The Hon. Ravi Karunanayake

¶ 01 Let us reduce drama at this time. Do not cut others’ time. That is the problem.

¶ 02 Hon. Presiding Member, we are discussing revenue. How do we present our ideas? Not only from vehicles can we get revenue. This year we need Rs. 5,000 billion. Of that, about Rs. 420 billion is expected from cars. But rather than only doing that, we must protect the rupee and expand the rest of the economy. When the rupee depreciates, inflation rises, foreign debt burdens increase, and the debt stock grows, creating an unbearable situation. So not only vehicles — we must see how to increase revenue from all sides.

¶ 03 From January 1 to May 20, 2025, revenue collections are about three percent below estimates, but expenditure is up by about 22 percent. We must discuss how to manage that. The IMF is a body to advance trade and development. Right now, investments are needed. Every dollar and rupee should be invested with a return in mind.

¶ 04 We hear that the IMF has raised questions about agreements signed for Colombo Port City. Why? What are the issues? Similarly, Sinopec has invested USD 3.7 billion in Hambantota. Which Government brought them is not the point. The point is how do we get tax revenue from such investments? Why has the IMF halted certain processes? After bankruptcy, we may seek IMF support, but even with IMF, we must stand on our own feet and negotiate — how to increase investment, control expenditure, and raise revenue — not outsource to them how we tax and spend.

¶ 05 We levy 36 percent taxes, charge the region’s highest interest rates, highest electricity bills, water charges, and at the end, employers must still pay workers for their labour. How can we compete? We should tell the IMF to help us encourage investments that bring dollars tomorrow. If we cannot give tax relief everywhere, at least provide qualifying payments or incentives. Who will invest here out of pure love for Sri Lanka? Therefore, I request the Government and officials to discuss with investors and ask why we cannot provide incentives. Expenditure control is one thing; investment incentives cannot be stopped.