Nov 05, 2015 (LBO) – Sri Lanka’s Finance Minister Ravi Karunanayake has said that the upcoming budget 2016 will make ordinary people’s life easy, especially the fixed wage earners.
But 60 percent of the affluent class are not paying taxes. Accordingly, the economy needs to be properly structured, reformed and strengthened, Karunanayake said. The Budget 2016 would be one exercise, he was quoted as saying in a statement.
The government has no intention to put burden on the wage earners but In terms of taxation, the rich who evade will be compelled to pay taxes whilst those who are compliant will not be burdened.
The statement says 65 percent of the annual revenue is swallowed by the recurrent expenditure of the public sector salaries (Rs. 600 billion) and pension cost of 170 billion rupees.
“If you analyse the budget cost in a different way, out of the annual revenue of 1400 billion rupees, 1300 billion rupees (93%) has to be incurred for debt servicing,” the statement said.
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Karunanayake has said that the government also plans to link the subsidies with employment.
Sri Lanka spends about 220 billion rupees annually on subsidies alone.
“According to a survey those depend on subsidy have become lazy and the government intends to transform them in to productive work force of the country.” the statement said.