Budget 2013 aimed at achieving sustainable economic development

THASL commends Budget 2013:

"The 2013 budget is a positive one aimed at achieving sustainable economic development for the country," Jayantissa Kehelpannala, President of the Hotels Association of Sri Lanka, said commenting on Budget 2013.

He went on to point out that relief had been provided to almost all sectors, especially, the agriculture and plantation sectors.

The government's strong pledge for infrastructure development and the strengthening of tax rationalization and the simplification process had been very encouraging.

"As far as the tourism sectorwas concerned, we welcome the relaxation of the exchange rules with corporates now being permitted to borrow up to US$10Mn per annum for the next 3 years, without exchange control approval. Further, the proposal to offer 25% discount on the lease rental for local investors, would encourage more investments in hotel projects.

The taxes applicable to the tourism sector had been kept at almost the same levels, compared to year 2012, which was commendable and depicts the government's commitment to have stable economic policies.

We are sure that these measures would strengthen the government's strategy to develop the tourism sector and also to achieve the vision to attract 2.5Mn well spending foreign tourists to the country," Kehelpannala said.