Key Performance Area | Metric | 2012/13 | 2011/12 | 2010/11 | 2009/10 |
Contribution to Exchequer | Tax paid to government (Rs. mn) | 2,972 | 6,062 | 5,571 | 1,520 |
Substantial amounts of duties/taxes will be paid.
At the core of the corporate strategy of DIMO is our commitment to play by the rules - in other words, to comply with all statutory and regulatory requirements. Going beyond, the Company seeks best practices to be adopted on a voluntary basis. We believe that institutional integrity is a key component of non-financial capital and is vitally important for the sustainability of our business.
Dimo maintains excellent relationships and works closely with all relevant authorities including those from central and local government.
The closeness of these relationships allows Dimo to contribute towards legislation and policy formulation which ultimately can have an impact on our customers, employees and business.
For example, we contribute towards the formulation of tax policies through our membership and participation in relevant professional and industry bodies.
Thus we endeavour to build open and honest relationships through our day-to-day interaction with tax authorities.
Our Management Approach requires that all statutory filings and payments are made in a timely manner; that all standards and guidelines are strictly adhered to; and that no issues are left pending, unless mentioned hereunder. We have always operated under the principle that taxes due must be promptly and fully paid and that such an approach forms a part of Dimo’s obligation towards society.
Dimo’s contribution to the Government by way of taxes paid for the financial year 2012/13 amounted to Rs. 2.97 bn (Rs. 6.06 bn in FY 2011/12).
We make sure that all employees of the Group are promptly updated on regulatory changes that apply to us. Specialised training on subjects such as taxation, import procedures, changes in local government regulations and changes in tariff structures is provided as needed.
Dimo is fully compliant with all environmental laws prevailing in the country. A fuller account of our initiatives and activities in this regard appears in the section ‘The Environment’.
No penalties or non-monetary reprimands resulting from the breaching of any rules or regulations have been levied on the Company or Group during the period under review.
Dimo has not received any financial assistance from the Government of Sri Lanka during the period under review.
We acknowledge that changes to regulatory frameworks can have a significant impact on our performance. We have given due consideration to this fact within our risk management regime.
Dimo remains a strong constituent of several key external associations. We have membership in the following associations:
There were no incidents during the past year relating to transgression of health and safety, product labelling, advertising or customer confidentiality.
The Group has not been fined or penalized for non compliance with legislation, including environmental regulation in force. All legal requirements have been complied with.
As a leading corporate citizen the Company conforms strictly with all rules and regulation pertaining to the environment, product standards, tax regulations and all other requirements of the business,
It has not received any penalties or non-monetary reprimands resulting from breaches of any rules or regulations.