Lankan builders welcome budget
View(s):The Ceylon Institute of Builders (CIOB), the premier professional body of building and construction industry professionals in Sri Lanka, has welcomed the budget, recognising it as development-oriented and fiscal strategy to consolidate the post-war economic development momentum in the country.
“The CIOB is particularly happy to note that the construction industry has been recognized as a high-growth industry in the budget 2013 and a number of fiscal measures have been introduced to further stimulate the growth of the industry in Sri Lanka. Amongst these measures are the reduction of taxes on importation of construction machinery and equipment, expansion of guarantees provided by the Construction Guarantee Fund etc. In the area of non-fiscal measures, CIOB welcomes the relaxation of Bitumen imports, earmarking of a section of the northern expressway to local construction companies and encouraging manufacturing of construction materials locally,” said Dr. Rohan Karunaratne, President – CIOB
The CIOB also welcomed the considerable tax relief granted to the SME sector as the construction industry is comprised of a large number of construction SMEs which will stand to benefit from the proposed relief.
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