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92 CA Sri Lanka Integrated Annual Report 2024

Cutting Edge Global Standards

Engaging in Policy Advocacy

Initiatives of the Policy Advocacy and Economic Contribution (PAEC)
Committee
Policy Advocacy and Economic Contribution (PAEC) Committee was established
by the Council of CA Sri Lanka, in January 2024 with the objective of serving
as a proactive and influential advocate for the accounting profession and the
broader public interest in Sri Lanka. The committee played a pivotal role in driving
discussions on key policy and economic matters throughout the year.

Anti-Corruption Act: Role of the Private Sector and Responsibilities of Directors
In September 2024, the PAEC Committee hosted a session at CA Sri Lanka to emphasize the private sector’s role in combating corruption under
the Anti-Corruption Act No. 9 of 2023. The discussion, aimed at directors and industry leaders, highlighted their responsibilities in fostering ethical
practices within their organizations. Participants explored the significance of anti-corruption initiatives and practical measures that extend beyond
legislative compliance.

Beyond this event, PAECC remained at the forefront of policy dialogue, convening five high-impact meetings that tackled crucial
national issues, including:
E Combating bribery and corruption,
E Enhancing tax revenue and fiscal management
E Implementation of the Public Finance Management Act 2024
E Debt treatment agreements with the Official Creditor Committee and Exim Bank of China
E Structural reforms in key areas such as Labour, Trade, and State-Owned Enterprises (SOEs)
E Digitalization initiatives, including the rollout of digital IDs and enhanced reporting mechanisms for large transactions to the IRD,
E Establishing a Single Window trade portal to streamline import, export, and transit processes,
E Development of financing and credit guarantee schemes to support economically viable projects.

Through these initiatives, PAECC has contributed to serve as a catalyst for economic transformation and good governance, ensuring
meaningful engagement between the private sector organizations and policymakers.

Submission of Budget proposals for the year 2025
The Institute submitted a set of comprehensive proposals for consideration in
the government budget for the year 2025. These proposals aim to bolster Sri
Lanka’s economic revival and growth trajectory while promoting governance,
transparency, and accountability to restore public confidence in fiscal policy.

The proposals were submitted to Dr. Harshana Suriyapperuma, Deputy Minister of
Finance and Planning

In alignment with international standards and to instill confidence among
stakeholders, CA Sri Lanka emphasises the importance of efficient utilisation
of public resources for sustained economic progress. The proposals highlight
the need for robust policy planning and effective implementation to achieve
long-term economic growth and fiscal discipline. Key recommendations include
the introduction of a Tax Ombudsman, minimising cash transactions through
accelerated digitisation, expanding bilateral and multilateral agreements, and
revising administrative provisions. Additionally, the proposals stress the necessity
of state sector reforms and advocate for the effective implementation of the Public
Finance Management Act.