Colombo, August 31, 2024 — In his strategic plan for the presidential election, independent candidate Dilith Jayaweera has unveiled a comprehensive approach to financial management and taxation aimed at enhancing Sri Lanka’s economic stability and growth. The plan, titled Dhanawath, envisions a modern and efficient system for managing the country’s financial resources.
Key Aspects of the Strategic Plan Include:
- Efficient Taxation System: Aimed at creating a robust and transparent financial management system, the plan focuses on improving the efficiency of tax collection. It proposes a comprehensive digital taxation platform designed to streamline tax processes, minimize evasion, and enhance compliance.
- Strengthening Financial Institutions: The plan emphasizes fortifying financial institutions to support economic stability and growth.
- Improving Non-Tax Income Streams: Significant changes are proposed to boost non-taxable income sources. This includes optimizing the use of existing assets through public-private partnerships and leasing arrangements.
- Technology Integration: The introduction of advanced technology in financial services is a core component of the plan. A digital platform for taxation will be implemented to modernize the tax collection process.
- Tax Structure Reforms: The plan suggests a structural shift in state tax revenue, aiming for a distribution of 40% from direct taxes and 60% from indirect taxes.
- Establishment of Commodity Exchange: A new Commodity Exchange, akin to the Colombo Stock Exchange, named the Sri Lanka Agricultural Products Exchange, will be set up to facilitate agricultural trade.
- Incentives for Foreign Remittances: The plan includes non-monetary incentives to encourage foreign workers to remit money through formal channels. This includes giving extra points for school admissions based on the amount of foreign exchange sent to Sri Lanka, and offering higher exchange rates and lower transaction fees for remittances.
Dilith Jayaweera’s strategic plan aims to create a more equitable and sustainable economic environment, ensuring better financial stability and improved living standards for all citizens.
More details below,
