The Supreme Court (SC) recently addressed a petition alleging that the State incurred a loss of Rs. 85 billion due to the previous government’s decision to grant a casino operating license for the Lotus Tower, Colombo, under President Ranil Wickremesinghe’s administration. During the hearing, President’s Counsel Navin Marapana, representing the petitioner Ven. Malgalle Sujatha Thero,
In a landmark decision, Sri Lanka’s Cabinet has approved the National Trade Facilitation Roadmap bill, marking a significant advancement in the country’s efforts to modernize its cross-border trade processes and align with global trade facilitation standards. This roadmap will serve as the official strategy for implementing comprehensive trade reforms aimed at streamlining trade procedures and
The Government has announced plans to ease the current regulations on the repatriation of export earnings in response to feedback from exporters and government agencies. The existing rules, outlined under ‘Rules for Repatriation of Export Earnings No. 01 of 2022,’ will be amended to provide greater flexibility for managing export earnings. The proposed changes, set
Sri Lanka has announced the extension of its free visa on arrival program, initially offered as a pilot project to seven countries: India, China, Russia, Malaysia, Japan, Indonesia, and Thailand. This program, initially set to expire at the end of March 2024, has been extended until April 30th. Tourism Minister Harin Fernando confirmed the extension
The Sri Lankan tourism industry is embroiled in a heated debate regarding the recently implemented Minimum Room Rates (MRR). While the Sri Lanka Tourism Development Authority (SLDA) views MRR as a positive step, tourism associations are strongly opposed, claiming it stifles growth and hinders the industry’s recovery. Proponents of MRR, including a group of city
The Central Bank of Sri Lanka (CBSL) took a significant step to boost the economy on March 25th, 2024, by reducing key interest rates. The Monetary Policy Board lowered the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) by 50 basis points each, bringing them down to 8.50% and 9.50%, respectively.
In a move to strengthen tax compliance and administration, the Sri Lankan government has announced a new regulation mandating information sharing with the Commissioner General of Inland Revenue (CGIR). This initiative, outlined in Gazette number 2376/25 issued by President Ranil Wickremesinghe, will come into effect on April 1st, 2024. The new regulation casts a wider
The Sri Lankan Cabinet of Ministers has approved a revised policy framework governing Customs Bonded Warehouses (CBWs). This move aims to modernize the sector and enhance its competitiveness within the evolving global supply chain landscape. The new framework, empowering the “Revised and Updated Policy Framework for Appointing Common Bonded Warehouses,” addresses the critical role of