Cut off

The Ceylon Chamber of Commerce says it will lobby the Government to remove restrictions on tax deductible expenses proposed in the 2005 budget. The Ceylon Chamber of Commerce says it will lobby the Government to remove restrictions on tax deductible expenses proposed in the 2005 budget. Removing overseas travel and entertainment bills from income before calculating tax payments are among the top issues that concerns the Chamber.

Chamber chief, Deva Rodrigo says a meeting with the Treasury Secretary Dr. P B Jayasundera was expected this week, where the issue will be taken up.

The list of items that could come up for lobbying to be tax deductible includes VAT on financial services, overseas travel and entertainment allowance and advertising.

Officials say some of the cost items put out of the tax deductible list was legitimate corporate expenses essential for human resource development and business itself.

Partner at Chartered Accountants Gajma and Company, N. R Gajendran speaking at the Ceylon Chamber of Commerce post budget seminar on Monday said that private sector’s “overseas” travel was mainly for education and for busi