Budget proposals from NCE
Incentives for proper country branding the marketplace and tax relief to encourage companies to list in the Colombo Stock Exchange are among a series of proposals presented by the National Chamber of Exporters (NCE) to the Ministry of Finance for consideration in next month’s budget.
In a media release, the chamber said among the suggestions it made for inclusion in the budget were - reduce the cost of working capital for the industrial sector by providing a suitable rebate to banks in respect of interest charged; measures to encourage and facilitate to set up solar power units wherever possible to support power generation, without depending on fossil fuels especially during drought periods; streamline implementation of compliances and regulatory clauses by segregating exports from imports; measures to overcome constraints for the development and expansion of the spices specially Ceylon Cinnamon; a package of assistance to develop and promote value added high-tech products; measures to overcome complications arising due to requiring custom clearance entries prior to each and every sale related to local sales in the garment sector; a proper international cheap payment gateway system, preferably with PayPal; encourage more local industries to use local raw materials and especially local waste; establish a “Skills Development Fund” to support specific in house activities implemented by export enterprises, among others.
These recommendations were devised from a brainstorming session with sectoral heads of the relevant products and services sectors, the chamber said adding that technical officers from the finance ministry as well as the head of director research of Verite Research were also invited for the sessions and to provide input.
The NCE said some of the proposals it made earlier including establishment of an EXIM bank, strengthening of the Sri Lanka Export Credit Insurance Corporation, Venture Capital Financing and the creation of a Cinnamon Training Academy had been accepted, although such proposals are yet to see the light of day. “The chamber trusts that its proposals will be included in the National Budget and more importantly implemented to derive the beneficial results,” the NCE said.