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Sri Lanka to introduce incentive package for migrant workers with various benefits
Sri Lanka to introduce an incentive package for migrant workers, which includes pension/superannuation benefits, accident/life insurance benefits, banking facilities including low-interest loans for housing and/or self-employment on return to Sri Lanka, and enhanced duty-free concessions. The Central Bank said they are currently working in collaboration in this regard, with the Ministry of Labour, State Ministry […]
PwC evaluates potential economic impact of Port City Colombo
PwC, on Tuesday, presented their latest assessment of the Port City’s economic impact to the Economic Commission. The assessment evaluates the potential impact of the Port City Colombo across five key macroeconomic variables: Employment, Gross Domestic Product, Foreign Direct Investment, Balance of Payments, and Government Revenue. Having initiated the original report in early 2020, the […]
Is wealth tax the solution to Sri Lanka’s low tax revenue collection?
By Sathya Karunarathne IntroductionSuccessive governments have run fiscal deficits. Inadequate revenue collection and unrestrained government expenditure have worsened the country’s fiscal position. Tax revenue which averaged over 20% of GDP in 1990 has declined to under 10% of GDP inAd hoc tax policy changes have significantly eroded the tax base. Weak tax administration has also […]
New rules to convert export proceeds have no impact on Sri Lankans working abroad: CBSL
Sri Lanka’s Central Bank emphasizes that inward remittances by Sri Lankan expatriates, which are not considered as services exports, will not be subjected to new export proceeds conversion rules. Under the new rules issued on 28 October 2021, the minimum mandatory conversion rate of 25 percent has been relaxed, and instead, exporters have been provided […]
Emirates unveils more “Early Bird” fares in Colombo starting at just Rs 59,300
Valid for tickets purchased between 9 and 21 November, for travel between 1st December 2021 and 31 March 2022 As restrictions continue to ease regionally and globally, Emirates is inviting Sri Lankans to be the “early birds” in fulfilling their long-suppressed yearnings to travel, with another special fare promotion exclusive to the island’s residents. Applicable […]
World Bank VP reaffirms support for investments in people and resilient recovery
World Bank Vice President for South Asia, Hartwig Schafer, today concluded a six-day visit to Sri Lanka, reiterating the World Bank’s commitment to support Sri Lanka’s inclusive and resilient recovery from the COVID-19 pandemic and emphasizing the importance of investing in human capital. During meetings with the President of Sri Lanka, H.E. Gotabaya Rajapaksa; Prime […]
CA Sri Lanka submits budget proposals to Finance Minister Basil Rajapaksa
In its standing as the National Body of Accountants, officials of the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) recently met with the Minister of Finance, Basil Rajapaksa, and the Secretary to the Treasury, S R Attygalle, to discuss the upcoming National Budget for 2022. During two separate meetings, the Chairman of the CA […]
EDB creates platform to develop bilateral trade between Sri Lanka & Bangladesh
A multi-party meeting on enhancing bilateral trade between Sri Lanka and Bangladesh was held at the Export Development Board (EDB) on 3 November, 2021, under the patronage of the Trade Minister Bandula Gunawardena and High Commissioner of Bangladesh to Sri Lanka Tareq Md Ariful Islam with the participation of companies that export products to Bangladesh. […]
Country will fall into disaster if budget 2022 fails to infuse confidence amongst global community: Eran
The finance minister who assumed duty declaring he is the finance minister without money has huge challenges to overcome through the Budget – 2022 which we are expecting next week on November 12, said SJB Parliamentarian Eran Wickramaratne speaking at a Press Conference. “We must wait and see what he has to say. One of […]
Sri Lanka’s reserves down to USD 2.3bn in October; YTD rupee depreciation 8-pct
Sri Lanka’s official reserves were 2.3 billion US dollars (USD 2,267.5mn) by the end of October, down from 2.6 billion US dollars in September, the latest Central Bank data showed. By the end of October, the foreign currency reserves were 1,686.1 million dollars while the reserve position in the IMF was 67.7 million dollars. Special […]