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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Take advantage of low labour costs

Take advantage of low labour costs

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1Take advantage of low labour costs  Empty Take advantage of low labour costs Mon Oct 20, 2014 8:58 am

SHARK aka TAH

SHARK aka TAH
Expert
Expert
Ceylon Finance Today: A top businessman says the country's taxation and labour regimes were conducive to investment although the tax structure was 'puzzling'.
Chevron Texaco Global Lubricants, a US based locally incorporated company, Managing Director Kishu Gomez said that despite the country's tax structure which was puzzling, with different payments to many institutions involved, Sri Lanka had some of the lowest business friendly tax rates when it came to corporate and personal taxes.


Addressing a visiting 12 member US delegation at the Ceylon Chamber of Commerce, he said though businesses complained of intensive taxes, it was not the tax amount, which needed refining but the payment module, which should be simplified and made into one to reduce the burden.


Highlighting, challenges and opportunities, he said that some government policies and interventions as well as the market size posed challenges for large. ..scale businesses, but opportunities presented by free trade agreements Sri Lanka had with many economies opened vast prospects which could be capitalized on.
Further, he added that though there were many cries of labour shortage and demands for increased wages, the country's labour costs were some of the lowest in the region, and any business should pay the right price to employees to get better quality and productivity.


The BOI, highlighting opportunities to the 12-member business mission at the Ceylon Chamber of Commerce, urged the community to invest more in Si Lanka to assist the country in its endeavours.
According to the agency, US investment was as low as US$ 100 million, and had much scope for improvement in various identified sectors to be part of Sri Lanka's success story.

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