Minister assures 75% Reduction in CoL burden by end of 1stQ

• Citizens bear the responsibility of supporting government investments  in the country’s future using tax revenue. Critics often cite high taxes  as a reason for leaving the country

Trade, Commerce and Food Security Minister Nalin Fernando yesterday pledged a significant reduction of 75% in the cost of living burden on the people by the end of the first quarter this year. He attributes this positive outlook to the initiation of 2024 with a positive economic growth rate.  

Minister Fernando expressed his commitment to enhancing consumer rights by introducing a new programme for the Consumer Authority, aiming to provide greater security for consumers, the President’s Media Division said.   

The Minister’s remarks were made during a press conference at the Presidential Media Center (PMC) yesterday under the theme “Collective Path to a Stable Country”.  

He acknowledged the impact of India’s halt on big onion exports, which has reverberated in Sri Lanka. However, the minister assured that the situation will be sorted within the next two weeks when India relaxes its restrictions on onion exports.  

“While some argue against levying taxes for government income, it must be emphasized that such statements are counterproductive to the country’s economic growth. Citizens bear the responsibility of supporting government investments in the country’s future using tax revenue. Critics often cite high taxes as a reason for leaving the country. However, taxation in our country stands at a modest 12%, significantly lower than the 38% to 43% in countries attracting emigrants. These nations have thrived due to their tax policies,” he said.