President Ranil Wickremesinghe has advocated for a systematic property valuation cycle, to enhance Sri Lanka’s tax system, proposing assessments to be conducted every five years. He expressed this stance during the centenary celebration of the Government Valuation Department. Recognising the positive impact such assessments can have on tax collection, he commended the department’s strides in digitalisation, acknowledging the efforts made in thi
November has recorded the highest tourist arrivals for the year so far, bringing in a total of 151,496 international visitors. However, despite much confidence of the tourism authorities, the monthly target was missed by 25 percent.
Sri Lanka Apparel Exporters Association’s (SLAEA) re-appointed chairman Indika Liyanahewage reiterated the significant challenge posed by the proposed abolition of Simplified Valued Added Tax (SVAT), asserting the need to bring in accepta
Treasury Secretary Mahinda Siriwardana yesterday expressed confidence in the measures taken by the authorities to increase government revenue through taxation, bringing about a positive outcome next year. While the tax reforms implemented from the middle of last year caused a shock to the business community and public, Siriwardana emphasised that such measures were essential for fiscal consolidation. “Next year we are expecting growth to come to
President Ranil Wickremesinghe delivered a stern message to Sri Lanka’s private sector last evening at an event organised by the Ceylon Chamber of Commerce, questioning the nation’s prolonged dependence on seeking assistance from other countries.
Defying the expectations of market participants for a pause in the rate cuts at this week’s monetary policy meeting, the Monetary Policy Board delivered another 100-basis-point rate cut yesterday, bringing the total reduction in policy rates to 650 basis points since they initiated the rate-cutting campaign in June this year.
In a momentous speech delivered at the 25th Presidential Awards of the Export Development Board (EDB) held yesterday in Colombo, President Ranil Wickremesinghe unveiled an extensive plan to rejuvenate Sri Lanka’s agricultural sector for export. President Wickremesinghe emphasised the necessity of modernising agricultural practices and enhancing research capabilities. The proposed restructuring involves revamping existing agricultural research i
Consumer prices, as measured by the National Consumer Price Index rose 1 percent in the 12 months through October 2023, a slight uptick from the 0.8 percent in September as inflation, having reached its lowest point last month due to higher base effects last year, may have bottomed out.
Sri Lanka has conveyed its preparedness for the second phase of the Belt and Road Initiative (BRI), with China expressing a keen interest in extending the China-Myanmar Economic Corridor (CMEC) to include Sri Lanka.
In order to prevent the potential reversal of the progress achieved on the fiscal front and solidify the reforms implemented since last year, a string of new legislation is being drafted and some in their final stages before proceeding to parliament for approval, a top government official said.
The targets laid out in Sri Lanka’s 2024 budget, particularly with regards to revenue and fiscal defect, would be challenging to meet even with the economic recovery that is expected to continue next year, Fitch Ratings yesterday said.
The budget also said the government would introduce a special penal provision to prosecute those who have not submitted tax returns and information required by the tax officials. Further, the documentary evidence called by the tax officials but not submitted within a reasonable time period will also not be allowed to submit during the hearing at the Tax Appeals Commission. “Relevant Provisions in the Tax Appeals Commission Act, No.23 of 2011, wi
The Colombo-based economic think tank, Verité Research, has identified the removal of executive discretion over tax changes as a crucial measure that should be incorporated into the 2024 budget....
U.S. International Development Finance Corporation (DFC) yesterday said it would lend US $ 553 million to develop Colombo West International Terminal (Pvt.) Ltd (CWT), a deep-water shipping container terminal in the Port of Colombo. India’s largest port operator Adani Ports and SEZ holds 51 percent of CWT, which it is developing with Sri Lanka’s premier blue chip John Keells Holdings PLC (JKH) and state-run Sri Lanka Ports Authority (SLPA). JKH
Sri Lanka economy slows ahead of presidential elections
ADB approves USD 100 million for Sri Lanka’s water sector reforms
People’s Bank sets record straight on IT system upgrade
Cess on imported cement reduced by Rs. 1
JVP - FSP clash shuts down Jayawardenepura University
Muthiyangana Rajamaha Vihara tusker falls to death in abandoned pit
Colonial injustice corrected, Henry Pedris pardoned after 109 years