lanka
  • Around The World
  • Breaking News
  • Business
    • Exchange
  • Climate Change
  • Governance
    • Crime
    • Diplomacy
    • Defense
    • Human Rights
    • Politics
    • Strategic Affairs
  • Lifestyle
    • Books
    • Entertainment
      • Arts
      • Cinema
      • Gaming
      • Music
      • Movie
      • Series
      • TV
    • Health
    • Fashion
    • Food
    • Travel
  • Culture
    • Ethnicity
    • Gender
  • Development news
  • Economy
  • Education
  • Environment
  • Coronavirus
  • History
  • National
  • Offbeat
    • Media
    • Music and arts across South Asia
  • Recommended
    • Headlines
    • Highlights
    • Top Picture
    • Top Story
  • Religion
  • Science
  • Sports
    • Football
    • Cricket
      • LPL
      • IPL
    • Tennis
    • Formula 1
    • NBA
  • Tech
    • Instagram
  • United Nations
  • Weather
  • World
    • Japan
    • Russia
    • United States
  • Videos

© 2022 All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

eskisehir escort -

https://www.vudols.com/

- Sağlık Personeli - mersin escort - Antalya korsan taksi