Sri Lanka, Jan. 4 -- In this insightful discussion, tax experts N. R. Gajendran and Suresh Perera analyze how the new reforms will affect the general public and the broader economy.
N. R. Gajendran, highlights that while the government has promised to provide relief to individuals who were unfairly taxed, the practical implementation of this promise is fraught with challenges.
The government has proposed a mechanism to refund withholding taxes deducted from those whose incomes fall below the taxable threshold, but this system has been inefficient in the past.
Instead of relying solely on refunds, Gajendran suggests that a more effective approach could be the introduction of a "Self Declaration system".
This would allow individuals to ob...