      Business Editor : Eriq Dewanarayana Tropifruit drinks exported to Canada Tropifruit Ltd., a BOI venture took a giant leap forward when they signed an agreement with Canada to export their fruit drinks. Last week the agreement came into effect when Tropifruit exported two containers of their fruit drinks to Canada. According to M. N. M. Shakir, Director of the company, their mango drink, mixed fruit and chocolate drink were included in this consignment. 'We are already exporting our products to the Middle East, India, Maldives. We would next look at the Australian and European markets' he said. In a Rs. 330 million investment, the company next hopes to introduce a king coconut water drink for export. Airing his views on the local market, he said that their 200ml. Mixed Fruit pack priced at Rs. 12.50 was very much in demand. 'We hope to introduce a Rich Life slim pack and Strawbery and Vanilla flavours as well,' he added. Pricille Fernando, Business Development Manager said that all their products can be stored for six months even without refrigeration and when once opened can be kept for five days. 'Our four acre factory at Wadduwa has 110 employees and has a capacity to produce 3,600 fruit packets per hour,' he explained. 'We purchase fruits during the season, pulp them and store them under 20 degrees. We do not use any preservatives or colourings and have a special germ free packing system,' he said. The Ceylon National Chamber of Industries is aware that the members of the general public and also many companies are facing several problems in the implementation of the Goods and Services Tax (GST). They seek answers and clarifications regarding the implementation of this tax. Tax-payers appear to be much confused about the computation especially in respect of national Security Levy for which a number of interpretations have been given by the various authorities. Also the tax from manufacturer to manufacturer differs from manufacturer to trader, which many are not fully aware of. As a result of these confusions tax payers are seeking advice from various sources such as the Department of Inland Revenue, the Treasury. Auditors and Tax Consultants. Some are blindly following what other business organisations do. Finally when the Department of inland Revenue decides the basis of payment, if there is any shortfall these balances will have to be borne by the respective companies. Since proper clarification and understanding are vital at the time of invoicing and preparation of the monthly returns the Ceylon National Chamber of Industries decided to invite Policy Makers, Qualified Tax Consultants and Chief Executive Officers of large companies to participate in a workshop to exchange views and iron out the differences. At the same time sufficient time is allocated to the audience to raise their queries and clear their doubts which have not yet been addressed by the authorities. The workshop will be held over a half day at the Holiday Inn on the 21st May 1998 commencing at 8.30 a.m. No foundation to market speculation The controversial PIMC deal vesting the ownership of the estate company with James Finlay is expected to be completed shortly, possible next week. A Forbes Ceylon spokesman said there was no foundation to the market speculation that Forbes with Vanik would join with Finlays to break the 'deadlock'. Mr. Kumar Jayasuriya, MD, James Finlays, said that he had explained to shareholders of the company at Friday's AGM the details of the purchase. He said that as far as they were concerned the deal was completed when PERC had accepted their bid. Finlays was the only company that made a bid while Forbes Ceylon had withdrawn their proposal. Jayasuriya said that since the PIMC was owned by the government its directors had a number of things to consider before it finally completed the deal. So there was no surprise in the delay. But all speculation that had gone around in the market had no foundation. |
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