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ECONMOMYNEXT – Sri Lanka will hike all government fees by 20 percent from 2023 to boost state non-tax reveneus, President Ranil Wickremesinghe said presenting a budget for next year.

Sri Lanka’s rupee collapsed from 200 to 360 to the US dollar after macro-economists in the style of John Law or Cambridge ‘lost generation’ economics printed money triggering the worst currency collapse in the history of the island’s intermediate central bank.

In 2019 December macro-economists also cut taxes and further boosted money printing in the following two years.

“lncrease in non-tax revenue is also important in the fiscal consolidation process. Hence, I propose to increase fees and charges by 20 percent with effect from 2023,” President Wickremesighe said.

“However, fees and charges that have already been increased in the years of 2020, 2021, and 2022 will not be revised with this proposal.

“In the same vein, it is proposed to increase fees levied by the Department of lmmigration and Emigration on Passpor! Visa and other charges.

“Further, I propose to appoint a Committee to examine and make recommendations on the royalty, rent, and other non-tax revenue charged and collected by the govemment organisations to the General Treasury.” (Colombo/Nov15/2022)

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