Thriving informal market
Despite the import ban, the Pettah market is flooded with cheap imports arriving through informal channels denying much needed tax revenue to the Government. Pic by Priyanka Samaraweera
Power outages impact seamless mobile telephony
Have you experienced any drop in call quality or an alert message saying you have received a call from a particular number? Sri Lanka’s economic crisis has hit wireless telephone connectivity severely with consistent and constant call drops threatening businesses and day-to-day lives. One of the main reasons that call drops occur is when there [...]
Power stakeholders to use their rights to deter price hike
Sri Lankans are to face a shock again caused by the Energy Ministry’s move in collaboration with the Ceylon Electricity Board (CEB) to raise electricity tariff by 65 per cent this month within four months of the previous 75 per cent price increase in August 2022. The CEB estimates a cost of Rs. 56.90 per [...]
Tourism Authority draws plans for revival
Sri Lanka Tourism has drawn up plans to revive the tourism industry this year revisiting old projects like Kalpitiya and making the country favourable to investors and providing breathing space for the industry’s survival. Tourism authorities are currently studying incentives that need to be provided to the tourism industry in a bid to ensure that [...]
Tourism withdraws COVID rules, awaits health guidelines
Amidst an uproar against controversial new COVID rules issued for tourists, Sri Lanka Tourism withdrew its last statement and is now awaiting guidelines from relevant health authorities. Sri Lanka Tourism Development Authority (SLTDA) Chairman Priyantha Fernando told the Business Times that the last guideline issued was meant to ensure that no country was singled out. [...]
Govt. to regulate casinos amidst dwindling cash flows
In the wake of weak revenue collection and the increase in forex irregularities, the government will introduce new legislation under the Casino Business (Regulation) Act of 2010 while amending the Betting and Gaming Levy Act of 1988 to properly regulate Sri Lanka’s casino business. This will enable the Inland Revenue Department (IRD) to enforce newly [...]
Lest we forget …
My attention was drawn to a casual, and often repeated, notice from the Central Bank last week on the future of alleged rogue bond trader Perpetual Treasuries Ltd. It said that the Monetary Board of the Central Bank of Sri Lanka has decided to extend the suspension of Perpetual Treasuries Ltd “from carrying on the [...]
Taxpayers inside, beneficiaries outside!
There are two certainties in your life,” said N.R. Gajendran, a Tax Consultant and a Senior Partner at Gajma & Company, at the seminar on “Current Tax Reforms in Sri Lanka: Would we be able to pay?”. Mr. Gajendran continued elaborating the two certainties in life, a famous quotation used often: “The first, you pay [...]
ILO-CCC promote entrepreneurship among youth
Aiming to foster entrepreneurial mindsets among school children in Sri Lanka, the International Labour Organisation (ILO) in collaboration with the Ceylon Chamber of Commerce launched the inaugural school Entrepreneurship Day (E-Day) recently. Designed to coincide with Global Entrepreneurship Week annually, the inaugural E-day conducted at Yashodhara Devi Balika Vidyalaya in the Gampaha district, was an [...]
Exporters, importers cry foul over new gazette
Causing much distress to exporters and importers the government has gone ahead with the imposition of new additional charges on freight costs and providing sweeping powers to the Minister to impose these charges at a time when industries are facing a major crisis, exporters and importers said. This will reduce the competitiveness of Sri Lankan [...]
Sri Lanka to clear debt restructuring hurdle with Indian help
Sri Lanka is now facing another gigantic task of persuading a large number of multilateral and commercial lenders for debt restructuring assurances despite the consent of India and likely consent of China and Japan for the country to proceed with the debt restructuring process. It’s ongoing debt rescheduling negotiations with China and India “are successful, [...]
Assumes office
Ronald C. Perera, PC, speaks at an event on Friday at the Bank of Ceylon headquarters in Fort after assuming office as the chairman of the bank. Pic by M.A. Pushpa Kumara
Retailers’ Association raises growing concerns about the state of this sector
Members of the Sri Lanka Retailers’ Association (SLRA) are continuing to raise growing concerns about the plight of the local economy and the impacts of the current economic conditions on the retail industry. They addressed their concerns and questions to a panel of experts at the recently concluded SLRA Members’ Forum. The SLRA Members’ Forum [...]