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You will find many surprises in the budget: President
There will be surprises in the 2024 budget, including a proposal to tax primary bond dealers, President Ranil Wickremesighe told Parliament.
The President made this remark in response to an allegation by Opposition Leader Sajith Premadasa who alleged that the government is to put EPF holders in jeopardy by charging a 30 percent tax if it does not opt to participate in the debt optimization process.
“We will tax the primary bond dealers through the next budget and you will find surprises in the 2025 budget,” the President said.
“Opposition Leader Sajith Premadasa is speaking against the companies that invest on bonds and he should not go and ask for money from them for various purposes,” he added.
Also, the President said the proposal to charge a 30 percent tax from the EPF was originally proposed by the SLPP even before he became the Prime Minister.
“The Supreme Court had clearly stated that there is no issue with the Inland Revenue Amendment Bill. The Supreme Court has clearly shown that the banks cannot participate in the domestic debt optimization process given their position. The banks cannot participate in the debt optimization process given the thin line of capital they hold,” he said reading the Supreme Court determination on debt optimization.
“Petitioners who filed legal action against the Inland Revenue Amendment Bill have failed to provide evidence to prove their point. One member of the finance committee was retained by one petitioner and he himself had failed to produce evidence to prove the argument,” he also said.
The President made these remarks when the chairman of the Committee on Public Finance (OPF) Harsha de Silva wanted the debate on the Inland Revenue Amendment Bill which provides provisions for charging a 30 percent tax from the EPF. (Yohan Perera and Ajith Siriwardana)
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