President Ranil Wickremesinghe has announced that a new bill will be introduced to address business bankruptcies, as it is not feasible to indefinitely maintain the temporarily suspended Parate law. The bill will include provisions for restructuring loans for Micro, Small, and Medium Enterprises (MSMEs) and establish a new institution, “Enterprise Sri Lanka,” to support these
Consumer expenditure in Sri Lanka has shown a robust recovery, reaching USD 42.65 billion in 2024. This notable increase over the past 18 months highlights a significant rebound from the economic downturn, according to Ramakrishnan Gopalan, Vice President & Head of Products for India & South Asia at Visa. Gopalan noted that the country is
Sri Lanka aims to increase direct tax collection to 40 percent by 2025 from the current 30 percent, through expanded tax nets and legal actions against tax evaders, according to State Finance Minister Ranjith Siyambalapitiya. Direct taxes, levied on individuals with higher incomes and significant asset ownership, are set to play a crucial role as
President Ranil Wickremesinghe announced a Rs 13 billion financial aid package for micro, small, and medium-scale enterprises (MSMEs) in Sri Lanka. This initiative includes both investment and working capital facilities to support MSMEs ahead of local elections. The scheme offers loans at a concessional interest rate of 7% for a period of 10 years, with
The Sri Lanka Tea Board announced that exports of Ceylon Tea have successfully offset $60 million of the country’s fuel bill owed to Iran. Since 2011, Sri Lanka had accumulated arrears of $251 million for fuel imports from Iran. Chairman Niraj De Mel noted that this settlement was achieved as tea exports to Iran tripled