Last Updated : 2023-12-10 10:10:00
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Sun, 10 Dec 2023 Today's Paper
09 Dec 2023
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.
08 Dec 2023
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.
07 Dec 2023
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 Government Valuation Department.
Recognising the positive impact such assessments can have on tax collection, he commended the department’s strides in digitalisation, acknowledging the efforts made in thi
06 Dec 2023
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.
05 Dec 2023
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.
04 Dec 2023
Banks, which have not yet aligned their interest rates with the October targets, have been explicitly notified to promptly make the necessary....
02 Dec 2023
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.
01 Dec 2023
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
30 Nov 2023
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 middle of last year caused a shock to the business community and public, Siriwardana emphasised that such measures were essential for
“Next year we are expecting growth to come to
29 Nov 2023
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.
28 Nov 2023
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.
27 Nov 2023
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....
25 Nov 2023
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 basis points since they initiated the rate-cutting campaign in June this year.
24 Nov 2023
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.
President Wickremesinghe emphasised the necessity of modernising agricultural practices and enhancing research capabilities.
The proposed restructuring involves revamping existing agricultural research i
23 Nov 2023
Diversified blue-chip John Keells Group has been appointed as the exclusive distributor of BYD passenger vehicles in Sri Lanka.
22 Nov 2023
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.
22 Nov 2023
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 effects last year, may have bottomed out.
21 Nov 2023
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.
20 Nov 2023
Among the various proposals suggested by experts to broaden the tax base, one recommendation that stood out was the potential....
18 Nov 2023
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.
17 Nov 2023
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 for approval, a top government official said.
16 Nov 2023
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.
15 Nov 2023
President Ranil Wickremesinghe openly recognised the 2024 budget as an election-oriented one, though calling it different from previous election budgets.
14 Nov 2023
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 submitted within a reasonable time period will also not be allowed to submit during the hearing at the Tax Appeals Commission.
“Relevant Provisions in the Tax Appeals Commission Act, No.23 of 2011, wi
13 Nov 2023
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....
11 Nov 2023
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.
10 Nov 2023
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.
09 Nov 2023
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
India’s largest port operator Adani Ports and SEZ holds 51 percent of CWT, which it is developing with Sri Lanka’s premier blue chip John Keells Holdings PLC (JKH) and state-run Sri Lanka Ports Authority (SLPA). JKH
08 Nov 2023
John Keells Holdings PLC (JKH) saw its revenues decline and bottom line turning to negative in the three months through September 2023 ....
07 Nov 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, private credit expanded by Rs.69.7 billion in September, significantly up from Rs.5.5 billion in August.
09 Dec 2023