Chambers seek simple tax formula From the Business Desk
Nov 21, 2010 7:00:00 PM - aussieindolanka.com
President Mahinda Rajapaksa who is also the Finance Minister will present a relief and development oriented budget today. The Daily News Business spoke to several Chamber leaders representing different industries to find out what they expect from the budget.
The National Chamber of Commerce President Lal de Alwis said they have proposed to take into consideration the significance of agriculture in the country’s economy and to make agriculture undertakings free of income tax for a further period of a minimum of five years.
The Chamber also proposes to remove import duty of hybrid maize seeds, soya bean seeds, sunflower seeds and palm oil seeds used as planting material when such planting materials are not locally available in sufficient quantities.
"We request the Government to provide low interest loans through the Central Bank to manufacture specific packing material locally for fruits and vegetables to minimize losses," he said.