The National Peoples’ Power (NPP) says the party’s economic policy has been prepared so that the living standards are expected to improve in the next two to three years.
Speaking at an event, NPP Executive Member Chathuranga Abeysinghe said the NPP believes the current tax system is unfair to every worker, except the IT Sector.
Abeysinghe further said that the NPP expects to increase the minimum income tax threshold to Rs. 200,000 as the Rs. 100,000 threshold is very low.
Pointing out that the current tax brackets were too close, he said “When you take Rs. 350,000 and Rs. 450,000 brackets you have already reached the 36% tax rate. Therefore, the NPP is looking to expand the tax brackets and provide the necessary concessions to the workers.”
On Value Added Tax (VAT), Abeysinghe said they have discussed the possibility of halting the leakages in Customs duties via digitalization and that the additional revenue obtained through this move will help reduce the taxes imposed on essential goods.
He revealed that under an NPP government, a worker will be able to face a reduction in taxes and costs for education and health services.
“If the health system is implemented properly then we will be able to see a significant reduction in cost. Therefore, I am sure we can improve our living standards in the next two to three years,” he added. (Newswire)