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.

The Colombo Stock Exchange (CSE) was yesterday informed that the Nepalese billionaire Binod Chaudhary’s CG Corp Group has completed the deal to acquire the majority stake of Union Bank of Colombo PLC.

Sri Lanka’s LOLC Group is raising US $ 100 million through the iissuance of sustainable bonds, which will be listed on the Frankfurt Stock Exchange.

IndiGo yesterday announced the introduction of new direct flights between Hyderabad and Colombo from 2 November.

Emirates and SriLankan Airlines have signed a reciprocal interline agreement to boost connectivity for passengers of both airlines. The partnership will enable access to new points on each other’s networks via Colombo and Dubai, utilising a single

Hong Kong-based airline Cathay Pacific will resume its flights to and from Colombo beginning February 2, 2024, after a hiatus of four years.

The US $ 1.4 billion equivalent yuan swap with the People’s Bank of China will become usable when Sri Lanka’s foreign reserves reach about US $ 4.2 billion, the Central Bank Governor Dr.Nandalal Weerasinghe said.

The Monetary Board of the Central Banetary Board has decided to cancel the licence issued to Bimputh Finance PLC (BFP)under the Finance Business Act to carry on finance business, with effect from September 1, 2023.

Inflation in the Colombo district as measured by the Colombo Consumer Price Index (CCPI) decelerated to 4 percent in August on year-on-year (YoY) basis, from 6.3 percent in July, the Department of Census and Statistics said.

The National Cricket Team of Bangladesh, popularly known as The Tigers, became the latest international cricket stars to fly SriLankan Airlines.

In an effort to alleviate the current severe congestion at the Katunayake Bandaranaike International Airport (BIA), which is experiencing nearly 25,000 passenger arrivals and departures a day, Airport and Aviation Services (Sri Lanka) (Private) Limit

After slapping 40 percent tax on onion exports with immediate effect, India is expected to ban mills from exporting sugar in the next season beginning October, Reuters reported.

The Monetary Board of the Central Bank has decided to impose administrative caps on certain lending products of financial services institutions, as interest rates charged on these products still remain at extremely high levels despite the sharp decli

SriLankan Airlines has relaunched direct flights from Colombo to Jeddah with a thrice-weekly service every Tuesday, Wednesday and Sunday.