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 government yesterday said the Value-Added Tax (VAT) would be increased to 18 percent in January 2024, along with the elimination of almost all VAT exemptions, except for products relating to health, education and few essential foods. According to

In an effort to reduce the burden on taxpayers’ funds, the government said yesterday it is looking to divest 20 percent, each, in the two largest state-owned banks to strategic investors or the public. While ensuring banking sector stability in th

The government has embarked on an innovative approach to bring out the depressed construction sector from its current plight with President Ranil Wickremesinghe announcing that a new “experiment” will be conducted to support the industry. As per

Sri Lanka is planning to phase out non-tariff import taxes including, CESS, Port and Airport Levy within a period of 3 to 5 years as the country looks to bolster its trade relations with Asian nations and beyond. “As a primary step to improving Sri

DFCC Bank PLC reported a robust bottomline performance in the three months ended in September 2023, supported by higher margins, lower impairments and other incomes. The bank reported a net interest income of Rs.8.21 billion in the July-September per

Sri Lanka is exploring the possibility of introducing gender-based budgeting as part of its effort to improve women empowerment in the country. The proposal was made in the 2024 budget speech presented to Parliament by President Ranil Wickremesinghe,

AFP: More children in South Asia are struggling due to severe water scarcity made worse by the impacts of climate change than anywhere else worldwide, the United Nations said yesterday. “A staggering 347 million children under 18 are exposed to hig

Sri Lanka will soon see the establishment of a new technology university under the guidance of Indian Institute of Technology Madras, popularly known or IIT Madras. The university will be set up in the central province, Kandy, President Ranil Wickrem

President Ranil Wickremesinghe yesterday pointed out that renewed efforts are needed to transform Sri Lanka’s tourism sector, so that it can be pitched according to the needs and likes of today’s traveller. While acknowledging that the tourism in

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.

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.

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

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

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.

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

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

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

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.

State Minister of Finance, Ranjith Siyambalapitiya said yesterday the 2024 budget to be presented to parliament today aims to foster long-term growth for the country while addressing the immediate...

President Ranil Wickremesinghe is slated to introduce key proposals for implementing digital economy (DIGIECON) concept in the budget that will be presented to parliament today, a top official of Information....

President Ranil Wickremesinghe, who also serves as the Minister of Finance, is scheduled to present the 2024 budget report to parliament today. The President discussed the preparation and delivery....

Workers’ remittances to Sri Lanka through official channels rose to half a billion dollars in the month of October, the data released by the Central Bank showed. The workers’ remittances....

Hambantota International Port, which is runby a joint venture between China Merchants Port Holdings (CMPort) and Sri Lanka Ports Authority (SLPA) has not made any dividend payment to the Sri Lankan....

Diversified conglomerate Sunshine Holdings PLC continued to demonstrate resilience amidst prevailing macro-economic conditions, reporting solid top-line and bottom-line growth of 13 percent ....

Hatton National Bank PLC (HNB) reported lower net interest income in the quarter ended in September (3Q23) as interest expenses rose at a faster pace than interest income, denting the net interest margin....

Turkish Airlines has held talks with Airbus to discuss a potential order of 355 new aircraft, the state-run Anadolu news agency said. During the meeting....

Dialog Axiata PLC, Sri Lanka’s premier connectivity provider, proudly announced its esteemed partners of the Dialog Innovation Challenge, an initiative towards developing scalable, innovative....

X-Fly 1.0, Sri Lanka’s first-ever homegrown commercial drone platform, has won two prestigious awards at National ICT Awards 2023. This micro-scale....

Venora International Projects Private Limited was awarded the Best Entrepreneur of the Year - First Runner-Up and Best Environmental Friendly Enterprise Awards, at Entrepreneur Awards....