CIMA evening discussion on 2011 budget highlights

The 2011 budget proposals consistently portrayed the government's strategy of facilitating economic development by encouraging private sector investment. This was the overall consensus reached by the eminent speakers and panelists at the CIMA evening discussion on budget highlights 2011 held recently at the Hilton Residencies, Colombo.

Sutheash Balasubramanium, Chairman of the CIMA Sri Lanka board in his words of welcome clearly stated CIMA's commitment towards grooming finance professionals to aid the country's economic growth.

The keynote delivered by Dhammika Gunatilleke, Tax Advisor to the Ministry of Finance shared her insights on private sector incentives such as removing nuisance taxes and the steps taken towards building a 'knowledge economy' such as the software development industry related investments being VAT/ NBT exempted.

Lakmali Nanayakkara, Partner of Ernst and Young, enlightened the audience on the revenue proposals of the 2011 budget. Incentives granted to the financial services and banking sector include VAT reduction from 20% to 12% and the overall effective tax rates reduction. The abolishment of debit taxes, establishing a single tax on sales in the telecom industry and the reduction of corporate tax from 35% to 28% were some of the other incentives granted to the private sector.

Trevine Jayasekera, Group Finance Director of Brandix Lanka Ltd, speaking on the business impact of 2011 budget highlights, pointed out key opportunities for exporters such as value added/branded products, software development and BPO's.

Dr Anila Dias Bandaranaike, former Assistant Governer of the Central Bank of Sri Lanka, speaking on the macro economic impact of the 2011 budget proposals, commended the budget as being a 'forward looking budget' and appreciated the consistent reduction in inflation, stability of the exchange rate and increasing steps taken to enhance private sector credit.

An insightful panel discussion succeeded Dr Bandaranaike's deliberation, where experts in key industries joined the eminent speakers. Ranjith Samaranayake, Executive Director/Group Financial Officer of Sampath Bank spoke on the key benefits offered to the financial/banking sector where timely initiatives such as reduction of minimum dividends payable from 25% to 10%and steps taken by the government to increase capital adequacy of banks were mentioned.

Nilanthi Sivapragasam , Chief Financial Officer of Aitken Spence PLC, commented that the budget speech was development oriented, focused on broadening the tax base and eliminating nuisance taxes. She also commented that the reduction in taxes in the financial sector should result in improved borrowing rates for private sector firms.

Manil Jayasinghe, Chairman of the CIMA Sri Lanka Technical Committee who moderated the panel discussion drew opinions of the industry experts on the specific impact to the banking and financial services sector and the hospitality sector. He also facilitated audience involvement in the discussion where sentiments expressed highlighted the need for the private sector to exploit opportunities in the Northern and Eastern parts of the island and whether the government will maintain its stance on the favorable revenue proposals targeting economic growth.

Top to the page  |  E-mail  |  views[1]
SocialTwist Tell-a-Friend
Other Education Articles
MBA Night - Renewing old friendships and making new ones
Gateway takes over Achievers as their principal Community Service Project
Toastmasters reverberate in Mumbai
Distinguished Internationally renowned Chemist felicitated
SLIIT introduces new Software Engineering specialization for BSc.(Hons) IT degree
University of Nottingham:
Saint John's Preparatory School is the place to study
APIIT opens Registration for February 2011 intake
Red alert: Cyber war has begun- prepare for combat; warns Singapore Informatics
After A/L…start your American Degree in Physiotherapy right here in Sri Lanka
CIMA evening discussion on 2011 budget highlights
e-Swabhimani - 2010 Computer Software Competition : UCSC wins awards
UCD in collaboration with NIBM awards Bachelor of Science (Hon) degrees in Management /HRM for school leavers
DTET taking steps to strengthen technical education in the country
Padmashree Group - a profile
Degree programmes commences in Sri Lanka at GISM
ANC education collaboration Study in Malaysia, work globally
Pragnawalokanaya 2010 on December 19
Chess gaining more popularity across Sri Lanka
Shehan Gomez set for promising tennis career
Vidura's cagers and cricketers take flight to India
ICBT Campus Mount Lavinia wins Annual inter-campus Softball Cricket Tournament


Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
© Copyright 2010 | Wijeya Newspapers Ltd.Colombo. Sri Lanka. All Rights Reserved.| Site best viewed in IE ver 6.0 @ 1024 x 768 resolution