The Business Edge Vol 2

Issue 02:16-20 September 2022

Free Trade Zone manufacturers oppose 30% income tax move…

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.

Full article

FTZMA calls on Govt. to extend permits to import…

The Free Trade Zone Manufacturers Association (FTZMA) has called on the Government to extend the electric vehicle import license for foreign investors registered with the Board of Investment to boost ‘quality FDIs’.

In a letter addressed to BOI Director-General Renuka Weerakone, the FTZMA has proposed the Government extend a similar benefit to the foreign investors who are operating under the purview of BOI to import electric vehicles which would be of an additional benefit to them to attract more FDIs and to be resilient during the ongoing economic crisis.

“We are of the opinion that foreign investors those who bring in FDIs into the country are also equally contributing to the economy, as they foster and maintain economic growth by not only creating job opportunities to ease the unemployment in the country but also bring in much needed foreign exchange into the country,” FTZMA pointed out.

Full article

Exco meeting held at London Room, Taj Samudra

BOI launches online visa recommendation system further accelerating its…

Aimed at enhancing the Ease of Doing Business and accelerating digital transformation, the Board of Investment (BOI), the pinnacle body for investment promotion, is pleased to announce the completion of the integration of the visa recommendation system in coordination with the Department of Immigration and Emigration and the Ministry of Defence to provide online visa recommendation for potential investors visiting Sri Lanka and all the enterprises that fall under the purview of the BOI.
The BOI had already completed the online system up to the point where investors/enterprises could submit the visa application online and obtain the approved application from the BOI. For this, the investors were required to make three physical visits to the BOI head office. However, with the integration with the Department of Immigration, there is no need for the investors to visit the BOI at all.

Under the newly launched system, visa recommendations will be granted under three visa categories namely, entry visas, residence visas, and when extending visas. In addition, the applicants, who will be eligible to apply for this, are the investor, employees, and dependents of the investor, and selected employees.

One of the major benefits enjoyed by investors/enterprises out of the novel system, is the elimination of investors’ physical presence at the BOI saving their time. Investors can also monitor the online portal and review the status of the process.

Upon the completion of the process, the applicants will be notified via an SMS and email alert. Then, the applicants can take the passport and relevant documents to the Immigration Department where they will be issued the visa. Furthermore, this system will also safeguard against misuse in submission of information, down to the strict assessment.

Speaking at the occasion, BOI Director General Renuka M Weerakone, stated “the implementation of the online visa recommendation system is yet another milestone in the journey of digitizing the entire investor experience to ensure seamless delivery of services to investors,”

“Here, let me make a special mention about the officials of the Department of Immigration, the Ministry of Defence and our IT team for their competence and corporation in making the entire process a success,” she underscored.

“The BOI hopes this system will curb inconveniences faced by the investors/enterprises and will further strengthen the digital transformation of work with the respective line agencies and ministries. In addition, we are happy to hear the feedback on the process and make necessary adjustments if there are any shortcomings,” Ms. Weerakone added.

Photo Caption – From left- Mr. K. W. Elapatha, Deputy Controller (Visa), Department of Immigration and Emigration, BOI Director General Mrs. Renuka M. Weerakone, Lt Col Asanka Karunarathna from Ministry of Defence, Mr. Jatinder Biala, Chairman Free Trade Zone Manufacturers’ Association and Ms. Niranjali Weerasekera, Asst. Secretary General Joint Apparel Association Forum Sri Lanka (JAAF)

Source : http://bizenglish.adaderana.lk/boi-launches-online-visa-recommendation-system-further-accelerating-its-digital-transformation/

Gazette on Open Account by the Department of Imports…

We are pleased to share with you of the below link/URL through which you can view & down load the amendments made to the Gazette on Open Account by the Department of Imports and Exports Control under Extra Ordinary Gazette No. 2285/19

issued on 24th June 2022.

Gazette Notice

Newly Appointed Executive Members 2022/2023

41st Annual Report

You may view 41st Annual Report by clicking here.

Katunayake EPZ gets COVID-19 Intermediate Care Centre