Govt took swift steps for economic recovery: Ajith Nivard Cabraal
Posted on September 16th, 2020

Courtesy Ceylon Today

The present Government took three immediate steps to restore the economy which had been destroyed by the previous Government, and took steps to stabilize the rupee, reduce all taxes and reduce interest rates on bank loans, the Minister of State for Finance, Capital Markets and Public Enterprise Restructuring, Ajith Nivard Cabraal stated.

He stated this addressing the investors’ pavilion organized by Softlogic today (16).

The Minister further said that the present Government took these swift actions after coming to power in 2019, and despite the strong criticism in this regard, the results have proven to be successful.

According to Cabraal, the previous Government had projected revenue of Rs 2,200 billion (2.2 trillion) in 2019, but they could only get Rs 1,800 billion (1.8 trillion), even after raising all taxes and imposing burdens on the people.

The Minister said that by reducing taxes and interest rates, the Government would be able to generate additional revenue through the freedom of entrepreneurs to do business and the country’s economic growth could be achieved through this business growth.

State Minister Cabraal said that unless the economy recovers in a country where it has collapsed, tax revenue can never be expected to recover effectively, and the attractive tax rates they had hoped for could not be achieved due to the unnecessary tax burden imposed by the previous Government.

2 Responses to “Govt took swift steps for economic recovery: Ajith Nivard Cabraal”

  1. Nimal Says:

    (I was fooled by officials at the highest level for me and my foreign wife to invest in the island and we did invest in a business and had a joint NRFC account but after a decade the rules were change and the right for my wife to have a joint account was taken away and she has no right to own the business and assets that is valued over several billions. To overcome this a lawyer asked us to marry again in the island but after the marriage for the second time I was told that she still has no rights and I was told that my foreign born son too have no rights to inherit my investments.
    I see the Tamil population here in UK is progressive and have many shops and businesses while we Sinhalese have no such ventures, I suppose except me.No order the Tamils still want their own area where they could have a rational policy to extend their inheritance to generations beyond their lives to their kin.Our leaders are too selfish and ignorant to listen to the just concerns of the people that matter to the well being of the country.
    Few hours ago my local MP came to visit me to find out if my business is ok,do you think it will ever happen in sl?For over 4 years I tried to meet our MP in Kandy to discuss some just concerns as a good tax payer but he was never to be seen in his constituency.Now it has conmde to light that he has illegally acquired land at Hanthana

  2. Nimal Says:

    Cont.
    It is a hopeless situation for an investor if the government does not create the right conditions that brings confidence..
    Politicians endlessly going to venerate before mahnayakes doesn’t impress the serious investor. Get out of the box I say.

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