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The local canned fish industry is facing difficulties due to the tax reduction in the recent mini-Budget.
“We are faced with many problems due to the tax reduction from Rs 102 to Rs 50 for imported canned fish. This has forced us to revise the prices of locally produced canned fish thus creating a difficult situation,” Tess Group of Companies, Chief Executive Officer Shiran Ferdinando said.
“Our company purchases fresh fish from local fishermen and this has resulted in a steady market for them. However, with the reduction in taxes on imported canned fish, we are struggling to continue business,” he said. Sri Lanka spends over Rs 700 million on the import of canned fish annually. This could be avoided or minimised if local industrialists are given more facilities. The Government should promote local industries while safeguarding the rights of consumers, Ferdinando said.
Price reductions are necessary and good for consumers, but the local industries should also be looked after in the same manner.
The contribution by this segment is vital for economic growth and the long term development of the country, he said.
The Tess Group of Companies has been in the canned fish business for a few years and it uses fish such as Linna for canning. The company purchases fresh fish directly from the fishermen to ensure quality which is the hallmark of the company. Due to the high standards of products, the Tess Group of Companies entered the export market as well. SUNDAY OBSERVER
“We are faced with many problems due to the tax reduction from Rs 102 to Rs 50 for imported canned fish. This has forced us to revise the prices of locally produced canned fish thus creating a difficult situation,” Tess Group of Companies, Chief Executive Officer Shiran Ferdinando said.
“Our company purchases fresh fish from local fishermen and this has resulted in a steady market for them. However, with the reduction in taxes on imported canned fish, we are struggling to continue business,” he said. Sri Lanka spends over Rs 700 million on the import of canned fish annually. This could be avoided or minimised if local industrialists are given more facilities. The Government should promote local industries while safeguarding the rights of consumers, Ferdinando said.
Price reductions are necessary and good for consumers, but the local industries should also be looked after in the same manner.
The contribution by this segment is vital for economic growth and the long term development of the country, he said.
The Tess Group of Companies has been in the canned fish business for a few years and it uses fish such as Linna for canning. The company purchases fresh fish directly from the fishermen to ensure quality which is the hallmark of the company. Due to the high standards of products, the Tess Group of Companies entered the export market as well. SUNDAY OBSERVER
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