Discussing government policies, regulations, and legislative changes affecting businesses and the economy, including tax laws, trade agreements, and monetary policy decisions.
The International Monetary Fund (IMF) has reported positive signs of economic recovery in Sri Lanka. After a period of contraction, the country’s growth turned positive in the latter half of 2023, reaching 1.6% and 4.5% in the third and fourth quarters, respectively. This improvement is attributed to a pick-up in key sectors like manufacturing, construction,
Sri Lanka’s Port of Kankesanthurai (KKS) is set for a significant upgrade with a USD 61.5 million grant from the Indian government. This news emerged during a meeting between Sri Lanka’s Minister of Ports, Shipping, and Aviation, Nimal Siripala de Silva, and the Indian High Commissioner to Sri Lanka, Santosh Jha. The project aims to
Unilever Sri Lanka and the Industrial Development Board (IDB) have joined forces to uplift Micro, Small and Medium Scale Enterprises (MSMEs) in Sri Lanka through a three-year memorandum of understanding (MoU). This collaborative effort signifies a significant public-private partnership aimed at empowering local businesses. The initiative focuses on supporting the growth and development of 20
The Minister of Fisheries, Douglas Devananda, recently announced a significant development for the Northern Province. India, China, and Japan have pledged a combined 4.9 billion rupees in financial assistance to support the region’s growth. Highlighting the importance of utilizing these funds effectively, Devananda emphasized the need for proper management to ensure maximum benefit for the
The Central Bank of Sri Lanka (CBSL) has taken a significant step towards promoting financial system stability through the publication of the Macroprudential Policy Framework. Mandated by Section 63(2) of the Central Bank Act, this framework serves a critical educational purpose. It aims to raise awareness among relevant stakeholders about the intricacies of macroprudential policymaking
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
Senior Professor Wasantha Athukorale of Peradeniya University’s Economics and Statistics Department asserted that opposition to the mandatory income tax registration for all citizens above 18 indirectly supports tax evaders. He emphasized the significance of the Inland Revenue Department’s decision to assign a tax file and number to every citizen above 18, clarifying that having a
In a significant achievement, the Inland Revenue Department (IRD) of Sri Lanka has surpassed its highest-ever tax revenue target, reaching Rs. 1,550.6 billion in 2023. This remarkable feat exceeds the set revenue target of Rs. 1,492 billion, representing 104 percent of the designated goal for the year. Spearheading this success, Deputy Commissioner General of the
Sri Lanka finds itself on the familiar road to recovery following a series of economic setbacks triggered by a currency crisis, depreciation, and default. The Central Bank is now at the forefront, navigating the nation through these turbulent waters with a focus on restoring stability and fostering growth. Currently, the Central Bank’s efforts have brought
In a bid to bolster economic recovery efforts, the Central Bank has revealed its comprehensive strategy for 2024 in its recently unveiled ‘Annual Policy Statement 2024’. Governor Dr. Nandalal Weerasinghe outlined a series of ambitious measures aimed at ensuring sustained growth amidst global and local economic uncertainties. One of the central pillars of the plan