Lanka Industry Forum for Empowerment congratulates new President

Lanka Industry Forum for Empowerment (LIFE) Chairman Samantha Kumarasinghe and its management committee members in a statement congratulated new President Gotabaya Rajapaksa on his convincing victory at the recently concluded Presidential Election.

Kumarasinghe further stated that LIFE is very pleased that Gotabaya Rajapaksa’s manifesto has included the following actions that originated from the proposals submitted by LIFE to the two main presidential candidates, prior to the election.

• To re-examine all bilateral trade agreements signed in the past five years and to remove any harmful or economically damaging provisions. In the future, not to enter into any agreements harmful to the economic wellbeing of local industrialists and entrepreneurs
• A simple Value Added Tax of 8% to be introduced replacing both the current VAT of 15% and the Nation Building Tax (NBT) of 2%
• To provide relief to businesses in the form of measures such as providing more time to repay their debts
• To restrict entry of foreign enterprises into industrial areas that are handled by domestic businesses
• Trade deficit that exceeds $ 10 billion a year to be reduced to a level the country can afford to maintain and to develop the economy by promoting domestic resource based exports and efficient import substitution activities
• To reduce income tax on productive enterprises from 28% to 18%
• To establish a ‘National Development Bank’ to encourage industries and agriculture through long-term loans at concessionary interest rates

LIFE Chairman Kumarasinghe specially thanked President Gotabaya Rajapaksa for reaffirming his commitment to implement the above economic policies at his swearing-in ceremony at the historic Ruwanwelisaya in Anuradhapura.

LIFE said it assures the fullest cooperation of all industry sectors in Sri Lanka to Gotabaya Rajapaksa to implement the above economic policies to develop the economy and make Sri Lanka a prosperous nation.