SEC Chief Godahewa hails Budget 2014

Friday, 22 November 2013 06:34 - - {{hitsCtrl.values.hits}}

Securities and Exchange Commission (SEC) Chairman Dr. Nalaka Godahewa yesterday hailed the Government’s 2014 Budget saying it was capital market friendly. “We would like to thank the President and the Secretary to the Treasury for the capital market development oriented budget. The President has presented Budget proposals that support the country’s capital market development initiatives for the second consecutive year.Last year too a number of concessions were given to the industry. The unprecedented growth of the corporate debt market and the significant growth in the unit trust industry were direct results of the concessions given through last year’s Budget," he said. "The capital raised from the corporate debt market grew by 330% while the unit trust industry witnessed a growth of 77%.The 50% tax reduction for three years for companies listing on the Colombo Stock Exchange is a great opportunity offered in this year’s Budget. It will definitely encourage more IPOs in the future. I hope many companies will make use of this window of opportunity. As it is said, the faster you move, the greater your benefit.”

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