President Dissanayake Leads Discussion on Vehicle Imports, Withholding Tax, and Digitalization of VAT Collection

President Anura Kumara Dissanayake held a comprehensive meeting with officials from the Ministry of Finance on January 7 at the Presidential Secretariat. The discussions primarily focused on issues related to vehicle imports, withholding tax, and the digitalization of the Value-Added Tax (VAT) collection process.

A key topic of conversation was the challenge posed by vehicle imports into Sri Lanka. The President stressed the need for a balanced approach that considers the country’s financial limitations and broader economic goals.

The President also underscored the necessity of creating a system to refund withholding taxes deducted from retirees who do not fall under income tax obligations.

Furthermore, President Dissanayake emphasized the urgent need for the digital transformation of VAT collection. He revealed plans for the implementation of an advanced digital system, which aims to streamline the tax collection process, enhance transparency, and improve tax compliance, thereby boosting revenue.

During the meeting, the President expressed confidence in Sri Lanka's economic recovery, noting that the country is making steady progress toward stability. He reaffirmed the government’s dedication to maximizing the benefits for citizens despite the prevailing challenges.

The meeting was attended by several prominent figures, including Dr. Harshana Suriyapperuma, Deputy Minister of Finance and Planning; Mahinda Siriwardana, Secretary to the Ministry of Finance; Nandalal Weerasinghe, Governor of the Central Bank; Duminda Hulangamuwa, Senior Advisor to the President; along with other senior officials from the Ministry of Finance. (PMD)