Printing money will worsen country’s crisis - UNP Gen. Sec. | Daily News

Printing money will worsen country’s crisis - UNP Gen. Sec.

UNP General Secretary Palitha Range Bandara said Sri Lanka too has to increase taxes like every other country in the world and if new money is printed to find money the country’s crisis will worsen.

He said such taxes will not remain forever and added to come out of the crisis the Government needs support. He was speaking to the media at the UNP headquarters ‘Sirikotha’ yesterday.

“Teachers, professionals and labour unions made various statements about the tax amendment. Political organizations and parties have announced that they will start agitations against the Government.

 Income tax is levied at the time of earning as a tax of Rs.2,500 is levied on those who earn more than Rs.145,000. Which teacher in this country gets a salary of Rs. 145,000, which a labourer gets a salary of Rs. 145,000. This tax is levied on those in high positions such as a Ministry Secretary, Provincial Education Director etc. Therefore, the protests and agitations carried out by the labor and teachers unions are something that is done for someone’s political interest,” he further said.

The UNP General Secretary further said that after ending the political instability of the country and stabilizing the unstable state, it has been done due to prudent decisions and long-standing political connections of the current leader.

“We have become a state that deals amicably with foreign states. The tourism sector is back on track from where it had fallen and foreign exchange earnings are slowly increasing. Sri Lanka has risen to the 12th place among the countries suitable for travel. Therefore, it is clear that the current President is taking on challenges and giving suitable solutions to issues. But we are not yet at the best economic level. In the past, inflation had risen above 94 percent. Today, it has been possible to reduce it to between 70 and 80 percent. After collecting taxes from the people, some alternative actions have been taken. Every country in the world progressed on taxes. We don’t always collect taxes. New money cannot be printed. After doing so, the country went from crisis to crisis in the past period” he said.

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