TIN demand surges after withholding tax rate hike

Most accountholders have sought to obtain the Taxpayer Identification Number (TIN), following the government’s decision to increase the withholding tax rate from 5 percent to 10 percent, effective from April 1, a senior official attached to the Inland Revenue Department (IRD) said.

Fitch assigns Sri Lanka Insurance Corporation Life ‘A+ (lka)’ National IFS Rating with a Stable Outlook

Sri Lanka Insurance Life (SLIC Life) has been assigned an ‘A+(lka)’ National Insurer Financial Strength (IFS) Rating by Fitch Ratings, with a Stable Outlook.

Polestar Lanka Garments invests US $ 5.08mn in Sri Lanka; to create 679 jobs

Polestar (Lanka) Garments Ltd, a unit of China’s Lianfa Group, has signed an agreement with the Board of Investment (BOI) to invest US $ 5.08 million in a new export-oriented garment manufacturing facility, the BOI announced yesterday.

ASPI edges down during April

The ASPI closed in red as a result of price losses in counters such as Hatton National Bank, Sampath Bank and C T Holdings with the turnover crossing Rs. 2.3 Bn. A similar behaviour was witnessed in the S&P SL20. High net worth and institutional investor participation was noted in Printcare, Lanka IOC and Central Finance Company. Mixed interest was observed in Sunshine Holdings, John Keells Holdings and Sampath Bank whilst retail interest was not

Subdued sentiment persists; yield curve remains broadly unchanged

Building on the previous day’s sentiment, activity in the secondary market remained muted, resulting in low trading volumes.

IGT 1 officially on-boards at Port City’s business centre

IGT 1 Outsourcing Lanka (Private) Ltd, hereafter referred to as ‘IGT 1 Lanka’, the subsidiary of IGT Holding I Sweden AB, and sister company of IFS Sri Lanka, recently signed an agreement to officially on-board as office tenant at the Business Centre at Port City Colombo.

Alumex and ISMM forge alliance to shape future of supply chain management

Alumex PLC has reaffirmed its commitment to driving excellence in supply chain management by partnering with the Institute of Supply and Materials Management (ISMM).

DFCC Bank launches ‘Rataviru Account’ to empower Sri Lankans working overseas

DFCC Bank has introduced the DFCC Rataviru Account, a remittance-linked savings account designed to support Sri Lankans working abroad and their families back home.

SOLO expands digital payment solutions with The Kingsbury partnership

Hatton National Bank PLC (HNB) has partnered with The Kingsbury Hotel to introduce seamless digital payment solutions across all its restaurants. This collaboration allows diners to make payments effortlessly using SOLO or any LankaQR-enabled app, eliminating the need for cash or card transactions.

SANKARAA hosts ‘SANKARAA Connect’ to showcase NetSuite Innovation

SANKARAA Tech hosted ‘SANKARAA Connect’, the first Oracle NetSuite event in Sri Lanka in over five years—marking a significant return to in-person industry engagement since the pandemic.

People’s Bank relocates Kompannavidiya Service Centre

People’s Bank recently inaugurated its Kompannavidiya Service Centre at a new, state-of-the-art location, enhancing accessibility and customer experience.

Pan Asia Bank shines at ‘Best Management Practices Company Awards’

Pan Asia Bank announced its exceptional performance at the Best Management Practices Company Awards 2025, hosted by the Institute of Chartered Professional Managers (CPM). The bank was recognized with three honours, reaffirming its commitment to innovation, excellence, and ethical management.

Public sector digitisation critical to achieving Sri Lanka’s US$ 15bn revenue goal: Experts

Sri Lanka must urgently accelerate digital adoption across its public sector to achieve its US$ 15 billion digital economy target by 2030 with experts cautioning that niche branding alone won’t help the country to remain competitive in an increasingly digitised global economy.

LIBA to launch first ever online business advisory service

Lanka India Business Association (LIBA) announced that it will launch the first-ever online business advisory service that will connect business advisors in India directly to businesses in Sri Lanka (members of LIBA). One of the most pressing challenges in today’s business landscape is gaining access to the right network. Many business leaders and entrepreneurs struggle to connect with the right individuals at the right time, resulting in lost o

Union Bank powers Moratuwa University’s Entrepreneurship Development Programme

Union Bank in collaboration with the University of Moratuwa (UoM) and the National Innovation Agency (NIA) embarked on a milestone collaboration to partner the National Entrepreneurship Development Programme (NEDP) to upskill and uplift SMEs.  The first batch of students successfully concluded the programme  and the certificate awarding ceremony was held recently at the UoM. The Union Bank School of Social Entrepreneurship (UBSSE) continues to se

Free Trade Zone Manufacturers Association elects office bearers for 2025-2026

At the 44th AGM of the Free Trade Zone Manufacturers Association held on 28th March at Jetwing Colombo Seven, Dhammika Fernando was re-elected as the Chairman, and M. H. Z. M. Marzook was elected as the General Secretary for 2025/2026. Fazal Abdeen and Nishantha Bakmeege became Vice-Chairmen, while Manjula Mahadanaarachchi remained as the Treasurer.

SDB bank honours employee achievements at Annual Business Awards

SDB bank recently hosted the SDB bank Annual Business Awards to honour and appreciate the outstanding contributions of its employees for their remarkable performance in 2024.

Technomedics International wins big at Best Management Practices Awards

Technomedics International Pvt Ltd., has been recognised yet again for its outstanding service and contribution to the medical industry. The company shone with two awards at the recently held CPM International Management Conference. The Best Management Practices Awards 2025, organised by the Chartered Professional Managers of Sri Lanka (CPM Sri Lanka). The company was listed among the Twenty Outstanding Companies Awards category, which is a test

Prime Residencies ‘One Tangalle’ commences construction

Prime Residencies PLC has commenced the construction of ‘One Tangalle’, an ultra-luxurious boutique development in southern beachfront living. The official ground breaking ceremony for the project took place on April 26, in the presence of homeowners, consultants and all other stakeholders.

Cartoon of the Day 01-05-2025

LIOC, Sinopec follow CPC in fuel price revision

In line with the fuel price revision by the Ceylon Petroleum Corporation (CPC), Lanka Indian Oil Corporation (LIOC) and Sinopec Energy Lanka (Private) Limited have decided to reduce fuel prices, effective from tonight.

No price revision for LAUGFS gas

There will be no price revision for LAUGFS Gas domestic cylinder refills in May, LAUGFS Gas Director and Cluster CEO Dr. Niroshan J. Pieries said.

Fuel prices slashed

The Ceylon Petroleum Corporation (CPC) has announced a fuel price reduction, effective from midnight today.

CSE declines amid profit-taking pressure

The Colombo Stock Exchange (CSE) concluded today’s trading session on a negative note, with the All Share Price Index (ASPI) closing just below the 15,800 level.

No April 30 deadline for WHT declarations: IRD Commissioner says

The Commissioner General of the Inland Revenue Department (IRD) today denied a report circulating on social media claiming that April 30 is the last date for individuals subject to withholding tax (WHT) on interest income, but without taxable income, to submit their self-declaration to banks and financial institutions.

11 million TINs registered, most yet to be issued: IRD

The number of Taxpayer Identification Number (TIN) registrations at the Inland Revenue Department (IRD) has reached 11 million, but most of the TINs have not been issued to the respective individuals.

Polestar Lanka Garments invests $5.08M in Sri Lanka, to create 679 jobs

Polestar (Lanka) Garments Ltd, a subsidiary of China’s Lianfa Group, has signed an agreement with the Board of Investment (BOI) to invest $5.08 million in a new export-oriented garment manufacturing facility.

SL recovery no “understatement”, says CB Governor

Sri Lanka may still be on the road to recovery, but its steps in correcting long-standing policy failures are now being recognised where it matters most—by key international lenders.

Alliance Finance becomes first SL NBFI to list green bond on LuxSE

Alliance Finance Company PLC (AFC) has listed its green bond on the Luxembourg Stock Exchange and the Luxembourg Green Exchange, following its initial listing on the Colombo Stock Exchange in February 2025.

Emirates reaffirms long-term commitment to SL’s tourism industry

Emirates and the Sri Lanka Tourism Promotion Bureau (SLTPB), at the Arabian Travel Market 2025, renewed their partnership aimed at further developing the country’s tourism and trade industries. The partnership was sealed through a Memorandum of Understanding (MoU) between the two parties.