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  • Economic Policy
  • Taxation Steering
  • Legislation
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Economic Policy

Preamble

Sri Lanka seeks to grow its economy at a rapid pace of 7 to 8%+ in the medium term. The country aims to achieve higher levels of prosperity, alleviate absolute poverty, create new and better jobs, and raise living standards. Alongside economic growth, sustainability and inclusion/equity are also key public policy objectives.

In its role of being the voice of the private sector, the Ceylon Chamber of Commerce (“CCC”) believes that the highest priority should be accorded to national interests and that its obligation to address member concerns be discharged in a responsible manner. It is within these parameters that the mandate of the Steering Committees of the CCC has been identified

 
Terms of Reference

1. Keep under review all aspects of the performance of the national economy, with particular focus on macroeconomic fundamentals and identify in a timely manner interventions required to be pursued, to ensure that private sector concerns are communicated to the policy makers.

2. Submit reports periodically to the Committee of the Chamber, highlighting vital aspects of economic performance and emerging issues relating to the business environment.

3. Formulate submissions to be made through the CCC, to the Ministry of Finance, in the formulation of the Annual Budget.

4. Submit recommendations to the Chamber as to the steps that need to be taken to action the Chamber’s position on the economy

 
Mr. Suresh Shah (Chairman)
Former Chairman
Ceylon Chamber of Commerce/Chairman, Ceylon Tobacco Company PLC

Taxation Steering

Preamble

Taxation is a key source of revenue for Government and is also an important issue in doing business. Sri Lanka has one of the lowest tax-GDP ratios among its peers and has consistently struggled with low revenue collection. At the same time, complexities in the tax system have hurt compliance and also placed costs on business. Expanding revenue with limited constraints to entrepreneurship is a key goal of good tax policy.

In its role of being the voice of the private sector, the Ceylon Chamber of Commerce (“CCC”) believes that the highest priority should be accorded to national interests and that its obligation to address member concerns be discharged in a responsible manner. It is within these parameters that the mandate of the Steering Committees of the CCC has been identified.

 
Terms of Reference

1. Keep under review the tax regime applicable in Sri Lanka with particular focus on changes which impact on the private sector, and identify interventions required to be pursued, to ensure that private sector concerns are communicated to the policy makers.

2. Submit reports periodically to the Committee of the Chamber, highlighting vital aspects relating to the tax regime and emerging issues relating to the business environment.

3. Formulate submissions to be made through the CCC to the Ministry of Finance, in the formulation of the annual Budget, with regard to matters relating to tax.

4. Submit recommendations to the CEO of the Chamber as to steps that need to be taken to action the Chamber’s position with regard to matters relating to taxation.

 
Mr. Duminda Hulangamuwa (Chairman of the Taxation Steering Committee)
Partner
Ernst & Young

Legislation

Preamble

Sri Lanka is a middle income country seeking rapid economic growth through an ambitious development agenda focused on attracting investment. The envisaged growth is sometimes sought to be achieved through the enactment of statutes that provide for a legal basis to implement some of the development plans of Government. In addition, there are other areas of relevance to the private sector such as in the area of Constitutional making, in respect of which law reform is contemplated. As a responsible entity the Ceylon Chamber of Commerce (“CCC”) needs to keep these legislative developments under review.

In its role of being the voice of the private sector, the CCC believes that the highest priority should be accorded to national interests and that its obligation to address member concerns be discharged in a responsible manner. It is within these parameters that the mandate of the Steering Committees of the CCC has been identified.

 
Terms of Reference

1. Keep under review all draft legislation and Bills with special emphasis on matters relevant to the private sector and identify interventions required to be pursued, to ensure that private sector concerns are communicated to the policy makers.

2. Submit reports periodically to the Committee of the CCC, highlighting vital aspects relating to matters relevant to the private sector and emerging issues relating to the business environment.

3. Identify through a process of consultations with all stakeholders, proposals for law reform to be submitted to Government.

4. Submit recommendations to the CEO of the CCC as to steps that need to be taken to action the position of the CCC, with regard to matters relating to proposed legislation.

 
Ms. Dilani Alagarathnam (Chairman)
Board member
CCC-ICLP International ADR Centre

xxx

 
 

 

 
Eng. Ranjith Gunathilake
Managing Director
Sanken
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A Confederation of Trade Associations, Regional and Sectoral Chambers of Commerce and Industry, Bilateral Business Councils and Employer Organisations in Sri Lanka.
 
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