|
|
|
| Sunday, 22 January 2006 |
 |
|
 |
Business |  |
| News Business Features Editorial
|
Southern Province Governor Kingsley T. Wickramaratne said that all these years the Government had given incentives and concessions such as Tax Holidays and Duty Free imports but this did not have the desired effect on the country's economy as such. Our Black economy today is over Rs. 500 billion. If we are to attract this informal economy into the mainstream economy, we have to create a tax environment that is business friendly and applicable to all investors. The Governor who was the chief guest was addressing the Southern Province "Entrepreneur of the Year 2004" Awards ceremony at the Soilis Hotel, Matara. It was organised by the Chamber of Commerce and Industry of Matara for the 10th consecutive year. Wickramaratne said that 'nations that have low taxes, few regulations and less government interventions are growing at a faster rate ever seen. The only way to marshal the black economy into the mainstream of the economy is to abolish income tax and to have a consumption tax (every man would pay according to his consumption) on the business turnover concept at 3 slabs, - Zero duty on essential food items, 2% tax on essential services and education and 5% on non luxury goods and 10% on luxury goods. This would give the treasury a revenue ten times more than what is collected. All businesses should be allowed to have dollar accounts - even the farmer and the fisherman, and we should move it to the dollerisation of our currency. The business friendly tax environment on foreign direct investment must have the guarantee that when an investor wants to move out, he could be able to take his investment back with the same ease and speed as he came and Sri Lanka should be to India, - what Hongkong had been to China. The Guest of Honour was Lakshman de Silva, CEO of DFCC Vardhana Bank Vice-Chancellor of the Ruhunu University Ranjith Senaratne, Danny Hettige, Chairman SDA, President of the Galle Chamber of Commerce and Industry, President of the Matara Chamber of Commerce and Industry, and the president of the Hambantota Chamber of Commerce and Industry were present. A large number of businessmen of the Southern Province participated in the ceremony to award presentations to the successful businessmen of 2004. There were seven Bronze Awards, five Silver Awards and one Gold Award. The Gold Award was won by Kirithi Gunawardena, Founder Managing Director of Lucky Lanka Dairies Ltd. who came up the hard way with one cow at the inception. Today the company owns one of the finest farms in the island and his products are marketed islandwide. The company has now introduced other milk based products to the market. |
|
| News | Business | Features
| Editorial | Security
| Produced by Lake House |
