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Mon, 20 May 2024 Today's Paper
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
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.
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