• Ad hoc tax application, lengthy approval processes are among them

By Kelum Bandara

U.S. Ambassador Alaina B. Teplitz said lengthy approval processes, ad hoc tax applications and difficulty in obtaining property to build factories or facilitate investments, tax on financial flows and mandatory requirements for converting dollars into rupees remain barriers to investment in Sri Lanka. 

During a round-table discussion with journalists, she said she talks to Sri Lankan business people as well as American business people all the time and they continue to express frustration over barriers to investment here.
“I talk to Sri Lankan business people as well as American business people all the time and they continue to express frustration over barriers to investment here. So lengthy approval processes or ad hoc kind of tax application or difficulty in obtaining property to maybe build a factory or facilitate an investment. Even transferring money. Right now there are taxes on financial flows and mandatory requirements to convert dollars to rupees. All of these things can be big barriers to investment when international firms look at global options and Sri Lanka has to fundamentally be in a position to compete not just within the country or even within the region but frankly, globally with other countries that are trying to attract the same investment,” she said. 

• Stresses need for Sri Lanka to be globally competitive