The Cabinet has officially approved the IT Strategic Plan for the Inland Revenue Department, as announced by Cabinet Spokesman and Minister Dr. Bandula Gunawardhana during a press conference held at the Government Information Department on September 10, 2024. Dr. Gunawardhana detailed that the IT Strategic Plan, designed to digitize the Inland Revenue Department, was a
The Finance Ministry has announced a reduction in the cess levy on imported cement by Rs. 1 per kilogram, effective from 6 September 2024. This adjustment was made under the authority of Ranil Wickremesinghe, Minister of Investment Promotion, and with the agreement of the Minister of Finance, Economic Stabilisation, and National Policies. This decision revises
Sri Lanka is set to amend its Value Added Tax (VAT) Act to phase out temporary VAT registrations by the end of 2024, targeting importers and distinguishing between personal and commercial imports to prevent tax revenue loss, according to a recent Parliamentary report. The Third Report by the Committee on Ways and Means revealed that
Samagi Jana Balawegaya (SJB) MP Eran Wickramaratne has raised significant concerns in Parliament about the obstruction faced by Puttalam Ilmenite Ltd. (PIL) in accessing land owned by the Sri Lanka Cement Corporation (SLCC). PIL has invested over $20 million over the past decade and is now facing hurdles that threaten a $100 million investment—the largest
State Minister of Finance Shehan Semasinghe announced yesterday that the Government plans to permit the importation of vehicles for private use starting in the first quarter of 2025. Additionally, permission for commercial vehicle imports will be granted by August this year. The initial phase will focus on allowing imports for business and transportation purposes. “Regarding
The Government of Japan has officially decided to resume disbursement for Yen Loan Projects in Sri Lanka, which were suspended following the country’s default in 2022. This decision was announced at a joint press conference by the Sri Lankan Finance Ministry, the Embassy of Japan, and the Japan International Cooperation Agency (JICA) Sri Lanka Office.
Sri Lanka’s state-run Ceylon Petroleum Corporation (CPC) spent 648.7 million US dollars on oil imports in the first four months of 2024, down from 828.4 million dollars due to the entry of other market players, according to a Finance Ministry report. CPC’s turnover fell to 389.1 billion rupees by April 2024, down 16.6 percent from
Sri Lanka is set to enforce new trade regulations that will make exporting metal scrap illegal without a proper licensing system, according to a statement from the Finance Ministry. The upcoming measures will prohibit the export of metal, iron, related equipment, and scrap without a license. Future metal exports will require recommendations from the Ministry