Treasury Chief lashes out at BoI, frowns on tax concession to small time investors

Treasury Chief Dr. P. B. Jayasundera yesterday launched a scathing attack on the BOI administration for failing in its duty. Joining a post- 2011 Budget confab at the Ceylon Continental, Dr. Jayasundera alleged that the BOI administration at the Katunayake Export Processing Zone had failed even to utilize the resources at its disposal.

Dr. Jayasundera went to the extent of praising one-time BOI Chief Thilan Wijesinghe for being able to attract foreign investment, while strongly criticizing the current policy of offering tax concessions to relatively small investors. Turning towards a major investor in the garment sector on the panel, Dr. Jayasundera pointed out the absurdity of granting duty concessions to a person investing $ 200,000, whereas he could afford to spend the same amount on a visit to New York.

The investor in his address told the gathering that he hadn’t spent $ 200,000 at a recent visit to New York as he was on the government delegation to the UNGA.

Both Dr. Jayasundera and Wijesinghe served the Kumaratunga administration. (SF)

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