The government expressed confidence in the International Monetary Fund (IMF) exhibiting flexibility by overturning the elimination of VAT exemption for Destination Management Companies (DMCs)

The Central Bank yesterday said it does not see the need to change the course of the current monetary policy path set off in June last year, as inflation remains well anchored, despite the near-term blips in the price indices, due to the recent hike

The Port of Colombo is experiencing a surge in transshipment container volumes as it emerges as a transit point in the short term for major shipping lines to reroute their vessels around the Cape of Good Hope, a move opted to avoid disruption to ship

Japan, one of Sri Lanka’s main creditors, asserted the need for Sri Lanka to speed up efforts in inking the memorandum of understanding (MoU) with its creditor nations on debt restructuring at the earliest.

Business in Jaffna is expected to receive a fresh boost this year with President Ranil Wickremesinghe assuring that their grievances will be addressed without fail. Wickremesinghe....

The International Monetary Fund (IMF) would evaluate Sri Lanka’s economic progress next week, with a team of officials expected to arrive in the country, the Finance Ministry said.

Public funds would only be utilised as the last resort to meet the recapitalisation requirements of the banking sector to ensure stability within the financial system, the Central Bank said.

Sri Lanka’s exporters are entering the new year with several concerns, National Chamber of Exporters (NCE) President Jayantha Karunaratne said, since given the current status of the local and global economic conditions, it is clear that the challen

Sri Lanka has bounced back and stands firm among the top emerging economies for investment, a globally renowned investor....

CNN: Maersk has imposed a 48-hour delay on its vessels moving through the Red Sea, following an attack on one of its merchant ships by Iranian-backed Houthi fighters based in Yemen. The US military said its helicopters responded to distress calls fro

The Central Bank recently asserted that banks’ right of parate execution must not be amended in favour of an insignificant number....

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 Central Bank is bracing for an upcoming expansionary credit cycle, driven by the initiation of relaxed monetary policy measures, as the effects of consecutive policy rate cuts, targeted initiatives to expedite monetary policy transmission and a s

Sri Lanka’s merchandise export performance appeared to gain momentum in November compared to the previous month, signaling a potential turnaround, particularly with positive growth seen in the apparel export sector. Merchandise exports in November

Procuring IT services and solutions is going to get expensive, with the Value Added Tax (VAT) coming into effect from January 1 and could create unfairness within the industry, the Sri Lanka Association for Software and Services Companies (SLASSCOM)

The imposition of an 18 percent Value-Added Tax (VAT) on Sri Lanka’s gem and jewellery sector poses a threat to its sustainability....

Sri Lanka’s banking fraternity yesterday expressed serious concerns on certain segments of the business community advocating for the removal of parate execution, cautioning that any such move would weaken the value of depositors’ funds.

As the government is leaving no stone unturned to increase tax revenue, experts in the field asserted that while doing away with Value Added Tax (VAT) exemptions is necessary, the authorities couldn’t have picked a worse time to implement the polic

The Tea Exporters Association (TEA) yesterday expressed grave concern over the introduction of the 18 percent Value Added Tax (VAT) on the industry and the practical issues it is bound to create, unless a mechanism is put in place to ensure the seaml

Despite a modest rebound in the overall economy in the third quarter, Sri Lanka’s construction sector, a crucial segment known for generating significant employment across all levels, has continued to contract.

Banks extended Rs.37.9bn in net credit to private sector in Oct., compared to Rs.70bn in Sept.

For businesses and investors consistently concerned about the lack of predictability in tax rates and interest rates, Central Bank Governor Dr. Nandalal Weerasinghe had a straightforward response—what they perceive as predictability may not align w

Sri Lanka has emerged from a nearly two-year recession that had impacted the economy and its people as the gross domestic product for the third quarter of 2023 recorded a 1.6 percent growth from the same period a year ago.

Sri Lanka needs to enter into agreements with its official and commercial creditors, prior to the second review of the US $ 3 billion International Monetary Fund (IMF) bailout, IMF Senior Mission Chief for Sri Lanka Peter Breuer told reporters via a

Fragile and uneven economic recovery has further exacerbated income and wealth inequalities in the country, placing Sri Lanka among the top five most unequal countries in the Asia Pacific, according to the United Nations Development Programme (UNDP).

National Development Bank PLC (NDB) yesterday announced the retirement of its Director/Group CEO Dimantha Seneviratne and the appointment of Kelum Edirisinghe as his successor. According to the stock market disclosures filed, NDB, following the expir

As Sri Lanka moves closer to eliminating almost all Value-Added Tax (VAT) exemptions, concerns have been raised about....

The Asian Development Bank (ADB) announced yesterday the approval of a US $ 200 million concessional loan to Sri Lanka, under the Financial Sector Stability and Reforms Programme.

Tourism Minister Harin Fernando this week signaled that the recently reintroduced Minimum Room Rate (MRR) for Colombo city hotels will not remain for long, and the industry is expected to operate based on market forces.

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 Gov