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Mr N.R. Gajendran, Partner Gajma &
Co spoke on
the impact of the budget on the private sector. In his entertaining presentation, he emphasized the importance of widening
the tax net to encompass the entire economy. He said that the entire burden
of taxation seemed to be borne by a relatively small number of easily identifiable corporates and individuals.
After the presentations by the speakers, seminar participants had the opportunity to ask their own questions and clarify
any doubts they may have had. One of the participants enquired as to whether the public sector budget could be “Zero
Based” as in some private sector companies. The advantage would be that expenditure could be closely matched with identified
activities and projects and the resulting output could be measured for performance analysis (in terms of implementation of
budgeted activities) at the end of each year.
Mr.Indika Tennakoon presenting a memento to Mr.N.R.Gajendran.
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Repository and Archive, MBA Alumni Association, University of Colombo
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Budget Seminar - 2007 November
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The Colombo MBA Alumni Association (CMBAAA) is an organization
comprising MBA graduates of the University of Colombo.
One of the objectives of the association is to enhance the professionalism and quality of management practices in the business
community in Sri Lanka. In addition, the
Association works closely with the University to add value and further enhance the quality of the MBA program of the University of Colombo.
This was the sixth consecutive annual budget seminar organized
by CMBAAA. The seminar was targeted at the Sri Lankan business community and around 150 Senior Managers and CEO’s from
both public and private sector companies participated.
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Mr.Hilary Fernando, President CMBAAA delivering
the welcome address.
Ms Lakmali Nanayakkara, Partner Ernst
& Young
presented her analysis of the highlights of the budget. She started her analysis with the pre-budget changes in September
and October (including the introduction of the Regional Infrastructure Development Levy). She went on to discuss the changes
in Qualifying Payments (including full deduction for investment in housing projects), Income Tax (effective corporate
tax rate of 35.525%) , VAT (including exemptions on certain items), ESC, Customs Duty, Mobile Phone Levy and Tax Holidays
(reduce to 3 years on new projects). She also touched on proposed alterations to the Tax Administration with particular reference
to the recovery of arrears of tax.
Ms Dhammika Gunetilleke,
Deputy Commissioner, Dept of Inland Revenue, and Mr Neomal Goonawardena,
Partner, Nithya Partners who served on the panel summed
up with their own views on the budget proposals.
Mr.Indika Tennakoon, Organising Committee Chairman
delivering the Vote of Thanks.
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Dr. P. B. Jayasundara, Secretary to the Treasury was the main speaker at the event. In his inspiring presentation, he outlined the
proposed development of the country and the impact that the budget was expected to have. He outlined the country’s economic
progress over the last few decades. He made particular reference to the deferment of several critical
infrastructure projects particularly as regards road development and power generation and the corresponding negative impact
on the economy in the past.
Dr P.N. Weerasinghe, Director, Economic Research Department, Central Bank dealt
with the Medium Term Macro Economic Framework 2008-2012. His presentation covered Growth, Inflation, Savings and Investment,
Deficit Management, Balance of Payments and External Reserves. He also identified some of the risks to the economy in the
form of higher oil prices, a fall in global economic growth and
delays in completion of some of our planned infrastructure development projects (eg power generation).
Mr.Rohan Seneviratne, Past President CMBAAA presenting
a memento to Dr.P.B.Jayasundara.
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