Budget tomorrow
Many years ago, budgets offered a ray of hope to consumers anticipating a reduction in prices. Not anymore! Here a consumer looks at posters of prices, ahead of tomorrow’s 2024 budget presentation. Pic by M.A. Pushpa Kumara
SriLankan Airlines reports operating profit but loss in latest accounts
While SriLankan Airlines’ revenue for the year ending March 31, 2023 saw group revenue soar to Rs. 369,470 million against Rs. 134,301 million in the earlier year, the year ended with a reduced loss of Rs. 71,306 million compared to Rs.163,583 million in 2021/2222, according to the latest annual performance of the national carrier posted [...]
Sri Lankan fish exports in troubled waters
High duty imposed on fuel purchases for fishing vessels has today become the cause of the collapse of a local and foreign fishing export industry causing an alarming situation that will adversely impact on revenues. According to officials at the Ceylon Fisheries Corporation the government is attempting to reduce the costs and other service charges [...]
IRD probe into recent sugar import scam
A comprehensive investigation is now underway on the alleged importation of an unusually large amount of sugar days before the special commodity levy hike to Rs. 50 from 25 cents per kg came in effect on November 2, Finance Ministry sources said. The Inland Revenue Department (IRD) has initiated an audit inspection to find out [...]
PDPA can advance Sri Lanka’s digital economy
The Personal Data Protection Act has the potential to facilitate growth and innovation by advancing digital trade if the Data Protection Authority (DPA) and the Sri Lankan government successfully adopt suitable mechanisms to regulate cross-border data flows. This was discussed at length at the recent panel discussion of the release of the Publication: ‘Personal Data [...]
Maximum penalty for gold and valuable item smuggling
Sri Lanka Customs has to forego millions of rupees in revenue due to the discretion given to their officers to determine the fine for smuggling restricted goods into the country, the Parliamentary Committee on Ways and Means revealed. The Customs Department has lost a sum of Rs.1.4 billion by not levying the maximum penalty for [...]
Government bypasses NLAC to bring in new labour laws
The government has bypassed the national labour tripartite body to draft the new labour bill. Trade unions in Sri Lanka that are party to the National Labour Advisory Council (NLAC) have raised concerns that the formal tripartite body is being overlooked in the drafting of the new labour law reforms. Drawing reference to a media [...]
EPF to come under independent body next year
Sri Lanka’s largest superannuation fund, the Employees’ Provident Fund (EPF) will be brought under a new independent body separating it from the Central Bank’s management, Finance Ministry sources affirmed. New management arrangements for the EPF that terminates direct CB management will be made following a broad consultative process, a senior official of the Treasury told [...]
SOEs under the radar
Pedris Appo – short for Appuhamy, a retired agriculture expert who does farming – was an amused man this Thursday morning. I asked him why he was so cheerful. “State Minister of Finance Shehan Semasinghe is reported to have said at a meeting that the Government has taken a decision not to open any more [...]
Epic Lanka gearing to further penetrate international markets
Epic Lanka, a wholly Sri Lankan-owned fintech and digital transformation solutions provider with a quarter-century of experience in the IT industry, is planning to further penetrate international markets through joint ventures, synergising, and collaborating with international giants. The company which recently marked its 25th anniversary is already in Malaysia, Japan, Singapore, Dubai, West Africa and [...]
DFC to fund CWIT, Adani’s JV in Sri Lanka, for $553 m
U.S. International Development Finance Corporation (DFC) has announced that it will be funding Colombo West International Terminal Pvt. Ltd. (CWIT) – a consortium of India’s largest port operator Adani Ports and SEZ Ltd., Sri Lanka’s leading enterprise John Keells Holdings (JKH) and the Sri Lanka Ports Authority – to the tune of US$553 million. DFC, [...]
SLT-MOBITEL demonstrates latest 5G Hybrid Technology
Reaffirming its commitment to demonstrating the latest technologies, SLT-MOBITEL reached yet another milestone by unveiling the cutting-edge hybrid model (SA+NSA) technology of 5G for the first time in Sri Lanka at the recently concluded Techno Exhibition 2023. This pioneering technological advancement has opened up new horizons for the widespread application requirements of 5G, offering customers [...]
SL’s first long-distance trail empowers 60 small units
In a groundbreaking event, 60 micro, small, and medium enterprises (MSMEs) from the Central and Uva provinces converged at the Darrawella Club, unveiling their innovative strategies poised to capitalise on the economic growth opportunities emerging from The Pekoe Trail. These enterprising individuals, partaking in The Pekoe Trail Business Incubator, passionately shared their transformational business plans [...]
Local plantation highlighted for sustainability in UN report
Talawakelle Tea Estates (TTE PLC), a Hayleys Plantations company, has earned prestigious recognition as the sole representative from Sri Lanka to be featured in the United Nations Global Compact-Accenture Global Private Sector SDG Stocktake Report 2023. The report, unveiled during the 78th UN General Assembly, acknowledges exemplary contributions to sustainable growth made by the private [...]
Corruption in governance structures drags SL businesses
Inefficiencies and corruption in governance structures which were not a problem 20 years ago, have become a considerable drag on Sri Lanka’s businesses, the International Labour Organisation (ILO) flagship report, “Impact of Multiple Crises on Sri Lanka’s Micro, Small, and Medium Enterprises” said. Addressing the issue of the country’s institutional failures, Dr. Ramani Gunatilaka, Co-Author [...]
IRD tax expenditure management to be streamlined
Sri Lanka’s Inland Revenue Department (IRD)’s tax expenditure management will be streamlined to enhance government revenue, Finance Ministry sources said. Tax expenditure (exemptions, tax holidays, concessions) management is disjointed due to non-coordination between relevant department’s paving the way for corruption due to lack of oversight, a high official of the ministry disclosed. The ministry has [...]
Lack of transparency on progress of budget proposals jumps from 45% in 2021 to 70% in 2023
While Sri Lanka is about to witness the much awaited 2024 budget proposals tomorrow (November 13) by President Ranil Wickremesinghe in the capacity of a Finance Minister, the International Monetary Fund (IMF) has highlighted the need for improving the fiscal transparency that comes with a sustainable economic recovery. Between 2017 and 2021, 45 per cent [...]
Govt. to promulgate state-owned enterprises (SOEs) Act soon
The Government is to promulgate a state-owned enterprises (SOEs) Act in the coming months to accord legislative authority and operational effect to the SOE reform policy, a Finance Ministry’s fiscal policy report outlined. The principles elaborated in the reform policy advocated by the International Monetary Fund broadly align with good practice and, if realised, should [...]
UK delegation visits Unilever’s Operations at Horana Factory
A delegation led by Lord Davies of Abersoch, UK Prime Minister’s Trade Envoy to Sri Lanka and Andrew Patrick, British High Commissioner to Sri Lanka, visited Unilever Sri Lanka’s factory in the Horana BOI Zone recently to experience the facility’s advanced capabilities in manufacturing, social and environmental governance. The delegation was given a tour of [...]
COPF Chairman emphasises need for fairness in taxes
The government has been advised to prioritise collecting taxes from tax evaders rather than increasing the burden on law-abiding citizens. MP Harsha de Silva, Chairman of the Committee on Public Finance (COPF) shed light on the government’s tax collection efforts, revealing significant shortfalls in expected revenue. He emphasised the importance of revenue rationalisation while ensuring [...]
USDFC’s $30 m loan to CDB
During U.S. International Development Finance Corporation (USDFC) CEO Scott Nathan’s trip to Colombo (November 7-8), he announced US$30 million in DFC financing to Citizens Development Business Finance PLC (CDB) to support women entrepreneurs, sustainable financing, and micro-, small and medium enterprises (MSMEs). For the first time, CDB has received a funding facility of this significant [...]
Company beneficial ownership disclosure becomes compulsory next year
Sri Lankan companies’ beneficial ownership disclosure has been made compulsory to ensure greater transparency of its profiles as well as financial affairs, Fiscal Policy Department (Ministry of Finance) sources affirmed. At present there was no mechanism to find out beneficial ownership including details of shareholders with more than 25 per cent stake of a company [...]