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The Business Chamber of Commerce hailed the depreciation of the rupee and said the 2012 Budget was both positive and development oriented and took on the government to keep to its word that it would not harass genuine tax payers.
Issuing a statement yesterday the chamber said; "The Business Chamber of Commerce is of the view that the Budget proposals include quite a number of developments oriented proposals of practical value to the development of Sri Lanka’s economy. To begin with the devaluation of rupee by 3 percent is rational, considering the current trends among nations that compete with us in respect of exports in the International Market. The idea of devaluation is to ensure or retain a competitive edge in our exports. We are hopeful that this will be a reality.
"This Chamber is happy to add that in our proposals on the budget submitted to the Ministry of Finance, we have suggested a suitable adjustment to the value of the rupee, vis-a-vis the dollar, to avoid a potential threat to our export earnings. Equally significant are the proposals in respect of SME’s. Primarily a tax reduction of 10% which has been announced in respect of the SME sector will be highly useful for their operations given the increasingly costly climate prevalent. So will be the host of concessions afforded like tax exemptions etc. Particular attention has been paid in respect of credit to this vital sector. The proposals in this connection include the setting up of special SME branches by the State Banks in all districts. An invitation has also been extended to other financial institutions and banks to follow suit.
"Diversification of the manufacturing sector is indeed a prime need of a progressive economy. We are glad that the government has recognized this need in respect of pharmaceuticals on which Sri Lanka incurs a heavy expenditure outflow. The government proposes to encourage the private sector to venture into production of pharmaceuticals. Among other proposals are the setting up of a separate Investment Promotion Zone, to promote private investment in this field.
"We may take this opportunity to add that our two big Asian neighbours, India and Pakistan are today in the thick of pharmaceutical manufacture under license, producing several drugs for multinational companies.
"We believe that Sri Lanka should also try to emulate these countries, now that the government has given the green light to proceed with pharmaceutical manufacture.
"Yet another welcome proposal relates the strengthening of the taxation structure. We are hopeful that measures to be taken will ensure that public confidence, especially of the business community, will as a result be raised and those who are paying taxes and are engaged in business in a justified manner are not harassed as the proposals spell out specifically," the chamber said.
http://island.lk/index.php?page_cat=article-details&page=article-details&code_title=39727
Issuing a statement yesterday the chamber said; "The Business Chamber of Commerce is of the view that the Budget proposals include quite a number of developments oriented proposals of practical value to the development of Sri Lanka’s economy. To begin with the devaluation of rupee by 3 percent is rational, considering the current trends among nations that compete with us in respect of exports in the International Market. The idea of devaluation is to ensure or retain a competitive edge in our exports. We are hopeful that this will be a reality.
"This Chamber is happy to add that in our proposals on the budget submitted to the Ministry of Finance, we have suggested a suitable adjustment to the value of the rupee, vis-a-vis the dollar, to avoid a potential threat to our export earnings. Equally significant are the proposals in respect of SME’s. Primarily a tax reduction of 10% which has been announced in respect of the SME sector will be highly useful for their operations given the increasingly costly climate prevalent. So will be the host of concessions afforded like tax exemptions etc. Particular attention has been paid in respect of credit to this vital sector. The proposals in this connection include the setting up of special SME branches by the State Banks in all districts. An invitation has also been extended to other financial institutions and banks to follow suit.
"Diversification of the manufacturing sector is indeed a prime need of a progressive economy. We are glad that the government has recognized this need in respect of pharmaceuticals on which Sri Lanka incurs a heavy expenditure outflow. The government proposes to encourage the private sector to venture into production of pharmaceuticals. Among other proposals are the setting up of a separate Investment Promotion Zone, to promote private investment in this field.
"We may take this opportunity to add that our two big Asian neighbours, India and Pakistan are today in the thick of pharmaceutical manufacture under license, producing several drugs for multinational companies.
"We believe that Sri Lanka should also try to emulate these countries, now that the government has given the green light to proceed with pharmaceutical manufacture.
"Yet another welcome proposal relates the strengthening of the taxation structure. We are hopeful that measures to be taken will ensure that public confidence, especially of the business community, will as a result be raised and those who are paying taxes and are engaged in business in a justified manner are not harassed as the proposals spell out specifically," the chamber said.
http://island.lk/index.php?page_cat=article-details&page=article-details&code_title=39727
