Economic Crisis: Sri Lankan Government imposes tax on rich - details!

Sri Lanka is suffering from a severe economic crisis. Following this, Sri Lankan President Gotabaya Rajapaksa has enacted a law imposing higher taxes on those earning extra income.

Crisis in Sri Lanka

The Sri Lankan Government is facing a severe economic crisis. The price of petrol, diesel and gas cylinders is at an all-time high. As a result, food prices have skyrocketed. People are suffering due to rising prices of essential commodities including rice, bread and milk.

Moreover, Sri Lankans are being forced to stand in long queues to buy groceries. In addition, the public is dissatisfied with the Government for causing 13-hour power cuts every day.

Tax

The bill to levy an additional 25 per cent tax on individuals and companies earning more than Rs 200 crore a year was passed in Parliament today without any referendum. At the time, Tharaka Balasuriya, a Member of Parliament for the ruling Sri Lanka People's Alliance, insisted that all MPs disclose property values.

People's Struggle

As the general public struggles over the economic crisis in Sri Lanka, the public protested surrounding President Rajapaksa as he entered parliament today.

Earlier last Sunday, all the cabinet ministers in the ruling party resigned at the same time. The President subsequently appointed four new ministers, but Finance Minister Ali Sabry resigned a day after swearing-in.

Continued struggle

Sri Lankan opposition parties have been fighting for the resignation of the Sri Lankan President due to the economic crisis. They are protesting the immediate resignation of all 275 Sri Lankan parliamentarians.