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| Sunday, 11 January 2004 |
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| News Business Features Editorial
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The secrets of success by SUREKHA GALAGODA Common sense and knowledge of business is the key to success as such you have to gain all the required knowledge and be in constant touch with the business. These were observed by all speakers who addressed the seminar "Pathway to success with Peoples Bank." It was organised by the Western Zone two of the Peoples Bank and was held at the BMICH last week. People Bank Chairman Lal Nanayakkara said : you can't go by the rule book and do business successfully for which common sense and knowledge of business is imperative." Go to the bank you deal with and they will be more than happy to advice you" he added. Advisor on Fiscal Policy, Ministry of Finance, P. Guruge said" knowledge is the path to success. Therefore you should have some knowledge on taxation too. Most people are afraid of tax and want to avoid such payments. The government levies a tax to maintain the services provided to the citizens of the country. Therefore if you want to start a business provision for payment of tax should be made. "If you don't start paying from the begining when you get caught to the tax net you will have to pay the taxes with penalties which might lead to a collapse of your businesses as well as your personal life," warned Guruge. "There are stipulated dates decided by the government to pay taxes, but most people delay paying on time and pay it with a penalty. Pay on time and avoid the penalty Guruge emphasised. In addition for every fiscal year all taxpayers have to provide a report by November and in the event you fail to do so the Commissioner has the authority to impose a fine of upto Rs 50,000. Having a capital doesn't necessarily mean that you should start a business. Therefore think twice before taking a decision ideally suited for you without being advised by others. Guruge said that there were several options for those who don't want to do business such as investing in the secondary market, stock market or simply depositing in a bank. Even if you want to start a business don't always go for the traditional businesses. In most instances businessmen waste a lot of money to prepare statement of accounts if the banks can provide this service at a concessionary rate it will benefit the customers and it will help further strengthen the rapport between the customer and the bank. Management specialist Ajith Nivard Cabral, Dr Ruwan Ekanayake, General Manager and CEO Asoka De Silva and Additional General Manager Martin Fernando also spoke. |
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