COLOMBO (News 1st); Sri Lankan President Ranil Wickremesinghe said that if the country continues according to the existing plan, Sri Lanka can rise out of bankruptcy by 2026.While delivering his Government’s Policy Statement following the ceremonial opening of the parliament session, President Wickremesinghe said that people will realize the importance of the present unpopular decisions in two to three years."Due to the measures taken, we have been successful in reducing the burden gradually. Now there is stability in the economy. People are comfortable.
We have been able to safely guide Mother Sri Lanka a long way across a challenging course. It was not an easy journey. However, it is not yet over," said the President.He added that the government is committed to securing the financial system that was on the verge of collapse, noting that the government expenditure was controlled, while measures were taken to increase tax revenue."We know that tax revenues decreased due to decisions taken in the past.
As at 31st December 2019, 1.6 million businesses, companies and individuals paid taxes. However, by December 2021, the number of tax payers decreased to five hundred thousand. Government tax revenues fell to an all-time low.
Realizing the destruction this caused to the economy of the country, many institutions and organizations requested to revert to the tax system which existed in 2019," he added."However, it is the same people who requested such tax policies, who are criticizing the present tax regime. Introducing new tax policies is a politically unpopular decision. Remember, I’m not here to be popular.
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