Sri Lanka President Explains Decision to Increase VAT to 18% for Economic Stability

• President Ranil Wickremesinghe explains the decision to increase VAT by 18% as necessary for maintaining economic stability.
• He compares the decision to the practices of countries like India and Pakistan.
• The President emphasizes the importance of making the right decisions for the country’s economic development.
• He expresses confidence in the youth leadership within the government and pledges to collaborate with them to improve the country’s economic situation.
• The President announces his intention to address bank loan concessions for small and medium-scale industrialists in the upcoming budget.
• He highlights the National Industry Excellence Awards 2023 as a step towards achieving the goal of strengthening Sri Lanka’s export-oriented manufacturing economy.
• The President discusses the challenges faced by industries in the past and the need to address concerns such as bank loans and market access.
• He emphasizes the importance of increasing income to repay loans and maintain financial stability.
• The President explains that the decision to raise VAT was made to generate revenue and support small and medium-scale industries.
• He acknowledges that such decisions may invite criticism but are necessary for the well-being of the country.
• The President expresses his belief in the promising future of the nation and the positive results expected in the next two or three years.
• The event also featured addresses from other government officials and notable figures in attendance.

Source: newswire.lk

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

---

---