Sri Lanka tourism records stellar performance: Over 100,000 visitors flock in first 15 days of January

17 Jan 2024 - 15     - 2875

Tourist arrivals to Sri Lanka crossed the 100,000 milestone within the first 15 days in January, signaling a remarkable spike in global interest in the island nation.

Ranil urges intl. investors to look at Sri Lanka’s promising renewable energy sector

17 Jan 2024 - 8     - 746

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.

Negombo puts Sri Lanka tourism under spotlight

11 Jan 2024 - 1     - 1190

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.

EPF to go paperless

10 Jan 2024 - 0     - 560

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

Persons with no TIN could face penalty up-to Rs. 50,000

02 Jan 2024 - 1     - 1749

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.

Aswesuma application process to kick off by end Jan.

02 Jan 2024 - 0     - 334

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

President hopeful of significant economic growth in 2024

02 Jan 2024 - 0     - 171

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.

Nahil Wijesuriya donates Rs.1bn to Little Hearts project

31 Dec 2023 - 0     - 433

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.

Dialog alerts consumers of price hike due to VAT increase

31 Dec 2023 - 0     - 140

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.

World Bank releases US $ 250mn for Sri Lanka

20 Dec 2023 - 1     - 254

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.

IMF wants SL to finalize deals with creditors ahead of second review in June

13 Dec 2023 - 23     - 2514

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 Sri Lanka, Peter Breuer said.

Sri Lanka projected to end 2023 with US $ 3.8bn foreign reserves: IMF

13 Dec 2023 - 4     - 1867

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 Paris Club official creditors reach preliminary debt deal

29 Nov 2023 - 3     - 1314

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.

CBSL further reduces policy interest rates

24 Nov 2023 - 0     - 1573

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 inks distribution deal with BYD

22 Nov 2023 - 0     - 5242

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

RM Parks Inc. enters fuel market with $ 110 mn investment

21 Nov 2023 - 1     - 621

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.

DCSL enters beer business with Heineken Lanka acquisition

17 Nov 2023 - 6     - 6361

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.

Summary of Budget 2024

13 Nov 2023 - 0     - 2242

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.

TIN will be mandatory to open bank accounts, register motor vehicles

13 Nov 2023 - 4     - 3500

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.

Prez. justifies using historical post office buildings for tourism

13 Nov 2023 - 15     - 2309

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

Budget 2024 allocates Rs.3bn to promote digital economy

13 Nov 2023 - 3     - 684

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

Sri Lanka to eliminate CESS, Port and Airport Levy

13 Nov 2023 - 1     - 1841

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.

Debt ceiling to be increased by Rs.3, 3450bn

13 Nov 2023 - 0     - 144

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

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Govt. proposes to divest 20% each in two largest state banks

13 Nov 2023 - 4     - 1872

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

Govt. to launch experimental programme revive construction sector

13 Nov 2023 - 0     - 204

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

SMEs to receive fresh boost from 2024 budget

13 Nov 2023 - 0     - 935

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.

JKH says entered MoU with leading gaming operator

07 Nov 2023 - 1     - 3022

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.

Aitken Spence Shipping welcomes cruise vessel AIDA Bella to Sri Lanka

07 Nov 2023 - 0     - 348

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.

SL’s Pekoe Trails bags Best Wider World Tourism Project award

06 Nov 2023 - 1     - 1662

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

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Cabinet approves decision to hike VAT to 18%

31 Oct 2023 - 24     - 7477

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.