Monday July 23, 2018

Japanese exporters in Sri Lanka ask for early warning of tax changes

Jul 04, 2017 15:15 PM GMT+0530 | 0 Comment(s)


ECONOMYNEXT – Japanese investors in Sri Lanka have asked for advanced notice of tax changes so that their exports from the island, mostly under forward contracts, are not affected.

The request came at a meeting of a delegation from the Japanese Chamber of Commerce & Industry in Sri Lanka with Minister of Finance and Media Mangala Samaraweera, a statement said.

Samaraweera responded with an assurance that forthcoming tax reforms would support exports, it said.
“The Japanese delegation apprised the Minister of issues faced by investors with regard to various tax reforms implemented from time to time,” the statement said.

“They stated that most of their products are being exported under forward contract with buyers and any sudden amendment to the tax regime may affect their exports.”

The Japanese delegation, accompanied by Japanese Ambassador to Sri Lanka, Kenichi Suganuma, requested the Finance Minister to give them at least six months’ notice prior to the enforcement of any tax amendments, as it might have an adverse impact on exports.

Minister of Finance Mangala Samaraweera said that since Sri Lanka intends to implement an investor and export friendly economic policy, the government would implement tax reforms favourable to exports, the statement said.

The Japanese business delegation consisted of the Chairman/President of Training and Service Industry Group of Mitsubishi Corporation Eiji Suga, Vice Chairman of Taisei Corporation Hiroki Horikawa, Vice Chairman of Noritake Lanka Porcelain Yoshinari Shimaya, Vice President of Itochu Corporation Akira Matsui, Vice President of Oriental Consultants Noboru Kitazawa, Vice President of YKK Lanka Ryuhei Nagahata and Secretary General of the Japan External Trade Organisation (JETRO) Kazuhiko Obama.
(COLOMBO, July 04, 2017)


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