NEWS ARCHIVE
  • Login
NewsRadio - English
  • HOME
  • LOCAL
    Today’s weather

    Showers expected in several provinces today

    600 doctors expected to return after completing overseas training in weeks

    600 doctors expected to return after completing overseas training in weeks

    Dengue cases on the rise compared to 2020

    Dengue cases tally in 2023 exceeds 63,000

    Central Bank of Sri Lanka increases SDFR and SLFR

    PMI in August indicates an expansion in services activities

    Letter sent to President urging Rs.5,000 for the private sector

    Central Bank’s ability to print money limited –Acting Finance Minister

    President tells the developing world to unite as global standards have changed

    President tells the developing world to unite as global standards have changed

    Trending Tags

    • Pandemic
  • INTERNATIONAL
  • EDITORIAL
  • SPORTS
  • #COVID-19
  • NEWS TEAM
  • සිංහල
No Result
View All Result
  • HOME
  • LOCAL
    Today’s weather

    Showers expected in several provinces today

    600 doctors expected to return after completing overseas training in weeks

    600 doctors expected to return after completing overseas training in weeks

    Dengue cases on the rise compared to 2020

    Dengue cases tally in 2023 exceeds 63,000

    Central Bank of Sri Lanka increases SDFR and SLFR

    PMI in August indicates an expansion in services activities

    Letter sent to President urging Rs.5,000 for the private sector

    Central Bank’s ability to print money limited –Acting Finance Minister

    President tells the developing world to unite as global standards have changed

    President tells the developing world to unite as global standards have changed

    Trending Tags

    • Pandemic
  • INTERNATIONAL
  • EDITORIAL
  • SPORTS
  • #COVID-19
  • NEWS TEAM
  • සිංහල
No Result
View All Result
NewsRadio - English
No Result
View All Result
Home LOCAL

‘Govt compelled to increase taxes to meet expenses’

Minister of Trade Bandula Gunawardena says the government is compelled to increase taxes or must obtain foreign loans to meet the state expenses.

Oshadha Dammearachchi by Oshadha Dammearachchi
2 years ago
in LOCAL
0
0
SHARES
13
VIEWS
Share on FacebookShare on TwitterShare on Whatsapp

Minister of Trade Bandula Gunawardena says the government is compelled to increase taxes or must obtain foreign loans to meet the state expenses.

Speaking to media in Colombo today, Minister Gunawardena said the present administration has to rely on three income sources to meet the expenses, since it has lost other income streams due to the coronavirus pandemic.

He said in addition to increasing taxes and obtaining foreign loans, the only other measure would be to sell state assets.

The Minister said a statement he made yesterday regarding state expenditure has been misinterpreted in media.

Minister Bandula Gunawardena claimed due to the COVID-19 pandemic, in 2020, state revenue stood at only Rs. 1,216 billion while expenses for state sector employees alone were Rs. 1,052 billion with a net balance of Rs.164 billion.

The Minister said additionally the government had to pay Rs.900 billion in interest for loan installments which is a staggering amount.

He said however the increase in state expenses is not a recent phenomenon.

Minister Gunawardena said all recent governments had a considerable annual budget deficit and it can only be covered by either increasing taxes, obtaining foreign loans or by selling state assets.

He said therefore despite demands for relief, in economic principles, the government should either obtain more loans or obtain funds through indirect taxes from the public.

The Minister said the current government is left with only these two choices.    

Meanwhile, when questioned by media over the stance of the government to meet the demands of teachers, Minister Bandula Gunawardena said the present administration is not in a position to provide any salary increments at present.

He said due to the prevailing climate no country is able to raise salaries.

The Minister said since businesses have collapsed, the government has lost its revenue and therefore to facilitate salary increases it must take more loans.

Minister Bandula Gunawardena said however the country has almost reached the loan ceiling and will not be able to provide salary increases unless it obtains the required funds from the public itself.

Oshadha Dammearachchi
Previous Post

Inter provincial transport services to resume in August

Next Post

‘Amend laws to prevent child molestation’

Oshadha Dammearachchi

Oshadha Dammearachchi

Related Posts

Today’s weather
LOCAL

Showers expected in several provinces today

by Hazari Mohamed
September 16, 2023
600 doctors expected to return after completing overseas training in weeks
LOCAL

600 doctors expected to return after completing overseas training in weeks

by Hazari Mohamed
September 16, 2023
Dengue cases on the rise compared to 2020
LOCAL

Dengue cases tally in 2023 exceeds 63,000

by Hazari Mohamed
September 16, 2023
Central Bank of Sri Lanka increases SDFR and SLFR
LOCAL

PMI in August indicates an expansion in services activities

by Hazari Mohamed
September 16, 2023
Letter sent to President urging Rs.5,000 for the private sector
LOCAL

Central Bank’s ability to print money limited –Acting Finance Minister

by Hazari Mohamed
September 16, 2023
Next Post
‘Amend laws to prevent child molestation’

'Amend laws to prevent child molestation'

Latest News

China must be treated as equal Sri Lanka creditor-Sitharaman
INTERNATIONAL

Indian Finance Minister confident of achieving 10.5% economic growth

by news_admin
September 16, 2023
0

Minister of Finance of India Nirmala Sitharaman has expressed optimism that her country could reach its nominal economic growth target...

Read more
Today’s weather

Showers expected in several provinces today

September 16, 2023
G77+China summit in Cuba calls for new global order

G77+China summit in Cuba calls for new global order

September 16, 2023
600 doctors expected to return after completing overseas training in weeks

600 doctors expected to return after completing overseas training in weeks

September 16, 2023
Dengue cases on the rise compared to 2020

Dengue cases tally in 2023 exceeds 63,000

September 16, 2023
NewsRadio – English

NewsRadio prides itself on providing news coverage that is fast, reliable and unbiased, delivering both ‘hard news’ and lifestyle-related news in a manner that is interactive, mobile, and comprehensive. NewsRadio has a dedicated website, SMS news alerts service across all major telecom platforms, along with Facebook and Twitter accounts administered by a committed team of news presenters and correspondents locally and internationally.

  • Address: No 52 5th Lane, Colombo 03
  • Email: [email protected]
  • Phone: 0117-777-555
  • Extention: 561 / 562 / 563
  • Fax: 0112-372-993
  • Address
  • Email
  • Phone
  • Ext
  • Fax
  • No 52 5th Lane, Colombo 03
  • [email protected]
  • 0117-777-555
  • 561 / 562 / 563
  • 0112-372-993
FEEDBACK
NewsRadio – English

Expanding rapidly since its launch into a network comprising of three radio stations – TNL NOW, Lite87 and Rhythm World, a record label called Criminal Records; A web solutions division, TNL RN Online; and signature events such as TNL Onstage, The Flashback Show, Simplicity and Rhythm Night, each component of TNL Radio Network has something unique to offer its audience.

© 2021 NEWSRADIO, All Rights Reserved. Developed by TNL Radio Network - IT

No Result
View All Result
  • HOME
  • LOCAL
  • INTERNATIONAL
  • EDITORIAL
  • SPORTS
  • #COVID-19
  • NEWS TEAM
  • සිංහල

© 2021 NEWSRADIO, All Rights Reserved. Developed by TNL Radio Network - IT

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In