A legal expert told members of the Institute of Chartered Accountants (ICASL) that fiscal concessions are important to encourage companies to play a more active role in society.
Justice Mark Fernando, delivering the 8th Annual Oration on Taxation of the institute said in the long run increased tax relief would encourage better private sector participation in social development.rn
rnldblquote Social development is too important to be left to the politicians and the bureaucracy. Social development is the shared responsibility of the government and people as individuals or as the business community. And the responsibility of the latter is increasing,
dblquote he said.rn
rnldblquote Taxation is one instrument of fiscal policy and must be used not only as a means of financing Sate activities aimed at social development but also to encourage and reward private sector participation in social development within the parameters set by the State. Such rewards need to be principled, consistent and equitable.