Sri Lanka’s Ceylon Chamber expects budget proposals to be in line with the development agenda of the government

Oct 23, 2014 (LBO) – Sri Lanka’s Ceylon Chamber of Commerce expects the ‘National Budget of 2015’ will be in line with the development agenda of the government, the chamber said in a media release.

The Media Release by Ceylon Chamber of Commerce

The Ceylon Chamber of Commerce expects the proposals that will be presented in the ‘National Budget of 2015’, on Friday 24th October, 2014 will be in line with the development agenda of the government.

The Chamber anticipates the latest Budget to contain measures to infuse adequate investments into the most needed areas of the economy, encourage exports, grant concessions only to the most deserving sections of the society, keep the fiscal targets in line with the medium term fiscal framework by enhancing revenue, through measures such as, establishing an effective and efficient tax collection system and also by broadening the tax base.

The Ceylon Chamber too has forwarded a set of proposals to the Ministry of Finance and Planning to be considered and included in the year 2015 Budget Proposals covering four focus areas, which are being outlined below.

• Promote Investment and Growth

• Promote SMEs by making way to access finance, market, knowledge and technology

• Improving the Ease of Doing Business to attract investment

• Broadening the tax base and the collection to be made effective and efficient

The Chamber has forwarded a series of sub proposals based on the above four focus areas impacting its membership across the board. These were derived from a consultative process with its over 500 member firms and relevant internal committees comprising of experts including economists and taxation professionals. In addition, the Chamber submission includes the proposals made by affiliated associations and proposals specific to member companies.

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