The Association of Chartered Certified Accountants (ACCA) Sri Lanka recently presented its comprehensive set of proposals for the 2025 National Budget to Dr. Harshana Sooriyapperuma, Deputy Minister of Finance, at the ACCA office. Titled “From Recovery to Sustainability – Crafting Sri Lanka's Economic Blueprint for 2025,” the proposals focus on creating sustainable economic growth, enhancing public welfare, and ensuring fiscal responsibility amid Sri Lanka’s current economic challenges.

Sashi Jayakody, Chair of the National Initiatives Sub-Committee of ACCA, shared the depth of the proposal’s development process: "The proposals were crafted through a 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 outlined by ACCA focus on ten key priorities designed to address both immediate economic challenges and long-term structural issues. These priorities include establishing a Budget Monitoring Unit, implementing comprehensive tax reforms, and developing a fair and transparent procurement process for government. Additionally, the proposals emphasize accelerating digital transformation, increasing investments in research and development institutions, and improving the quality of education. Other key recommendations include revamping support for SMEs, rationalizing expenditure, enhancing foreign investment, and streamlining government institutions that support entrepreneurs. These measures aim to foster sustainable growth, enhance efficiency, and promote a more resilient economy.

ACCA's Chairman, Chaaminda Kumarasiri, “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, highlighting the role of such collaborations in shaping a resilient and inclusive economic future for Sri Lanka. He emphasized the importance of professional input in crafting policies that ensure long-term prosperity for all.

Nilusha Ranasinghe, Head of South Asia for ACCA, reflected on the broader role of ACCA in shaping the future of Sri Lanka’s economy: “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 in supporting the government towards building a resilient economy that will serve the needs of all its citizens.”

With its unwavering commitment to fostering sustainable growth, ACCA reiterates its readiness to collaborate with the government and other stakeholders in turning these proposals into actionable steps. The comprehensive approach put forward by ACCA aims to drive Sri Lanka’s economic recovery, positioning the nation for future resilience, competitiveness, and long-term prosperity.

Photo Caption - ACCA's Chairman, Chaaminda Kumarasiri handing over the proposal for the 2025 National Budget to Dr. Harshana Sooriyapperuma, Deputy Minister of Finance