On Sri Lanka’s economic reforms
Advocata Institute CEO Dhananath Fernando (left) and Verite Research Lead Economist Raj Prabu Rajakulendran at the Sunday Times Business Club discussion on “Progress of Economic Reforms” held on Tuesday at the club’s host hotel, Movenpick. NDB and Hemas are the sponsors of the club. Story on Page 7. Pic by M.A. Pushpa Kumara
Strategic Project Act to be suspended under tax incentive system change
The government has taken a firm policy decision to suspend the Strategic Development Projects (SDP) Act until the structures and processes are in place, and on the long term replace it with a new law, the Finance Ministry‘s fiscal policy department sources said. These structures and processes will evaluate the effectiveness of the offered incentives [...]
Factories in dire straits, push workers to the edge
Sri Lanka’s factories are facing tough times and so are its workers with the unemployment rate increasing to 5.02 per cent in June this year. FTZ Manufacturers Association Chairman Dhammika Fernando told the Business Times that the factories in the zones and outside are facing dire conditions with the increasing cost of production. Sri Lanka [...]
AI ready to be the future of the world
Once upon a time the cog of science fiction novels and space-age movies, Artificial Intelligence (AI) is now very tangible to us. AI refers to the imitation of human intelligence in machines, allowing them to execute tasks that classically command human intelligence, such as problem-solving, learning, and decision-making. As Sundar Pichai, CEO of Google says, [...]
Fin Min finalises Budget 2024
The Ministry of Finance is finalising Budget 2024 aiming to create a conducive environment for the people facing cost of living hardships without imposing new taxes in formulating for the next fiscal year. The budget is to be presented on November 13. However it will propose necessary measures to widen the tax base within the [...]
AG gets more powers to tackle public sector corruption
In an effort to crack down on public sector corruption, financial fraud and irregularities the Auditor General (AG)’s Department will be given wide powers by amending the National Audit Act No 08 of 2018 soon, Finance Ministry sources said. The new amendment of the National Audit Act will enable the AG to levy surcharges on [...]
SEC explains Corporate Governance rules
Operating in a competitive environment where not everybody plays fair, or fronting illicit requests from shady public officials are just two real examples that companies face every day. However, it’s important for companies to recognise corruption as a significant risk to their bottom lines, top officials in the capital market said. Faizal Saleh, Chairman Securities [...]
Govt. to allow areca nut re-exports with 35 % value addition
The Government is to allow re-export of areca nuts (betel) with 35 per cent value addition in order to prevent fraudulent activities of certain unscrupulous traders who are continuing this re-export racket taking advantage of the free trade agreements with India and Pakistan. Sri Lanka Customs is losing around US$300,000 per metric ton of areca [...]
Plans…plans… plans
Plans, plans, plans……committees, committees, committees….. laws, laws, laws……and new laws over old laws…..Sri Lanka is full of it. But eventually it’s all talk and no show. Take for instance the numerous committees of Parliament including the Committee on Public Enterprises (COPE), the Committee on Public Finance (COPF) and the Committee on Ways and Means. There [...]
Vietnam surpasses Sri Lanka
Vietnam is now richer than Sri Lanka. In terms of per capita GDP, this Southeast Asian country which was poorer than Sri Lanka has now surpassed it. As of 2022, Vietnam’s per capita GDP is US$ 4,164, compared to $3,354 of Sri Lanka. Sri Lanka’s current per capita GDP is no different from what it [...]
Local government public services go digital from next year
Sri Lanka’s local government institutions’ key functions are to undergo digitisation soon enabling the people to make their payment of various taxes including house and property assessment tax and for various licences online from next year, State Minister of Provincial Councils and Local Government Janaka Wakkumbura said. The local government digitalisation programme is aimed at [...]
Essilor Lanka unveils state-of-the-art laboratory and revolutionary lens range
Essilor Lanka, the Sri Lankan arm of Essilor, the world No 1 in lenses, has reaffirmed its commitment to quality and innovation with the unveiling of its upgraded laboratory. This investment in advanced machinery and technology aligns with Essilor Lanka’s commitment to providing superior quality products to its customers. With the upgraded facility now operating [...]
Govt. considers replacement of Special Commodity Levy
The Government is considering replacing the Special Commodity Levy with other more stable, taxes in the medium term in accordance with a suggestion of the International Monetary Fund (IMF), Finance Ministry sources revealed. Revenue losses caused by unrestricted policy changes of the special commodity levy have been taken into account by the ministry in making [...]
LB Finance secures 1st place in K Seeds Investments’ ranking report
K Seeds Investments has identified LB Finance PLC as the best performing finance company under the 1st category among the 28 listed Finance Companies in Sri Lanka through a ranking carried out based on their financial performance for the first quarter of 2023/24, the ranking company said in a media release. The report segregates the [...]
Poor governance led to multiple layers of crises
The one thing that is running in the minds of all Sri Lankans is as to whether the country is actually progressing on the economy and getting out of the crisis. No doubt the sentiments are the same among all citizens when there is no transparency on what the government is dealing with the International [...]
Teejay knits new 5-year partnership with University of Sri Jayewardenepura
Sri Lanka’s first multinational textile manufacturer Teejay Lanka PLC has expanded its collaboration with academia by entering into a partnership with the University of Sri Jayewardenepura (USJ), the country’s second oldest university. A five-year Memorandum of Understanding (MoU) formalised by the two organisations paves the way for creating mutually beneficial opportunities for collaboration in training, [...]
Between homefront policies and global developments: Sri Lanka’s External Sector Outlook
Having weathered a challenging period marked by a deep economic crisis, Sri Lanka is now demonstrating positive signs of an economic upturn. Still, amidst limited homefront policy alternatives against an unfavourable global backdrop, a critical question arises: How will Sri Lanka’s external sector cope in the face of these challenges? Notably, import controls, initially imposed [...]