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Budget deficit at eight percent

Jun 30, 2010 11:40:41 AM - itnnews.lk

In this Budget, an Eight percent Budget deficit has been targeted, compared to 10 percent last year. Its is a two percent adjustment. In terms of this revenue, Finance Secretary Dr. P.B. Jayasundera said they were targeting 818 Billion rupees. He was addressing a seminar to brief Tax Officials on the 2010 Budget.

Dr. Jayasundera said the Government is targeting 17 percent revenue GDP. This is the way they are going. In the medium term road map, one paragraph refers that the tax system is outdated and it is narrowly focused. It mentions that it is complex. It also says the tax system is unattractive to investments and business development.

The Foreign Secretary pointed out that the Taxation Commission which started its work last year is expected to hand over its report probably by August. As such they will start looking at that and at the same time they will consult the relevant Revenue Department and also have a further inter-action with the private sector and the political leadership and get the policy strategy right.