Ceylon Chamber expects “tight” Budget 2022

Wednesday, 18 August 2021 00:30 - - {{hitsCtrl.values.hits}}

The Ceylon Chamber of Commerce yesterday said it expected a “tight” Budget 2022 given the tough macro conditions consequent to the ongoing pandemic and its impact on the economy.

“We understand there are challenging times but we hope the Government will focus on reforms and have policies to support livelihoods apart from measures to boost exports and tourism,” the Ceylon Chamber’s newly-elected Chairman Vish Govindasamy told journalists via a virtual briefing.

Vice Chairman Duminda Hulangamuwa said the chamber expected the current low tax regime to continue as promised, which however would mean an increase in borrowing to bridge the budget deficit as well as some cuts in expenditure.

He said that the desired full benefit of tax cuts implemented via the previous Budget had not occurred due to the COVID-19 pandemic but expectations were that a low tax regime would reinvigorate jobs and growth generating investments and the economy, thereby helping revenue collection.

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