COLOMBO, Nov. 13 (Xinhua) -- The Sri Lankan government plans to increase the tax revenue by 47.1 percent to 3,820 billion rupees next year, President Ranil Wickremesinghe told parliament on Monday presenting the 2024 budget.
Of the total tax, income tax is expected to increase by 25 percent to 1,080 billion rupees (3.3 billion U.S. dollars) and levies on external trade are to increase by 41.5 percent to 505 billion rupees.
Tax on goods and services are to increase by 62.4 percent to 2,235 billion rupees.
Wickremesinghe also proposed to remove several non-tariff import taxes to improve Sri Lanka's connectivity with foreign trade and global markets.
The president also said steps will be taken to modernize customs laws according to global best practices, and that a national committee will be appointed to facilitate international trade and investment.
He added that Sri Laka will establish new investment zones centered in Hambantota, Jaffna, Trincomalee, Bingiriya and Kandy.
The president also proposed to increase the debt and the borrowing limit to 7,350 billion rupees from 3,900 billion.
He added that 3,000 billion rupees has been allocated in the 2024 budget for foreign debt restructuring and settlement of international sovereign bonds. (1 U.S. dollar equals 327.22 Sri Lankan rupees) ■
