Govt took swift steps for economic recovery: Ajith Nivard Cabraal
The present Government took three immediate steps to restore the economy which had been destroyed by the previous Government, and took steps to stabilize the rupee, reduce all taxes and reduce interest rates on bank loans, the Minister of State for Finance, Capital Markets and Public Enterprise Restructuring, Ajith Nivard Cabraal stated.
He stated this addressing the investors' pavilion organized by Softlogic today (16).
The Minister further said that the present Government took these swift actions after coming to power in 2019, and despite the strong criticism in this regard, the results have proven to be successful.
According to Cabraal, the previous Government had projected revenue of Rs 2,200 billion (2.2 trillion) in 2019, but they could only get Rs 1,800 billion (1.8 trillion), even after raising all taxes and imposing burdens on the people.
The Minister said that by reducing taxes and interest rates, the Government would be able to generate additional revenue through the freedom of entrepreneurs to do business and the country's economic growth could be achieved through this business growth.
State Minister Cabraal said that unless the economy recovers in a country where it has collapsed, tax revenue can never be expected to recover effectively, and the attractive tax rates they had hoped for could not be achieved due to the unnecessary tax burden imposed by the previous Government.