Dec 29, 2016

Sri Lanka’s legal foundation reform of the economy gets underway

Sri Lankan government’s core strategy involves accelerating economic growth by removing the barriers to productivity and putting in place review mechanisms to ensure that new barriers do not arise, official sources of Ministry of National Policies and Economic Affairs disclosed.

Reforming the legal foundation of the economy will get underway next year

Improved productivity is also essential to increase incomes and attract increased investment.

There are three key elements in the Government’s Program for Sri Lanka to regain control of our economic future.

These include: Accelerating the process of public private partnership of commercial activities so that they could be more productively undertaken by the private sector. This is underway. • Reforming the legal foundation of the economy.

The process has begun and the government is introducing new legislation in many key economic areas. • Increasing substantially the efficiency in the critical government functions.

For example efficiency in the areas of tax and custom procedures. Reduced trade and regulatory barriers will enhance competitiveness.

To achieve this government is in the process of introducing a world-class Revenue Authority.

Soon many other government functions too will fall in line, Ministry sources said.

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