Category: Economy and Markets
Tax Administration and Tax Policy Revisions
Excise Department Introduction of an online license-issuing system. And increase in the Excise License fees. Introduction of Sri Lanka Standards (SLS) for toddy and all types of locally manufactured liquor. Encourage investments in new types of liquor products targeting foreign markets. Make selected locally produced liquor to be available in duty-free shops. Strengthen the tax […]
Sri Lanka Allocates Rs. 3000 Bn for Sovereign Bond Settlement in 2024 Budget
Sri Lanka has earmarked a substantial Rs. 3000 billion for the execution of foreign debt restructuring and the settlement of international sovereign bonds within the foreign debt restructuring program. President Ranil Wickremesinghe, presenting the 2024 Budget in Parliament, emphasized the reduction of Sri Lanka’s net debt to its present value through the restructuring of International […]
Reliefs for Government Servants Extended in Budget 2024
The cost-of-living allowance for public servants will be increased to LKR 17,800 from LKR 7,800 with effect from 01 January 2024 and the payment will commence from 1 April 2024. The arrears owed from January to March will be paid in installments from October 2024 spread across 6 months. Cost of living allowance for Government […]
Sri Lanka Budget Speech 2024 – Highlights
President and Finance Minister Ranil Wickremesinghe is delivering the Second Reading of the Appropriation Bill for the financial year 2024 in Parliament. Sri Lanka Budget 2024: LIVE VIDEO To enhance government employee pay, the state’s revenue must be increased, emphasizes President Inefficiencies in the public sector must be eliminated. President Ranil Wickremesinghe highlights need to […]
”; Outlook Negative
Fitch Ratings has downgraded Sri-Lanka based Hela Apparel Holdings PLC’s National Long-Term Rating to ‘BB+(lka)’, from ‘AA- (lka)’. The Outlook is Negative. The downgrade follows the sharp deterioration in Hela’s financial profile following the apparel manufacturer’s significant adjustment of financial accounts from the interim accounts during its annual audit for the financial year ended March […]
John Keells Holdings PLC interim financial results for 2Q 2023/24
Summarised below are the key operational and financial highlights of our performance during the quarter under review: • During the quarter under review, the Group’s businesses, except for Transportation and Property, recorded growth in profitability. • Group EBITDA at Rs.8.06 billion in the second quarter of 2023/24 is a decrease of 13% against Group EBITDA […]
Ceylon Chamber leads private sector engagement at India – SriLanka biz summit
The Ceylon Chamber of Commerce called for a new economic model focused on export-led investment and tourism, and facilitating the private sector as the engine of growth to build a sustainable business environment, at the recent India-Sri Lanka Business Summit in Colombo. The event brought together key figures, including Dinesh Gunawardena, Prime Minister of the […]
Sri Lanka to host upcoming Asia Pacific Retailers Conference and Exhibition 2024
The Sri Lanka Retailers Association (SLRA), which serves as the foremost organization for organized retail in Sri Lanka, recently played host to the eagerly awaited Federation of Asia- Pacific Retailers Association (FAPRA) Head of Delegations Meeting. This significant event took place at the prestigious Cinnamon Grand Colombo. A pivotal point of discussion during the FAPRA […]
Government urged to crack down on tax evaders instead of taxpayers: Harsha
In a press conference held yesterday, MP Harsha de Silva, Chairman of the Committee on Public Finance, shed light on the government’s tax collection efforts, revealing significant shortfalls in expected revenue. His comments have ignited a debate on the fairness of the current tax collection system and whether the government should prioritize collecting taxes from […]
Focus on Including Private Sector Proposals for Building the Economy in the Budget
President Ranil Wickremesinghe has announced his intention to prioritize the inclusion of proposals from the private sector in this year’s budget and to separately examine related areas. He made these statements while attending a 2024 pre-budget -discussion held at the Presidential Secretariat yesterday (01) with the leaders of private sector institutions. During the meeting, the […]
Ceylon Chamber Advocates for a Balanced Fiscal Approach Over Proposed VAT rate hike
The Ceylon Chamber of Commerce raises concerns regarding the proposed increase of the Value Added Tax (VAT) to 18%. While recognising the government’s commitment to revenue enhancement in alignment with International Monetary Fund obligations, it’s imperative to evaluate the broader economic ramifications of such a decision. The current economic landscape, characterized by escalating income taxes, […]