AMW calls for a stable local environment

Associated Motorways (AMW) while noting that the government’s initiative is to boost infrastructure development and it plans to achieve a gross domestic product (GDP) of eight percent for 2007 has said that such goals and objectives require large scale funding and that it is important to have a stable local environment to achieve development targets especially when the tsunami debt moratorium is ending.

“Greater emphasis by the government to improve compliance with all forms of tax regulations is also encouraged,” Ajith de Zoysa, Chairman, AMW has said in his annual statement for the 2006/07 year, adding that in a high tax regime, the desired objectives will not be achieved, if tax avoidance is not minimised particularly amongst the smaller regional businesses.

“It is of essence that we continually seek opportunities to improve productively, introduce key reforms at several underperforming government institutions, minimise wasteful expenditure and improve the environment to generate additional sources of revenue,” he has reiterated.

The company’s revenue increased by Rs.3, 395 million, which is an increase of 37 percent when compared to the previous year, while the pre-tax profit reached to Rs.909 million.

He has said that these results should be viewed against a backdrop of ‘one-off’ volumes of business reported last year on account of ‘Yamaha’ Outboard motor sales following the tsunami devastation.