Call for urgent tax reform and state sector restructuring

COYLE annual diplomats’ evening:

The Chamber of Young Lankan Entrepreneurs (COYLE), consisting of a membership of over 120 entrepreneurs and highly recognized business entities, hosted their annual evening of open discussion and networking with the diplomatic community in Sri Lanka.

Foreign Minister, Ali Sabry was invited as the chief guest who delivered an impassioned and clear message on the importance of international cooperation amongst the global community in supporting the economic recovery of Sri Lanka. The foreign minister thanked COYLE for being the strength of the Sri Lankan economy, given that the COYLE member organizations contribute billions of rupees annually to the Sri Lankan GDP. Most of the COYLE members are exporters that bring in vital dollars back to the country and have investments, joint ventures and collaborations globally that play an important role in the continued progress of the nation’s economy and now economic recovery.

Chairman of COYLE, Dimuth Chankama Silva, welcomed the delegates and the COYLE membership to a Sri Lankan cultural extravaganza that enhanced the warm reception and helped to renew and strengthen relationships with the diplomatic community. The Chairman acknowledged the sustainable and ethical businesses that COYLE represents and their intent to continue exporting and investing internationally, for which the support of the invitees that evening, was vital. Senior Vice Chairman, Rasith Wickramasingha, invited the distinguished guests who included, ambassadors, high commissioners, representatives of foreign diplomatic missions and global funding agencies to work with COYLE to make rewarding connections.

He expressed that COYLE was ‘open for business’ and that while Sri Lanka is at a crossroad, the members of COYLE have embraced the changes thrust upon their companies, despite the economic hardships and have been able to successfully weather the storm. On behalf of the COYLE community, he further praised President, Ranil Wickremesinghe, the government of Sri Lanka and the Central Bank Governor, Dr. Nandalal Weerasinghe, for taking bold and decisive actions that prevented further economic collapse. COYLE urged the government to prioritise restructuring of the public sector so as to reduce the burden on taxpayers and add value that is essential for the recovery of the Sri Lankan economy. COYLE is confident that hikes in taxation and interest rates were stop gap solutions at the time and that necessary tax reforms are underway to make it more equitable and that measures will be implemented to widen the tax net and reduce tax evasion. Subcommittee Chairman of the event, Dan de Silva, commented that the event was a roaring success and had been well received by the diplomatic attendees.

(COYLE)