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Article: Did Budget 2009 target import substitution policies?
- Article from:
- The Sunday Observer
- Article date:
- November 9, 2008
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Report from the Sri Lanka Sunday Observer brought to you by HT Syndication.
Colombo, Nov. 9 -- The business community questioned whether Budget 2009 targeted import substitution policies. The questions were posed at the post budget seminar organised by Ernst & Young on Friday in Colombo.
Senior partner of Ernst & Young Lakmali Nanayakara said that the budget supported certain key industries, garments, plantations and tourism while discouraging imports and encouraging exports.
However, the budget deficit has increased and expenditure on debt service too has increased significantly, she said.
Elaborating on the tax proposals in the budget, Nanayakara said that the tax system of the ...