Country cannot depend on external sources to bridge deficit: Prof. Ranjith Bandara

COLOMBO (News 1st) - SLPP MP Prof. Ranjith Bandara says that the Government cannot continue to depend on external sources to bridge the country's budget deficit. 

Speaking during a press briefing held at the Sri Lanka Podujana Peramuna office, Prof. Bandara said that the newly introduced tax bill amendment aims to further broaden the tax net, and tax allowances will be reduced.

Moreover, he said that all those earning over Rs. 100,000/- per month will be subject to the taxes under the amended law, while the upper level will increase to 36%. 

Pointing out that it still remains a bill and it needs to be passed in Parliament, Prof. Bandara said that the people need to know that the amendment to the tax bill will be presented to the Parliament, and it will be discussed at length, he added.