Transport, Highways and Mass Media Minister Dr. Bandula Gunawardhana said if all including businesses pay even a small amount as the Value Added Tax, the percentage of money charged as VAT can be reduced.
The Minister went onto say that there should be a non-political dialogue on economic issues among academics who want to write books and discuss the economic crisis the country is facing. The newly opened facility is the 30th branch of the Sarasavi Group of Companies.
Paying a glowing tribute to the Sarasavi Publications founder H.D. Premasiri, the Minister said starting from humble beginnings he had scaled great heights in the industry despite challenges offering a great service to the development of the sector as well as the country.
The Minister said books are subject to 18% VAT only on the amount received after deducting the input cost. But the problem is that when VAT is levied on books, only those with an income of over 60 million is levied tax and due to this only about 15 publishers who publish books on a large scale are subject to VAT and a majority of bookstore owners are exempted from VAT. The Minister said if everybody pays tax the percentage of tax charged can be reduced. Veteran film director Prasanna Vithanage also spoke at the event.
