Tea exporters see no long term plans
The budget lacked long term development proposals, according to some exporters in the tea industry who believe that spending should be curtailed and export income increased.
Former Tea Exporters Association Chairman and HVA Foods Chairman Rohan Fernando said that the government’s budget 2019 did not have any relevance to long term development plans for Sri Lanka adding that as an exporter there was insufficient emphasis on boosting exports.
He noted that ideally there should be a review of the previous year’s budget and corrective action taken up in addition to a progress report before producing forth the next budget.
This would establish connectivity between the budgets over the years, however, under the circumstances this was not the case, he explained.
He pointed out that loan schemes established for the higher education sector was the right way forward but that a loan scheme like “Dirisaviya” did not help to rejuvenate the export income that the country badly needs.
Mr. Fernando pointed out that Sri Lanka should be aiming higher to achieving scalable heights of at least US$25 billion export economy by 2020 as opposed to a U$20 billion export economy. The tax net needs to be widened and insisted that professionals need to be taken in as well and pointed out that the government must ensure a cut in spending.
Moreover, Mr. Fernando explained that if the country is to generate higher earnings the Parliamentarians must adopt a more frugal lifestyle.
Commenting on the cut in taxes, he pointed out that reduction in Economic Service Charge (ESC) and the Nation Building Tax (NBT) would not help to boost the economy, on the other hand it would give relief to the cash flow.