Advocata Institute Chairman Murtaza Jafferjee described the 2025 Budget as pro-business, emphasizing that successful implementation would be crucial for economic progress.
Speaking at the KPMG 2025 Budget Forum, Jafferjee noted that while the Budget reflects a market-oriented approach, several challenges remain, including meeting revenue targets and managing debt. He pointed out that tax revenue must grow by 23%, a difficult task, and stressed the importance of foreign direct investment (FDI) and export growth.
Jafferjee also highlighted inefficiencies in fuel pricing, where subsidies largely benefit the wealthier population. He emphasized the need for more industrial zones and policies to attract foreign talent and diaspora investment. Additionally, he called for higher salaries in the State sector to improve efficiency and execution.
KPMG Sri Lanka’s Suresh Perera advocated for a scientific approach to tax reforms, suggesting that a specialized advisory unit is necessary for effective policymaking.