State Finance Minister Ranjith Siyambalapitiya has confirmed that the 2024 budget will not introduce any new taxes. This declaration comes as part of the government's fiscal approach to focus on expanding the tax base and enhancing tax compliance to bridge the revenue gap.

The decision to refrain from introducing new taxes in the upcoming budget year is aimed at alleviating the financial burden on the public while prioritizing economic growth and stability.

Notably, President Ranil Wickremesinghe had previously mentioned in September that the 2024 budget would include a proposal to tax primary bond dealers.

However, State Finance Minister Siyambalapitiya's recent statement underscores that no additional tax burdens are imposed on the general populace in the forthcoming fiscal year.

Expanding the tax base and encouraging tax compliance are seen as viable means to bolster government revenues and address fiscal challenges, while also fostering an environment of economic growth and stability.