By Just raising taxes is not enough, warned US Ambassador Julie J. Chung. She emphasized that several measures must be taken to recover from a difficult situation.
“Eliminating tax loopholes and addressing government inefficiencies, particularly in state-owned enterprises, is important,” said the US ambassador during her speech at the American Chambers of Commerce (AmCham) annual gathering.
Julie Chung added that digitalizing customs to raise revenue and reduce corruption is a crucial step. “Creating predictable customs duties and st
streamlined processes would encourage importers who wish to import more to Sri Lanka but are concerned about the uncertainty in the import process. Unpredictable customs fees discourage importers and limit the amount of customs revenue the Sri Lankan government can collect.”
Recalling her meeting with the National Chamber of Exporters, she highlighted the challenges such as red tape, regulatory hurdles, and unpredictability that impact businesses. “Exports and private sector growth will be the engine of recovery, but they need space and support to thrive. As the largest export market for Sri Lanka, the United States can help be part of the solution.”
Addressing the controversial online safety bill, Julie Chung noted, “The Centre for Policy Alternatives reported from a poll earlier this month that more than 70 percent of Sri Lankans were unaware of the bill before its passage. When major global tech companies characterize the bill as ‘unworkable’ and stifling innovation and democracy, instead of addressing online crimes, frankly, this sends a negative signal in Sri Lanka’s path towards reform and recovery.”
