There is a difference in the way a general practitioner treats a patient and a specialist. It takes more time for the general doctor to diagnose the disease. Seemingly his usage of stethoscopes is high. Often the disease is not cured by one prescription.
But the specialist doctor diagnoses the disease in a very short time. Also he prescribe the treatments immediately . Often one prescription cures the disease.
This is the hour that expert doctors are needed to treat the Sri Lankan economy which is in a critical condition.
From next January 01, a VAT will be imposed on all the people of the country. There are two types of taxes in a country.
1. Indirect taxes – taxes paid by all citizens of the country regardless of monthly or daily earnings. – (VAT ,GST)
2. Direct Taxes – Taxes paid only by high income earners. Income tax is an example of this.
Due to the irregularity of the tax system in Srilanka , people have to pay taxes regardless of the rich and the poor. The poor and the millionaire pay ‘the same’ amount of tax.
As per a survey done by Peradeniya university, today Every family in Sri Lanka pays a monthly tax of Rs 29000 to the government. It is going to increase up to Rs 35000 with the scheduled tax hike.
In Sri Lanka, there is a tragic system where plantation workers who earn Rs 1150 per day are charged Rs 420 per day as taxes to the government.
On the other hand, how the bison buffalo break a cobweb, rich people avoid paying taxes.in As such the number 665 companies and individuals paying a substantial income tax in Sri Lanka .
There are 132 people who pay more than 5 million taxes per year. Even in the poorest state of India, there are people who pay taxes more than this. This clearly shows the informality of the tax system.
Further, Exporters in Srilanka fraudulently keep billions of US dollars in abroad to evade the taxes. This money can be brought back only by someone who have practical knowledge about this subject .
Ravi Karunanayake received the award for the best finance minister in the Asia Pacific region in 2017. Among the finance ministers before the economic crisis, Ravi is one who made a silent revolution.
Ravi reduced the taxes imposed on all people and increased the taxes on the rich. He Increased government revenue. He gave relief to the poor people . He Reduced the budget gap.
Taxes should be collected by in a way collecting nectar without crushing the flower. A practical and rational tax system should be established in Sri Lanka with immediate effect. It can only be done by a finance minister with business experience and not a theoretical finance minister.
It doesn’t matter if a cat is black or white, as long as it catches mice . Sri Lanka, which is in the edge of bankruptcy, needs such a finance minister