New Tax reforms to boost SME growth | Daily News


 

New Tax reforms to boost SME growth

- Tan Yang Thai High Commissioner of Malaysia
Tan Yang Thai  High Commissioner of Malaysia
Tan Yang Thai High Commissioner of Malaysia

The decision by the government to lower the tax rates will have major positive impact to the economy, Tan Yang Thai High Commissioner of Malaysia told a forum at Galadrai.

He said that this decision by the government will encourage SME sector to invest more and it is a step taken in the right direction.

Tan Yang Thai said the tax relief will also help to create new breed of investors and it will also lead to increase of exports. “A healthy tax regime is always welcomed by local and foreign investors and this will also lead up towards increase of FDI to Sri Lanka.”

The High Commissioner said that by lowering taxes the government will lose tax revenue. “However this will be compensated by more economic activity and creation of new job ensuring that money flow would increase.”

He said that the Moodys investor services too have highlighted some high potential growth areas for Sri Lanka and these include tourism sector. “Hence the government must look at improving tourism skills of youth and gear them up for future demand of leisure sector based employment.”

The Malaysia Sri Lanka Business Chamber, Chairman Dato Kulasegaran Sabaratnam gave his comments from the Malaysian perspective towards investing in Sri Lanka. He stated that currently he has brought a high powered business delegation to Sri Lanka to identify investment opportunities.

President of the Sri Lanka Malaysia Business Council, Keerthi Jayasuriya elaborated on the steps taken by the SLMBC to promote in promoting trade and investment between the two countries and mentioned that the SLMBC was glad to have organized this event.

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Correction

The ‘Daily News Finance’ in its edition on Friday February 9, published a story tilted ‘New Tax reforms to boost SME growth’ inadvertently quoting former Tung-Lai Margue, Ambassador of the European Union to Sri Lanka and the Maldives.

This statement was made by Tan Yang Thai the High Commissioner of Malaysia to Sri Lanka at a forum on ‘Sri Lanka’s economic direction for 2020’, organised by the Sri Lanka-Malaysia Business Council. The story also published an image of Tan Yang Thai the High Commissioner of Malaysia with the incorrect caption, former Tung-Lai Margue, Ambassador of the European Union to Sri Lanka and the Maldives.

‘Daily News Finance’ apologises for the error. The amended story is published again. 


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