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Cricket's Olympic return draws an enthusiastic response from around the world_我的网站

A |     Colombo, Oct 20 (UNI) Amid growing criticism, Sri Lankan President Ranil Wickremesinghe has justified a hike in income tax for both corporates and individuals, saying it was for the greater good of the country and critical to garner much needed financial support from the international community.
In an address to the nation, the President said the International Monetary Fund (IMF) with which the government has signed a Staff Level Agreement for a $2.9 billion four-year financial support, advised the need for a surplus in Sri Lanka’s primary budget, the Daily FT reported on Thursday.
“It was agreed to since the country needs the support of the IMF,” he was quoted him as saying.
“It was also decided to increase the country’s income from 8.5 per cent to 14.5 per cent of the GDP. However, it is a difficult task to accomplish immediately, it is envisaged to achieve this by 2026.
"Initially, a decision had to be taken on the manner in which the income is to be increased. Money was printed due to the decrease in income. During the past two years, Rs. 2,300 billion has been printed, resulting in inflation rising to 70-75 per cent and even more in respect of food inflation," he said.
Wickremesinghe said these increases need to be controlled, while securing income. Therefore, during the discussions with the IMF a new tax system was proposed. The IMF informed that even the export industries would be required to pay taxes.
The IMF pointed out that in countries with an export economy, the related industries were liable for tax. The IMF also upheld that Sri Lanka’s primary export economy is based on the plantation industry.
During British rule, taxes were charged from every plantation sector, including tea, coconut and rubber. Therefore, if the country has to move towards that goal, taxes will have to be paid. The export sector has now questioned this aspect and the related concerns are to be submitted to the IMF.
Referring to the issue of higher personal income taxation, the President said the majority of tax revenue was through indirect taxation. The majority of the country’s citizens, even those below the poverty line, had no choice but to pay indirect taxes, the President said.
The direct tax revenue was 20 per cent and 80 per cent has been derived from indirect taxes.
The IMF had reservations in this regard and said the amount of tax obtained through direct taxes should exceed 20 per cent. The IMF noted that otherwise this would not be successful and ordinary citizens would need to pay taxes, the President said.
Therefore, the Treasury and the IMF discussed the possibility of limiting the taxation from those who have an income of Rs. 200,000, which did not materialise. Eventually, this resulted in the decision to levy income tax on people earning over 100,000. This has become a vital concern amongst citizens.
But without this tax system, the desired goal will not be achieved. The agreed goal is to achieve 14.5-15 per cent of Gross Domestic Product (GDP) revenue by 2026, Wickremesinghe said.
If Sri Lanka withdraws from this programme, IMF assistance will not be received. Without IMF certification, the support of institutions such as the World Bank, Asian Development Bank, and the countries that have supported financially will not be forthcoming. Then, Sri Lanka will be back to the era of queues, he warned.
In his address, Wickremesinghe also said the Government was ready to implement prudent economic management after successful debt restructuring.
He noted that it was not possible to strengthen the economy without increasing the revenue of the country, which will compel him to reluctantly make tough decisions in order to rebuild the nation.
The President pointed out how in November 2019, the country’s taxes were drastically reduced, reducing the government revenue to 8.5 per cent. This was when the IMF set aside the agreements with Colombo and declared that it was unable to provide the agreed assistance.
"That year the government lost approximately Rs. 600-700 billion as revenue. Simultaneously, the country had to face the Covid-19 pandemic. These issues are the main factors that led to the collapse of Sri Lanka’s economy.
"The country at this juncture is facing a difficult period. Expectedly tough decisions have to be taken during these difficult times. I undertook this challenge when no one else was willing to come forward."
UNI MR。    MUMBAI, India -- MUMBAI, India (AP) — Cricket's return to the Olympic program for the 2028 Los Angeles Games drew an enthusiastic response from around the world.Cricket, a bat-and-ball game that is hugely popular in south Asia, was one of five sports added to the LA Games by the International Olympic Committee on Monday. Flag football, baseball-softball, lacrosse and squash were also included.“After a wait of more than a century, our beloved sport is back on the Olympic stage,” former India captain Sachin Tendulkar wrote on X, the social media platform formerly known as Twitter. “This marks the dawn of a new era for cricket as it will be a golden opportunity to foster inclusivity and showcase new talent from emerging cricketing nations. A start of something truly special!”Monday's decision was made at an IOC meeting in Mumbai, the Indian city that will host five matches at the ongoing Cricket World Cup.Cricket was last played at the Olympics in 1900, but the game is played at other multi-sport events like the Commonwealth Games and the Asian Games.“Players will get the chance to compete for an Olympic gold medal and be part of the games, which will be so special,” said Mithali Raj, a former India women's cricket team captain. “It’s also a chance for more fans around the world to enjoy our fantastic sport.”For the last two years, the International Cricket Council has been working extensively with the IOC for inclusion at the Los Angeles Games.“To have the opportunity to showcase our great sport at the LA28 Games and hopefully many Olympic Games to come, will be great for players and fans alike,” ICC chairman Greg Barclay said.The ICC hoped the Olympics, which has an estimated audience of more than 3 billion, will provide an opportunity for cricket to “engage new audiences and further boost the sport’s reach across the world, opening the door to a new generation of cricket enthusiasts.”Another Indian cricket great, Sunil Gavaskar, was also excited for the players to mingle with athletes from around the world.“That is totally fantastic, isn’t it?” Gavaskar said while commentating during Australia's cricket match against Sri Lanka. “What an experience it’ll be for every team, and particularly the Indian team, to be able to see what the Olympic village is like, to be able to spend time with other athletes, other champions.”In Australia, the governing body of the sport in the country praised the decision as a chance to expand further afield.“This is a game-changer for our sport that is already among the fastest growing in the world,” Cricket Australia chief executive Nick Hockley said. “The Olympic Games will undoubtedly increase the global reach of cricket, inspiring a whole new generation to love and play the game.”Cricket at the Los Angeles Olympics will be a six-team event for both men and women and will be played in the Twenty20 format.Los Angeles organizing committee sports director Niccolo Campriani said the format will be “appealing to the younger crowd.”“We are thrilled to welcome the world’s second-most popular sport with an estimated 2.5 billion fans worldwide,” Campriani said. “Some of you might be wondering why in LA? Well, the commitment to grow cricket in the U.S. is real, and it’s already happening with the launch of the very first Major League Cricket season earlier this year, which exceeded all expectations. And the (men’s) T20 World Cup in 2024 coming to U.S. and West Indies.”___AP Olympics: https://apnews.com/hub/2024-paris-olympic-games。

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