Local canned fish industry adversely hit
The local canned fish industry is facing difficulties due to the tax
reduction in the recent mini-Budget.
“We are faced with many problems due to the tax reduction from Rs 102
to Rs 50 for imported canned fish. This has forced us to revise the
prices of locally produced canned fish thus creating a difficult
situation,” Tess Group of Companies, Chief Executive Officer Shiran
Ferdinando said.
“Our company purchases fresh fish from local fishermen and this has
resulted in a steady market for them. However, with the reduction in
taxes on imported canned fish, we are struggling to continue business,”
he said. Sri Lanka spends over Rs 700 million on the import of canned
fish annually. This could be avoided or minimised if local
industrialists are given more facilities. The Government should promote
local industries while safeguarding the rights of consumers, Ferdinando
said.
Price reductions are necessary and good for consumers, but the local
industries should also be looked after in the same manner.
The contribution by this segment is vital for economic growth and the
long term development of the country, he said.
The Tess Group of Companies has been in the canned fish business for
a few years and it uses fish such as Linna for canning. The company
purchases fresh fish directly from the fishermen to ensure quality which
is the hallmark of the company. Due to the high standards of products,
the Tess Group of Companies entered the export market as well.
- SJ |