Sri Lanka’s Ceylon Chamber optimistic on tax cuts

ECONOMYNEXT- The Ceylon Chamber of Commerce, Sri Lanka’s largest business chamber, said that it is optimistic of the tax cuts implemented by the new government.

“The slew of tax proposals put forward as part of the stimulus package will revive economic growth and activity in the short-term,” a Ceylon Chamber statement said.

“The chamber hopes that the positive benefits accrued from the near-term fiscal stimulus will be sustained over the medium and long term.”

“This will require government’s focus on continuing progressive reforms on several key agendas including but not limited to those related to local and foreign investment, the expansion of exports and productivity enhancements in the public sector.”

The business chamber said it also views the government’s intention to curtail non-priority public spending and the limited ministerial portfolios as a signal that the government is serious in its efforts to manage the fiscal deficit.

The statement said the government’s focus on improving profitability of state-owned enterprises is also welcome. (Colombo/Dec04/2019)

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