Exporters seek trade-friendly budget | Sunday Observer

Exporters seek trade-friendly budget

10 October, 2021

Exporters look forward to an export and trade friendly Budget in 2022 that will create a favourable environment for them to function under a challenging global business scenario under the new normal, said National Chamber of Exporters (NCE)  officials at a forum conducted by the chamber last week.

“Exporters would like to see a  Budget and policy direction that would boost the confidence of exporters and help them venture into new markets,’’ said NCE President Ravi Jayawardene. 

The 2022 Budget is due to be presented in Parliament on November 12.

“Exporters performed well withstanding all obstacles to notch around USD 1 billion in export income per month this year which needs to be recognised,” said NCE Vice President Jayantha Karunaratne. Chamber officials said exporters face enormous challenges such as the high freight and cargo costs, fluctuation of the currency, global tensions and the demand curtailed pandemic. “Not all exporters hold back export proceeds. There could be few who may be doing so and that is also for the benefit of exports,” Karunaratne said. The six month road map proposed strengthening mandatory conversion of export proceeds and requested the Government to tax profits of exporters at 28% and not 14% where forex is not repatriated and converted.