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Sat, 18 May 2024 Today's Paper
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.
President Ranil Wickremesinghe openly recognised the 2024 budget as an election-oriented one, though calling it different from previous election budgets.
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 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....
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.
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.
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 of Colombo. India’s large
John Keells Holdings PLC (JKH) saw its revenues decline and bottom line turning to negative in the three months through September 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, priv
Although Sri Lanka’s tax system saw some improvement with the reforms implemented in 2022, the island nation still violates all key principles of tax policy, a senior economist said.
The passage of the Central Bank of Sri Lanka Act is a significant milestone on the path to achieving good governance in the conduct of monetary policy but insulating the conduct of monetary policy from fiscal and political pressures, especially in th
The escalating cost of operations in the country is making Sri Lanka an unappealing destination for doing business, where now convincing investors to look at the island nation is a fresh challenge, the minister in charge of investment promotions said
The economic crisis in Sri Lanka may seem to have mellowed from what it was when it erupted in 2022 but the island nation still stands on a knife edge and there’s simply no room for setting off policy reversals, asserted a top economist, yesterday.
The government yesterday announced plans to hike Value-Added Tax (VAT) to 18 percent from the current 15 percent to meet the revenue targets set by the International Monetary....
The local hotel sector is facing another jolt with Sri Lanka announcing another electricity tariff increase, which came into effect on October 21.
Sri Lanka is expected to witness modest growth in the years ahead, but it will have to go the extra mile to not only retain existing investors but harder still, to attract fresh investments in the current....
Sri Lanka has not been entirely open to establishing non-state higher education institutions (HEIs), especially for the medical but facilitating such entities would help the island nation save about Rs.50 billion in foreign exchange annually, the Ins
Sri Lanka is looking to enter into more trade agreements with Asian nations to enhance its trade integration across South, Southeast and East Asia, as the country seeks to improve its economic prospects. The President’s of
As Sri Lanka continues to deal with the outflux of its talent pool, largely owing to the prevailing economic conditions, the Institute of Policy Studies (IPS) stressed the need to look at designing an appropriate mix of policies to address labour and
Sri Lanka’s export performance continues to remain overshadowed by declining apparel exports, with merchandise export income in September plummeting by 12 percent year-on-year (YoY) to US$ 951.5 million, marking the first time it has fallen below t
Sri Lanka’s proposed power sector reforms may reach the Cabinet of Ministers by next week, as the Attorney General is expected to clear the bill to restructure the Ceylon Electricity Board (CEB) this week, Power and Energy Minister Kanchana Wijesek
Sri Lanka and China will finally ink the long-awaited Free Trade Agreement (FTA) that has been in the talks for nearly 10 years, paving the way for improved trade between the two nations. In a joint statement....
The Finance Ministry this week said it does not find the statement made by the Ad Hoc Group of Bondholders last week acceptable, which proposed the provision of upfront debt relief, including the issuance of macro-linked bonds (MLBs).
The International Chamber of Commerce (ICC) has pledged its commitment to support Sri Lanka in its domestic reform programme, with the aim of swiftly resolving the current debt crisis while minimising the impact o
While Sri Lanka is in the process of reevaluating its outdated labour laws, which do not align with the current global trends and developments, the Labour Ministry is urging the country’s private sector to actively engage in and support the forthco
Colombo-based economic think tank, the Institute of Policy Studies (IPS), has issued a cautionary note in its latest publication, suggesting that the upcoming elections next year could potentially disrupt the necessary reforms required for the countr
Sri Lanka’s manufacturing activities continued to contract in the month of September, amid sluggish consumer demand and increased availability of imported good in the market at competitive prices, presumably due to the phased lifting of imp
Sri Lanka will not be looking to impose new taxes on people in the upcoming budget to boost government revenue to meet the International Monetary....
Sri Lanka’s private creditors have sent a proposal on how to restructure US $ 12 billion of overseas debt, including a new type of bond designed to ease repayments in case of future economic pressure, said two sources with direct knowledge of the m
Dialog Axiata PLC, the first telecommunications service provider in the South Asian region to demonstrate 5G capabilities in 2018, announced the successful completion of the first-ever trial of the Voice over New Radio (VoNR) se
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