The Samagi Jana Balawegaya’s (SJB) presidential candidate and opposition leader, Sajith Premadasa, has launched his presidential election manifesto today.
Titled “Win For All,” the manifesto focuses on five key areas: building a resilient economy, empowering every citizen, enhancing government services, protecting the quality of life, and safeguarding the nation.
As per the election manifesto, some highlights of the revised structure that will not disturb the overall revenue targets, but will reduce the heavy burden on the middle class, are as follows:
- Personal Income Tax:
Personal income tax after the Tax-free slab of Rs 100,000 per month will start at just 1% and increase up to 24% income up to around half a million per month. Thereafter, current rates will apply to high-income earners.
- Corporate Income Tax:
We intend to reduce up to 6% from the present 30% rate for profits on exports and introduce a 15% Base Erosion and Profit Shifting (BEPS) minimum alternate tax for multinational companies.
- Value Added Tax (VAT) :
We intend to reduce VAT to 15% once tax compliance improves through the use of Public Digital Infrastructure to widen the tax net. Certain identified items in addition to essential food as consumables and inputs shall be made zero-rated for VAT.
• A guaranteed up to 15% savings interest rate will be provided for senior citizen savings.
• Excise tax on cigarettes and alcohol and taxes on casinos will be adjusted to fund tax reductions.
