The Free Trade Zone Manufacturers Association (FTZMA) has written to President Ranil Wickremesinghe expressing its opposition to the proposed 30% tax on profit earned, warning it will have a serious impact on their survival and in luring much needed FDIs to Sri Lanka.

In their letter to President, FTZMA Chairman Jatinder Biala and Secretary Dhammika Fernando said the proposed 30% is an “intolerable rate” and not the concessionary rate to exporters who have to compete with regional countries such as Bangladesh, Vietnam, Indonesia and Thailand with whom Sri Lanka exporters have to fight for foreign markets, buyers etc. It said the corporate tax for exporters in both India and Bangladesh is half of the standard tax rate.

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