Sri Lanka’s renewable energy sector came under international spotlight this week with President Ranil Wickremesinghe calling on investors to take part in the island nation’s sustainability agenda.

Sri Lanka has come under the international spotlight once again for its unique tourism offering, but drawing attention this time round is the scenic city of Negombo.

The Employees’ Provident Fund (EPF) will be modernised going forward, the Central Bank said, with efforts underway for its operation to go almost paperless.

With effect from 1 January, persons who have not obtained a Taxpayer Identification Number (TIN) will be subjected to a penalty not exceeding Rs. 50,000, the Department of Inland Revenue cautioned.

The application process for the welfare scheme ‘Aswesuma’ will kick off towards the end of the month, the Finance Ministry said.

Entering the year with positivity, President Ranil Wickremesinghe said the government aims to achieve an economic growth of 3 percent in 2024, with a commitment to advancing even more rapidly.

Little Hearts project of the Lady Ridgeway Hospital for Children has received a generous Rs.1 billion donation from leading businessman and East-West Group of Companies Chairman, Nahil Wijesuriya.

With revisions to the Value Added Tax (VAT) coming into effect from 1 January, telecom giant Dialog Axiata has notified its consumers of the increases that will be seen in their monthly bills.

The World Bank today said it has released the US $ 250 second tranche of the US $ 500 million budget support loan for Sri Lanka that was approved in June 28, 2023.

Sri Lanka needs to enter into agreements with its official and private creditors before the second review of the Extended Fund Facility (EFF), which is expected to be concluded by the end of the first half of next year, IMF Senior Mission Chief for S

Sri Lanka’s gross foreign reserves are projected to reach US $3.8 billion by the end of 2023, according to International Monetary Fund (IMF) projections.

Sri Lanka and the country’s Official Creditor Committee (OCC) co-chaired by India, Japan and France as the Chair of the Paris Club have agreed on a debt restructuring deal, a statement issued by the Paris Club Secretariat said.

The Monetary Policy Board announced its decision to reduce the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank by 100 basis points (bps) to 9.00 percent and 10.00 percent.

John Keells Group has been appointed as the exclusive distributor of BYD passenger vehicles in Sri Lanka.

California-based US fuel distribution company, RM Parks Inc. California-based US fuel distribution company inked an agreement with the Board of Investment (BOI) to serve the local petroleum sector with a US$ 110 million investment.

Leading local spirits maker Distilleries Company of Sir Lanka PLC (DCSL) has entered into an agreement with Heineken International B.V. to acquire all its shares in Heineken Lanka Limited for an undisclosed price.

President Ranil Wickremesinghe, serving as the Minister of Finance, presented the 2024 budget to Parliament under the theme ’’Prelude to a Bright Future.’’ Here is a summary of the budget speech, including key tax proposals.

As part of efforts to enhance tax administration and implement revisions to tax policies, the submission of a Tax Identification Number (TIN) will become mandatory for actions such as opening a bank account or obtaining approval for a building plan.

President Ranil Wickremesinghe today justified the allocation of the Nuwara Eliya Post Office to the tourism industry.

Budget 2024 allocates Rs.3 billion to facilitate a digital economy by the year 2030.

As a primary step to improving Sri Lanka’s deeper connectivity with foreign trade and global markets, the budget 2024 proposes to eliminate non-tariff import taxes, including import CESS, Port, and Airport Levies.

Budget 2024 proposes to increase Sri Lanka’s debt ceiling by Rs.3, 450 billion to Rs. 7, 350 billion.

The budget 2024 proposes to divest 20 percent stake in the two largest state banks in the country.

The government is launching an experimental programme to revitalize the country’s construction sector.

Sri Lanka’s Small and Medium Enterprises (SMEs) will receive a fresh boost next year with the Budget 2024 entailing a proposal to help uplift businesses in that sector.

John Keells Holdings PLC (JKH) today said they have entered into a Memorandum of Understanding (MOU) with a leading international gaming operator regarding the Cinnamon Life Integrated Resort.

Super luxury passenger vessel M.V. Aida Bella, operated by Aida Cruises, Germany with 1,900 passengers and 730 crew on board will call at the Port of Colombo on the 9th of November 2023.

Sri Lanka’s Pekoe Trails won the Best Wider World Tourism Project organized by the British Guild of Travel Writers.

Cabinet approval has been granted to increase Value-Added Tax (VAT) to 18 percent from the current 15 percent with effect from January 1, 2024, Cabinet Spokesperson Minister Bandula Gunawardana said this morning.

The Ministry of Power and Energy yesterday announced that solar customers of the Ceylon Electricity Board (CEB) and Lanka Electricity Company (LECO) will be allowed a one-time migration to different schemes.