Some suggestions made at Daily FT-Colombo Uni. MBAA pre-Budget Forum in October

Thursday, 21 November 2013 00:43 - - {{hitsCtrl.values.hits}}

Agriculture: Boost food security and support agriculture inputs Plantations: Extension of life span of lease agreements, removal of ambiguity in leasehold right, reinvesting tea cess in the industry Dairy/Food: Supporting large scale farming with land and long term financing; artificial insemination to expand the quality of herd and discouraging imported milk powder Apparel: Support to find new markets including FTAs and alternative energy, relief on NBT imposed on machinery imports Manufacturing/Exports: Encouraging BOI firms to source more locally made inputs and raw material, long term financing at attractive interest rates and further reforms in labour laws Construction/Engineering: Favourable financial rules for local contractors to bid and win foreign contracts; lower interest rates and addressing shortage of skilled workers Local manufacturing: Improving quality certification to discourage flood of substandard products; labour reforms, reinvesting revenue from cess funds within the relevant industries. Banking: Facilitating consolidation in the banking sector and interim support in addressing adoption of IFRS for financial institutions Capital markets: Supporting venture capital and private equity industry with tax incentives; fund management industry given equal status as unit trust industry and extension of incentives to listed debt market Insurance: Allowing insurers to partly reinsurer big risks overseas; level playing field for private firms on government business and supportive transition to decoupling of composite insurance firms. ICT/KPO: Support to enhance the pool of skilled and talented human resource, public-private partnerships and infrastructure development and hiring of office space Higher education: Legal framework for smoother functioning of private universalities, independent quality assurance mechanism and loan schemes for undergraduates/students seeking higher education Healthcare: Supporting capital intensive industry with concessions in VAT Consumer Electronics: Lower taxation/duty on energy efficient appliances Motor: Curb serious under-invoicing and loss of revenue for the State Renewable energy: Formalising tariff regime for renewable energy suppliers, especially mini hydro, and dealing with projects which have completed their operational cycles. Tourism: Resolving local government taxation issues, clarity in payment in US Dollars by travel agents and relaxed laws on foreigners investing/buying into mixed developments and effective destination marketing.