The Association of Chartered Certified Accountants (ACCA) Sri Lanka recently presented its 2025 National Budget proposals to Deputy Minister of Finance Dr Harshana Sooriyapperuma at the ACCA office. The document, titled “From Recovery to Sustainability – Crafting Sri Lanka’s Economic Blueprint for 2025,” focuses on fostering sustainable economic growth, enhancing public welfare, and ensuring fiscal responsibility amidst the country’s economic challenges.
Sashi Jayakody, Chair of the National Initiatives Sub-Committee of ACCA, described the meticulous process behind the proposals: “The proposals were crafted through thorough analysis and collaboration with key industry stakeholders. This in-depth process also involved a careful review of Sri Lanka’s economic priorities. Contributions from experts, ACCA members, and past Chairs were integrated to ensure the proposals align with the core principles of good governance, transparency, and fairness.”
The proposals are centred on ten key priorities aimed at addressing immediate economic challenges and long-term structural reforms. Key recommendations include:
- Establishing a Budget Monitoring Unit.
- Implementing comprehensive tax reforms.
- Developing a fair and transparent government procurement process.
- Accelerating digital transformation.
- Increasing investment in research and development institutions.
- Improving the quality of education.
- Enhancing support for SMEs.
- Rationalising government expenditure.
- Encouraging foreign investment.
- Streamlining institutions that support entrepreneurship.
These measures are intended to drive sustainable growth, improve efficiency, and promote economic resilience.
Chaaminda Kumarasiri, Chairman of ACCA Sri Lanka, noted: “We believe these recommendations address immediate economic challenges while paving the way for sustainable growth. With a focus on transparency, efficiency, innovation, and fostering a greener Sri Lanka through sustainable business practices, ACCA stands ready to collaborate with the government in implementing the proposals. Leveraging our global expertise, we are dedicated to turning these proposals into actionable outcomes.”
Dr Sooriyapperuma acknowledged the significance of ACCA’s contribution and highlighted the importance of professional input in shaping policies for a resilient and inclusive economic future. He emphasised that such collaborations are vital for ensuring long-term prosperity for all Sri Lankans.
Nilusha Ranasinghe, Head of South Asia for ACCA, emphasised the organisation’s commitment to national initiatives: “ACCA has been engaging with key stakeholders in contributing towards national initiatives while producing world-class professional accountants. This budget proposal is yet another initiative in reinforcing the importance of professional collaboration in shaping Sri Lanka’s fiscal policies and supporting the government in building a resilient economy that serves all its citizens.”
With its steadfast commitment to sustainable growth, ACCA reiterates its readiness to collaborate with the government and stakeholders to transform these proposals into actionable steps. By addressing both recovery and long-term priorities, ACCA’s approach aims to position Sri Lanka for resilience, competitiveness, and enduring prosperity.
