Author: Gayan Chandrasekara
Sri Lanka’s New VAT Amendment to Digitize Tax Collection via Secured POS Systems
As part of a strategic effort to modernize the national tax infrastructure, the Government of Sri Lanka has tabled an amendment to the Value Added Tax (VAT) Act, No. 14 of 2002. The proposed Clause 12 introduces Section 64B, which centers on the integration of “secured point of sale machines” into the daily operations of […]
CoPF Chair Questions True Legislative Oversight Over Public Funds as Treasury Secretary Skips Crucial Hearing
A sharp constitutional standoff has emerged between the legislature and the executive after the Secretary to the Treasury, Dr. Harshana Suriyapperuma, declined to appear before the Committee on Public Finance (CoPF) for a high-stakes hearing scheduled for tomorrow, April 30. The refusal has prompted a blistering response from CoPF Chairman Dr. Harsha de Silva, who […]
Rs. 38 Bn Shortfall in Power Generation Costs; Taxpayers to Fund Rs. 15 Bn Govt Subsidy as PUCSL Opens Public Consultation
Sri Lanka’s Public Utilities Commission (PUCSL) has announced that rising fuel costs will create a Rs. 38 billion shortfall in electricity generation expenses for the second and third quarters of 2026. To cushion households, the government will provide a Rs. 15 billion subsidy funded by taxpayers starting May 10, ensuring that 95% of domestic and […]
IFC and WindForce PLC Partner on Sri Lanka’s First Large‑Scale Solar Project to Lower Power Costs, Strengthen Energy Security
The International Finance Corporation (IFC), a member of the World Bank Group, announced a partnership with WindForce PLC to develop Sri Lanka’s first utility‑scale 100‑megawatt (MW) solar power facility, a landmark project that will accelerate the country’s energy transition, strengthen energy security, lower electricity costs and create thousands of jobs. The project will generate around […]
CBSL Orders Forensic Audit into NDB Fraud Case
The Central Bank of Sri Lanka (CBSL) announced that it is closely monitoring developments at National Development Bank PLC (NDB) following the disclosure of an internal fraud. CBSL confirmed that NDB, in consultation with the regulator, is finalizing arrangements to engage a leading international firm to conduct a comprehensive forensic audit. The audit will not […]
Energy Minister and Secretary Resign Amid Coal Supply Investigation
In a significant development for the energy sector, Minister of Energy, Engineer Kumara Jayakody, has tendered his resignation from his ministerial post. Simultaneously, Professor K.T.M. Udayanga Hemapala, Secretary to the Ministry of Energy, has also stepped down. Minister Jayakody stated that his decision was driven by the need to ensure independence and impartiality in upcoming […]
HIP Receives First LPG Vessel of 2026, Discharges 7,000 MT Consigned to Laugfs Gas
Hambantota International Port (HIP) welcomed its first liquefied petroleum gas (LPG) shipment of 2026 with the arrival of the vessel ANDOVER on April 4. The tanker, arriving from Argentina, discharged approximately 7,000 metric tonnes of LPG consigned to Laugfs Gas. The consignment is sufficient to supply an estimated 570,000 domestic households, reinforcing HIP’s role in […]
PUCSL Excludes Coal Quality Costs from Tariff Revisions
The Public Utilities Commission of Sri Lanka (PUCSL) has announced that additional costs arising from coal quality will not be factored into future electricity tariff revisions. In its latest decision, the Commission emphasized that only reasonable costs directly related to the generation, transmission, and distribution of electricity will be considered when revising tariffs. PUCSL clarified […]
NDB continues to operate with capital & liquidity levels well above minimum regulatory requirements: CBSL
The Central Bank of Sri Lanka (CBSL) says it has been closely monitoring developments at National Development Bank PLC (NDB) following the recent disclosure of an internal fraud. According to CBSL, assessments carried out so far show that NDB continues to operate with capital and liquidity levels well above the minimum regulatory requirements. The incident […]
Russian delegation in Sri Lanka for energy talks; signals fuel supply, fertilizer support, refinery interest
The Ministry of Energy said it is taking all necessary measures to ensure uninterrupted and reliable energy supplies amid disruptions linked to the ongoing conflict in the Middle East. As part of efforts to secure petroleum and coal, a high-level delegation from Russia—a major global energy supplier and longstanding ally—arrived in Sri Lanka on Thursday. […]
Rs. 952 Million Recovered from Decades-Old Court Productions in Landmark Cleanup
For decades, Magistrates’ Courts and High Courts across Sri Lanka were overwhelmed with vast quantities of case productions, items seized by the police and other government authorities in connection with legal proceedings. Once taken into custody, these items were invariably handed over to the courts, which were then responsible for their safekeeping. The range of […]
IMF Staff Concludes Sri Lanka Visit; Policy Talks for Next EFF Review Set to Resume ASAP
An International Monetary Fund (IMF) team, led by Evan Papageorgiou, concluded a visit to Colombo conducted from January 22 to 28 to assess the economic impact of Cyclone Ditwah. During the mission, the team engaged with authorities and stakeholders to understand the social and economic damage caused by the storm, specifically regarding infrastructure and livelihoods. […]