Former UNP Deputy Leader and MP Ravi Karunanayake has criticized Sri Lanka’s current tax system, saying the country’s narrow tax base places a disproportionate burden on those who already pay taxes.
He said that if the current system continues, large businesses could become even more powerful while small businesses struggle to survive. He stressed that small and medium-sized enterprises are vital to job creation and economic activity.
Karunanayake pointed out that although Sri Lanka has around 1.4 million tax files, only about 600,000 individuals contribute, while only 30% of registered companies pay taxes.
