CCC focuses on improving ‘Ease of Doing Business Index’ ranking
Tuesday, 1 April 2014 00:38
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Holds seminar on EPF/ETF e-payment scheme
The Ceylon Chamber of Commerce in collaboration with the Central Bank of Sri Lanka and the Employers Federation of Ceylon organised a seminar on ‘Online Remittance of EPF and ETF Payments’ recently at the Chamber auditorium.
The seminar was addressed by Superintendent of EPF P.W.D.N. Rodrigo, Additional General Manager ETF J.M.S.B. Udugama and CCC Secretary General/CEO Harin Malwatte, who made the opening remarks.
The event was held to encourage local companies to start using the e-payment scheme to pay their EPF/ETF contributions/surcharges to the ETF Board via the established e-return scheme, thus helping the employer, employee and relevant stakeholders.
CCC initiated this seminar, as a follow-up to a meeting held at the Central Bank, chaired by Minister of Economic Development Basil Rajapaksa and Central Bank Governor Ajith Nivard Cabraal in order to review the current status of Sri Lanka in the Doing Business Index Ranking and to formulate an institutional strategy to be implemented to achieve a ranking of 30 by 2016.
The Ceylon Chamber of Commerce is of the view that the online filing of EPF and ETF returns by 50% of its member companies, would contribute significantly towards Sri Lanka gaining a substantial improvement in the Doing Business Index ranking.
Speaking during the occasion, Superintendent of EPF P.W.D.N. Rodrigo said that under the Employees’ Provident Fund Act No. 2 of 2012 and regulations gazette on 13 May 2013, online payment of member contributions is mandatory for companies that have more than 50 employees.
“Nearly 40% to 50% of companies who are involved in paying EPF have already registered with the system. Firms, who have more than 50 employees, should start sending their EPF payments online,” he said.
According to Rodrigo of the EPF Department, Sri Lanka’s rank in the Ease of Doing Business Index is around 80, which he thinks can be improved by measures such as submission of ETF/EPF payment via the online system.
“Currently, Sri Lanka stands at 85th position, when it comes to the Ease of Doing Business Index rankings. The Government’s intention is to come up to the 30th position by 2016,” said Rodrigo.
Firms, who are keen on registering with the system, should do it via the five designated banks. Those banks are, Bank of Ceylon, Commercial Bank of Ceylon, Hatton National Bank, Sampath Bank PLC and People’s Bank.
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