ECONOMYNEXT – The Ceylon Chamber of Commerce has recommended Sri Lanka’s 2025 Price range for sustaining coverage consistency by retaining the present tax framework and avoiding ad-hoc tax measures to match the expenditure proposals.
“The Ceylon Chamber of Commerce welcomes daring proposals within the finances that align with its suggestions, Sri Lanka Financial Summit discussions, and Imaginative and prescient 2030 objectives,” it mentioned in a press release.
Chamber chairman Duminda Hulangamuwa is advisor the Sri Lanka’s president.
The total assertion is reproduced under:
2025 Price range Targets Inclusive Progress Via Daring Reforms
The Ceylon Chamber of Commerce welcomes daring proposals within the finances that align with its suggestions, Sri Lanka Financial Summit discussions, and Imaginative and prescient 2030 objectives.
The 2025 Price range focuses on stability, governance, public aid, tackling corruption, and driving inclusive progress.
The Price range emphasises infrastructure growth by means of Public-Non-public Partnerships (PPPs) and digital financial system initiatives, offering a powerful basis for transformation.
The Chamber appreciates the Authorities’s recognition of the necessity to reform the Customs Ordinance and the implementation of the Nationwide Single Window, each essential for enhancing commerce facilitation and bettering the benefit of doing enterprise.
We additionally acknowledge the deliberate implementation of the Financial Transformation Act with amendments and the introduction of laws on Public-Non-public Partnerships (PPPs).
Well timed execution of those reforms will create a extra conducive setting for personal sector funding in key sectors reminiscent of ports, tourism, and infrastructure, as highlighted within the finances speech.
Coverage Continuity: Taxation and Fiscal Framework
The Chamber commends the Authorities for sustaining coverage consistency by retaining the present tax framework and avoiding ad-hoc tax measures to match the expenditure proposals.
Adhering to the Public Monetary Administration Act, which caps major expenditure at 13% of GDP, is a constructive step towards rebuilding investor confidence and strengthening Sri Lanka’s international credit score standing.
Making certain tax stability throughout the 12 months and simplifying compliance will probably be essential for fostering a aggressive enterprise setting.
Daring Reforms Requires Well timed Implementation
The above-mentioned daring reforms require time-bound implementation to translate the Price range’s imaginative and prescient right into a actuality that will probably be felt by the general public.
For instance, tasks just like the Nationwide Single Window which has been a request from the non-public sector for over twenty years require dedication by the Authorities on the implementation plan.
The Chamber welcomes the plan to ascertain a holding firm for SOEs, aligning with international greatest practices to enhance governance, monetary self-discipline, and effectivity.
Its success will rely on clear timelines, impartial oversight, and transparency.
The deal with digitalisation and e-governance can be a constructive step, with initiatives just like the Distinctive Digital ID and the setup of an Apex Digital Financial system Authority to scale back forms and improve transparency.
Particular Proposals Require Session Previous to Implementation
The transition from the present SVAT system to a risk-based refund system requires cautious execution, together with stress-tested pilot programmes to make sure a sturdy and environment friendly refund course of.
The adjustments to the minimal wage for personal sector ought to be carried out in a consultative course of and align with enterprise sustainability and broader labour reforms that advocate for larger ladies’s financial participation and versatile work.
The finances prioritises investment-driven progress however wants stronger help for MSMEs, important for jobs and resilience.
Whereas Rs. 254 billion is allotted for agriculture, a transparent technique for modernisation, worth chains, and local weather resilience, is essential.
Insurance policies on sustainable farming, irrigation, and private-sector agro-processing, have to be strengthened to counter local weather change impacts.
Alignment with Chamber Suggestions and Imaginative and prescient 2030
The Authorities’s emphasis on investment-led progress, commerce, digital transformation, and public sector reform, align with the Ceylon Chamber’s suggestions.
Whereas the 2025 finances successfully addresses fiscal consolidation, funding facilitation, and governance, its success relies on environment friendly time-bound implementation, coverage stability, and stakeholder collaboration.
The Chamber stays dedicated to working with the Authorities to refine and execute these insurance policies, guaranteeing a resilient, inclusive, and globally aggressive financial system. (Colombo/Feb19/2025)
