‘Nothing to support us’

Raja Hewabowala, Chairman and Managing Director of Nippolac Paints, said that the budget did nothing to support the industrial sector apart from the facilities that were previously provided.

“There is no firm investment policy in the country and it will badly impact the country’s economy,” he said. He also added that while most loyal and patriotic industrialists pay their taxes on time, there is a disparity between some who pay and some who don’t pay. Hewabowala went on to add that the paint industry, which he is in, is a growing industry but the five percent excise duty is a heavy burden on them.

Marketing Manager of Weerodara Stationery Ltd, Renuka Peiris lamented the increase of import taxes and said, “Most of our raw material is imported and therefore we have to pay huge amounts of import taxes.” He added that the stationery manufacturers were not given any concessions and that if they had received some tax support, the benefit could have been passed on to the consumer.