During the ongoing budget debate, Opposition Member of Parliament Patali Champika Ranawaka criticized President's Budget 2024 speech, asserting that it lacked any explicit revenue proposals. However, Ranawaka claimed that upon closer examination, it became evident that the government plans to generate substantial revenue through the expansion of Value Added Tax (VAT) and social security taxes.

Ranawaka pointed out that, according to his assessment, the government is poised to accrue considerable revenue by implementing VAT on fuel by the next year. He anticipates that such a move would result in a minimum 10% increase in fuel prices. The Opposition MP expressed his concern over what he perceives as a potential financial burden on the public, particularly in the context of rising fuel costs.

The expansion of VAT and the introduction of taxes on social security are cited as key elements of the government's revenue generation strategy. Ranawaka contends that these measures, while not explicitly detailed in the President's budget speech, could have significant financial implications for citizens.

As the budget debate unfolds, opposition members are likely to scrutinize the fiscal proposals and revenue-generating mechanisms outlined in Budget 2024. The allegations made by MP Ranawaka shed light on the potential economic impact of the government's taxation strategy, sparking a contentious discussion within the parliamentary session