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Sri Lankan minister proposes special simplified tax system to encourage exports

Sri Lankan minister proposes special simplified tax system to encourage exports

Sri Lanka’s Minister of Industrial Exports and Investment Promotions, Tourism and Aviation, Prasanna Ranatunga has reportedly said that the country’s exporters would be offered a special simplified tax system to encourage exports.
He has noted that under the new simplified tax system, more the entrepreneur exports the tax component would come down.
“This is being done not only to increase exports but to rope in new exporters. Sri Lanka’s export basket is still small and we expect these concessions to help Lanka’s export basket,” Ranatunga has been quoted as saying to the local media.
The Minister has said the investment future promotion missions would be aligned with tourism promotions firstly cutting costs and secondly getting a bigger international audience.
“Both tourism and investment promotions will aggressively promote Sri Lanka’ brand image,” he has said.
He has further noted that the Sri Lankan foreign missions overseas would also be given targets and their assistances too would be sought for both investment and tourism promotions.
As for the ongoing visa free facility offered to 47 nations, the Minister has stated that this is depriving the government coffers huge amount of money.
“However this scheme too is a Tourism promotion and we have no immediate plans to scrap it,” the Minister has added.
“I will sit with the private sector and Tourism Board officials and come out with a new professional destination marketing campaign giving special focus to China, Indian and Europe which sends the largest number of tourists to Sri Lanka,” Ranatunga has added.

OSL take:

Sri Lanka’s exports sector has been recording a continuous growth in the past few years and the growth momentum is expected to further develop given the pro-growth actions taken the country’s authorities. The many trade agreements as well as trade concessions enjoyed by the country have helped boost the growth recorded in Sri Lanka’s manufacturing exports sector. In such a backdrop, a simplified tax structure for exporters would further boost the growth in Sri Lanka’s export sector. Foreign businesses could therefore explore business opportunities in Sri Lanka’s exports sector.

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Article Code : VBS/AT/02122019/Z_2

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