On Tuesday, November 16, the National Chamber of Commerce raised their concerns over the 2017 budget proposals.
Secretary of the National Chamber of Commerce Nandika Buddhipala said:
When looking back at three consecutive budgets, it shows an improvement in the demand side of the economy, but certain tax increments like VAT from 11% to 15% which will reduce the purchasing power of the people.
“So, those will have naturally the negative impact down the line for the people”, he added, “When we look at the historical experiences, the last year or the previous year, or to go back five years – some of these proposals which are coming through – even though the intentions are very clear and are respectful – whether we have the capacity to deliver all these projects is one of the doubts what we have”.
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