Nov 18, 2011 (LBO) – The Ceylon Chamber of Commerce said it hopes the Sri Lankan government’s forthcoming budget for 2012 would maintain consistency in investor and tax policies.
The Chamber last week had called on the government to defer a controversial expropriation law passed by parliament that rating agencies have warned would deter investors who fear policy inconsistency. A statement said the Chamber had asked the government to at least maintain the current tax structure for a period of three years.
Any changes in the budget to be presented next Monday should be to correct anomalies and to make the tax system more effective, it said.
The government had introduced significant reforms to the taxation system with its budget for 2011 which were largely in line with recommendations made by the Chamber.
In its latest submissions for the forthcoming budget, the Chamber said it asked the government to, “in the least, maintain the current tax structure for a period of three years,” the statement said.
“From a policy perspective the Ceylon Chamber highlighted the need to have a better facilitative framework for investments and exports, and clear and consisten