Sri Lanka’s nine-month government revenue this year rose compared to last year’s levels, as the economy inflated amid the runaway prices and tax revenue started flowing, as a result of the hike in the indirect taxes such as the Value Added Tax (V

While stressing the tax policies are not written in stone, the government said it is ready to be flexible to amend such policies, given that there are pragmatic alternative proposals to collect tax revenue foregone.

The outlook for Sri Lanka’s export sector in the first quarter of 2023 doesn’t appear encouraging, the Export Development Board (EDB) said, as global economic conditions are expected to be grim in the upcoming year.

As Sri Lanka’s dividend tax policy is inhibiting risk-taking, entrepreneurship and timely restructuring activities in the corporate sector, a top investment professional called upon the government to take corrective actions to rectify the unfair do

The Cabinet of Ministers this week green lighted the draft of the new Monetary Law Act clearing the only remaining prior action required by the International Monetary Fund (IMF) to unlock its US$ 2.9 billion....

Sri Lanka’s tea exporters joined the bandwagon in clarifying its stance on the issue revolving around repatriation and conversion of export proceeds, pointing out they have been abiding by the relevant rules and regulations.

The slump in construction sector activities deepened in the third quarter of 2022, declining for the fifth quarter in a row, according to the Gross....

The Purchasing Managers’ Index (PMI) continued to remain in the contractionary territory in November, albeit some improvement in activity from the previous month, as the subdued demand conditions, both locally and internationally, weighed on the Sr

The Sri Lankan economy further sank into recession after its Gross Domestic Product (GDP) for the third quarter gave up as much as 11.8 percent of its output, bringing the nine-month contraction in the economy to 7.1 percent.

The proposed strengthening of the Fiscal Management Responsibility Act (FMRA), which would require strict compliance with the fiscal targets, will be the next key reform for economic stability, leading to a sustainable economy in the long term, accor

Although the public now appears to have understood the need for tough economic reforms for a certain degree, particularly with regard to State-owned enterprises (SOEs), it was they who opposed...

Driven by the country’s growing appeal as a low-cost tourist destination, following the steep depreciation of the rupee, Sri Lanka’s tourism industry is expected to make a swift and steady recovery in this winter season, with tourist arrivals sur

Worker remittances income continued to gather steam as such inflows in November recorded the highest levels in sixteen months....

Apparel industry points out, given current economic milieu, companies use a considerable portion of export proceeds to purchase raw materials, fuel and other items essential

The project company of the Colombo Port City (CPC) project stressed that the multi-billion-dollar project cannot be marketed to foreign investors in the present context sans tax incentives.

The government plans to resume free trade agreement (FTA) negotiations with India, China and Thailand and expedite the completion process, a senior official said.

As crisis-hit Sri Lanka awaits a lifeline from the International Monetary Fund (IMF), the country’s Central Bank chief said the expected....

Sri Lanka has no plans whatsoever for reforms going forward, President Ranil Wickremesinghe told a room full of the country’s top private sector business leaders yesterday but instead would be thinking bigger and bolder in terms of its growth agend

Net credit to the private sector fell for the fifth consecutive month in October reflecting the depth and the breath of the economic contraction, which is impacting businesses and individuals alike after the economy....

Tourist arrivals to the country saw a significant increase in the month of November, with the number of international visitors entering the country growing by 42 percent from October.

As Sri Lanka awaits with bated breath to experience some sense of relief from the ongoing crisis that has been brought about by severe economic mismanagement, the country is only at the beginning of a very arduous and painful journey, an ex-Central B

Sri Lanka needs to listen more to what its people are saying, instead of paying heed to only technocrats, said senior economist Prof. Shantha Devarajan. By not paying attention to the call of citizens, the real problems of the national economy will n

Super luxury cruise Mein Schiff 5 carrying over 2, 000 tourists arrived at the Colombo Port yesterday, and will arrive at Hambantota Port today....

Sri Lanka’s merchandise export performance for the month of October contracted by 8.18 percent Year-on-Year (YoY), however, cumulative...

Central Bank Governor Dr. Nandalal Weerasinghe yesterday made an open call to the foreign investor community to take investment positions pertaining to Sri Lanka, as the country is about to enter the recovery path, leaving behind the worst of the ong

The new Central Bank Act will soon see passage through the Cabinet and Parliament as the final draft remains ready as part of a broader package of things to be met as prior actions required to unlock the International Monetary Fund (IMF) deal to pull

Although the prevailing high interest rate regime may discourage investments, Central Bank (CB) Governor Dr. Nandalal Weerasinghe asserted that curtailing inflation is more critical for the survival of businesses over low interest rates and to avert

The Central Bank forewarned that it would be compelled to bring in administrative controls such as deposits and lending rate caps unless the markets adjust their interest rates to reflect the easing inflation and improvement in money market liquidity

Amid growing public pressure, the Central Bank (CB) this week said it stands ready to name and shame the exporters who fail to provide adequate reasons within next two weeks for falling behind to convert their export earnings to rupees within the man

Central Bank Governor Dr. Nandalal Weerasinghe yesterday stressed the need for the country’s political authorities to be consistent....