No New Taxes: Sri Lankan President Pledges Relief in Next Budget During Japan Visit

Sri Lankan President, Anura Kumara Dissanayake, has signaled a major shift in the country's fiscal policy, assuring during his visit to Japan that his government does not intend to implement any new taxes in the upcoming budget. The statement offers the promise of relief to citizens and businesses heavily burdened by the austerity measures put in place following the nation’s unprecedented economic crisis.

The President, who assumed office on a platform promising to ease the tax burden on the populace, conveyed his government's strategy while meeting with foreign officials and investors. His assurance suggests that the government is confident in its ability to meet revenue targets - a key requirement of the International Monetary Fund (IMF) program - through improved tax collection efficiency and economic growth, rather than by imposing additional levies.

The current administration has faced political pressure to soften the steep tax hikes introduced by the previous government, which were essential for stabilizing the economy. This public commitment comes as a key indicator that the government is now prioritizing growth and public welfare after a period of harsh fiscal consolidation.

The upcoming budget, the first under President Dissanayake’s leadership, is a critical test of this new approach. While tax revenue remains vital for meeting the IMF’s primary budget surplus target, the focus will now shift to other revenue generating measures, such as income from the recent lifting of the vehicle import ban and improvements in digital tax administration.

The promise made in Tokyo is expected to be a key element of the government’s presentation when the budget is formally unveiled.

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