Sri Lanka President Addresses VAT Increase and Economic Stability at Industry Excellence Awards Ceremony

• President Ranil Wickremesinghe addressed the increase in Value Added Tax (VAT) to 18% and the importance of maintaining economic stability.
• He announced his intention to propose loan concessions in the upcoming budget to support small and medium-scale industrialists.
• The National Industry Excellence Awards 2023 recognized and honored 300 successful entrepreneurs across various categories.
• President Wickremesinghe highlighted the challenges faced by industries in 2022, such as power shortages and difficulties in obtaining bank loans.
• He stressed the importance of addressing concerns related to bank loans and market access in the upcoming budget.
• The President revealed ongoing discussions with international financial institutions to revitalize the nation’s economy.
• He emphasized the significance of increasing income to meet loan repayment commitments and gain the trust of creditors.
• President Wickremesinghe explained the necessity of raising the VAT to align with other countries.
• He reaffirmed his commitment to rebuilding the nation without relying on external support.

Source: island.lk

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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