Removal of taxes on exporters including Cess on the cards
Projecting a massive shadow over Slave Island, the 350 metre Lotus Tower is set to open by March next year standing tall from the rest in Colombo’s rapid changing skyline, a senior official of the Telecommunication Regulatory Commission (TRC) divulged.
The construction work of structure has already been completed and the finishing of interior and exterior is continuing, he said noting that this work is more time consuming due to complexity of the structure.
This Chinese EXIM bank-funded US $ 104.3 million project commenced on January 20, 2012 and was expected to be completed within 912 days as per the initial plan.
With a spherical top resembling the namesake blossom of lotus, this tall tower (24 m taller than the Eiffel Tower) will primarily serve as a transmission station for television and radio; he said.
It will also facilitate the transmission of signals of 50 TV Channels and over 35 FM Radio Stations. The tower has a range of tourist attractions including an observation deck at the top and a restaurant at the base.
The 3- storied tower base will house various shopping centres, food courts and possibly even a walkthrough museum. The tower itself will house banquet halls and an observation deck on the eighth floor.
The Government is making a renewed effort towards greater integration into regional and global supply chains, higher levels of FDI, thereby enhancing prospects for private sector investment, official sources said.
It will consider removing taxes imposed on exporters including Cess which would help to encourage more exports, a senior official of the Ministry of Policy Planning and Economic Development told the Business Times. On average, Rs. 6 per kg is charged as Cess on some export products.
Cess was introduced to formulate a fund from exporters which in turn could be used for promotions and to ‘increase value addition.’
However this money was used by the previous Government for political work and for unwanted glorification of a few individuals. It was also used to fund unsuccessful projects, he claimed.
New export and trade policies are to be introduced shortly to increase the efficiency of trade facilitation, remove barriers to foreign investment entry and establishment (including access to land), enhance access to finance, and strengthen financial market infrastructure. These steps should help attract FDI and complement public investment.