Despite increased tax revenues, Sri Lanka’s budget deficit widened in the first nine months to September 2023 compared to the same period last year, driven by a surge in expenses amid sharply rising prices.

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.

Banks, which have not yet aligned their interest rates with the October targets, have been explicitly notified to promptly make the necessary....

Sri Lanka’s bondholders yesterday expressed concerns about the poor transparency on the debt restructuring agreement reached between the government and creditors and stressed the need for engagement.

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 mi

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.

The apparel exports from Sri Lanka continued their downward trend, with October exports declining 20 percent year-on-year (YoY) to US $ 330.95 million, the data compiled by industry body Joint Apparel Association Forum (JAAF) showed.

After cutting rates for the fourth time last week to spur economic growth, Central Bank Governor Dr. Nandalal Weerasinghe said he doesn’t think the higher taxes are going....

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

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. Pr

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

Sri Lanka has conveyed its preparedness for the second phase of the Belt and Road Initiative, with China expressing a keen interest in extending the China-Myanmar Economic Corridor (CMEC) to include Sri Lanka.

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 effe

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.

Among the various proposals suggested by experts to broaden the tax base, one recommendation that stood out was the potential....

Sri Lanka tourism is witnessing an impressive performance in the fourth quarter of 2023 (4Q23), with tourist arrivals to the island nation increasing sharply in the first half of the month of November.

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

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.

President Ranil Wickremesinghe openly recognised the 2024 budget as an election-oriented one, though calling it different from previous election budgets.

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

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....

Sri Lanka is set to receive fresh financing, with the World Bank’s Board of Executive Directors giving the nod to release US $ 150 million to strengthen the island nation’s resilience in the financial sector.

As Sri Lanka explores various avenues to enhance its tax revenue, it is likely that the country will opt for a property tax instead of implementing a comprehensive wealth tax, according to KPMG Sri Lanka.

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 large

John Keells Holdings PLC (JKH) saw its revenues decline and bottom line turning to negative in the three months through September 2023 ....

Credit to the private sector expanded for the fourth consecutive month in September, in line with the expectations of the Central Bank, which has slashed the policy rates significantly to spur growth. As per the data released by the Centra Bank, priv

Although Sri Lanka’s tax system saw some improvement with the reforms implemented in 2022, the island nation still violates all key principles of tax policy, a senior economist said.

The passage of the Central Bank of Sri Lanka Act is a significant milestone on the path to achieving good governance in the conduct of monetary policy but insulating the conduct of monetary policy from fiscal and political pressures, especially in th

The escalating cost of operations in the country is making Sri Lanka an unappealing destination for doing business, where now convincing investors to look at the island nation is a fresh challenge, the minister in charge of investment promotions said