Business

Huge shortage from medicine to matches in Sri Lanka, will the government’s steps end the economic crisis

Photo:FILE

Sri Lanka

Sri Lanka is currently facing a huge economic crisis. There has been an acute shortage of essential items like food, medicine, cooking gas and other fuels, toilet paper and even matches. Sri Lankans have to wait for hours outside shops to buy fuel and cooking gas.

The situation in Sri Lanka has been like this for the last 4 months. Now the government has started taking big steps to deal with this crisis. Sri Lanka’s cash-strapped government has approved a slew of measures, including imposing a 2.5 percent social contribution tax on large companies. The government has declared Friday a holiday for most public sector employees to facilitate economic recovery and ease the energy and food crisis.

tax on companies

The Sri Lankan government’s cabinet meeting on Monday approved a bill to levy 2.5 percent tax on companies with an annual turnover of Rs 12 crore. According to an official statement, the new tax named ‘Social Contribution Cess’ will be applicable to businesses of imports, manufacturing, service providers, wholesalers and retailers.

change in employee holidays

The Cabinet has also approved declaring Friday a holiday for public sector employees in another measure aimed at mitigating the current energy crisis. However, this will not apply to employees in the health, power and energy, education and defense sectors. The Cabinet has also approved giving one day off per week for the next three months to government officials to engage in agriculture to mitigate the food crisis.

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Shivam Bangwal

Shivam Bangwal is an Indian based entrepreneur who is a tech, travel and coding enthusiast with a post graduation degree on Master's of Computer Applications. He is a founder of Youthistaan, People News Chronicle, Hitchhike TV, Branding Panther and many more.
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