Revenue streams need to be viable

In Budget 2016, every detail was analyzed and addressed to provide incentives for private sector-led industrial development, private-public partnerships or synergies to develop sick industries and a social safety net for the underprivileged section of society.

However, some of the detailed revenue streams need to be further scrutinized for viable and practical implementation, a media release from the Tea Exporters Association (TEA) said.

From the specifics of TEA, we at the TEA made representations with strong but well researched proposals to enhance Sri Lanka's share of the global tea market to target achieving US $ 5 billion annual revenue by 2020 through improving the current share of 1.8% of US $ 80 billion (tea and tea related beverages) to around 5% from the YOY increasing global export market. We are happy that some of our proposals have been accepted for inclusion in the Budget .

Having observed the ambitious development led Budget, one of the main obstacles is the implementation of the well-defined programs especially in the agricultural sector, by the most lethargic state administrative apparatus. Immediate rehabilitation of the government services based on set KPIs, linked to incentives based on success is the most need urgent to implement the development programs expeditiously. Empowering the District Secretaries and holding them accountable may be an option to pursue.

Expanding the tax net to cover all persons generating wealth including the large professional sector is also a requirement in revenue generation for the State. Recovering stolen and illegally acquired properties and cash stashed away in foreign accounts amounting to billions of dollars, will also help the government to bridge the Budget gap without burdening the masses.