Rising fish prices
At the fishermen’s jetty at Elakanda, Wattala, fishermen are selling fish straight from their boats as the fish sellers have stopped coming from nearby markets since the business for the middleman is no more profitable. Pic by M.A. Pushpa Kumara
VAT 18 shutting down Sri Lanka’s coconut industry
In just a few weeks since the newly imposed 18 per cent VAT, the coconut industry in Sri Lanka is right now in dire straits as oil millers have slowed down operations to about a few days a week resulting in over 50,000 workers losing jobs. Even “punnakku” is liable for VAT! For an industry [...]
Excise Dept gears up to collect the highest revenue target of Rs.232 bn
Having the highest annual revenue target in 2024 of Rs.232 billion in history, the Department of Excise has to grapple in collecting a sum of Rs.60 billion more than the last year’s income of Rs.172 billion from the liquor industry hit by tax hikes, Excise Dept. chief M.J. Gunasiri, told the Business Times. The department [...]
Dairy items’ potential price hikes will see low demand
With liquid milk subject to the 18 per cent value-added tax, consumers should expect a potential price increase in related dairy items. Earlier, the VAT was only applicable to powdered milk. In the past month, a litre of liquid milk has gone up in price by Rs. 30 and Rs. 50. “Butter, cheese etc. are [...]
New laws to impose severe punishment against corrupt practitioners
Sri Lanka’s anticorruption framework is in the process of undergoing major changes with a systematic and formal set of rules to impose severe punishments for offenders to combat this menace. The government will be introducing a strong legal system and a scientific approach, executed by trained officers, not only bringing corrupt individuals to justice but [...]
Port Access Elevated Highway project back on track
The South Asia Subregional Economic Cooperation (SASEC) Port Access Elevated Highway (PAEH) project constructing about 5.3 km of an elevated toll highway with related facilities between New Kelani Bridge (NKB) and Galle Face has restarted after some issues pertaining to criminal gangs and other drawbacks, officials said. This project costing Rs.28 billion, will provide a [...]
Foreign missions alerted on labour law reforms
Trade unions in Sri Lanka have taken an initiative to raise concerns with foreign missions in Colombo on the government’s attempt at introducing labour law reforms likely to be detrimental to existing work ethics and lifestyle of the working masses. Letters signed by 10 trade unions were sent to foreign missions in Colombo on Thursday [...]
Taxing knowledge
I just couldn’t believe it! We have heard – over the years – of how the International Monetary Fund (IMF) tells governments what to do as a precondition to seeking IMF facilities. In such instances, the IMF has rejected the notion that it interferes in the workings of the government but sadly the truth lies elsewhere. [...]
Let’s learn some economics!
Let me ask you a question: If the government must allocate 6 per cent of GDP for education, how much is left for all other expenses? After seeing this 6 per cent slogan popping up again and again, I could not resist asking that question. If your answer is 94 per cent, then you need [...]
Government to enact a new Public Financial Management Act this month
A new Public Financial Management Act is to be enacted in Parliament this month to strengthen the fiscal responsibility framework, budget formulation and execution. The relevant bill is being finalised with the aim of improving the responsible fiscal management process when dealing with public finances and to take substantial decisions based on efficient resource utilisation. [...]
SEC mechanism to report social media wrongdoings
The Securities and Exchange Commission (SEC) has taken strong action in response to the increasing impact of social media on financial markets. Last year, the capital market regulator tackled 30 incidents involving social media, prompting the establishment of a mechanism to report suspected wrongdoing through its official webpage, Tushara Jayaratne, SEC’s Deputy Director General told [...]
Tea industry set for increased gains in 2024
The Sri Lankan tea industry is currently stabilising, expecting an increase in production this year, according to Planters Association Spokesman Dr. Roshan Rajadurai. The cumulative tea production for the year 2023 totalled 256.04 million kg which is an increase of 4.20 million kg compared to the same period in 2022 when total production reached 251.84 [...]
RPCs to cultivate state lands to modernise agriculture
President Ranil Wickremesinghe has queried from Regional Plantation Companies (RPCs) on obtaining leases offered on uncultivated state lands as part of the larger plan to modernise agriculture and ensure food security for Sri Lankans. At a meeting held with the RPCs this plan had been mooted to which the companies have readily agreed to engage [...]
Government expedites World Bank-funded Climate Resilience programme
The World Bank funded US$434 million Climate Resilience Multi-Phased Programme is to be expedited as it was carried out at snail’s pace since 2021, the Irrigation Ministry announced. The Government and the World Bank signed a US $92 million financing agreement for the Phase I of the project which is expected to benefit around 11.2 [...]
Cornell University, University of Moratuwa students collaborate with Brandix
Students from Cornell University, New York, USA and the University of Moratuwa, recently visited Brandix and its facilities, establishing a bridge between academia and industry in the pursuit of innovative solutions. This visit was to conclude the first set of collaborative undergraduate research projects involving Brandix, Cornell University and the University of Moratuwa. The partnership [...]
Astrum and NGage ink an exclusive Strategic Alliance
Astrum, India’s first research-based strategic communication advisory that uses science of persuasion to understand and shape public opinion ethically, and NGage, Sri Lanka’s pioneer in Integrated Marketing Communications and Public Relations, inked an exclusive strategic alliance that bridges India and Sri Lanka connectivity with a partnership that benefits clients in both nations. The partnership will [...]
LOLC SAVI ends third phase of reward and recognition programme
LOLC SAVI, the exclusive credit card provider for Government Sector employees, has successfully concluded the Third Phase of its Reward and Recognition programme dedicated to the children of SAVI cardholders who demonstrated exceptional performance in the Grade 05 Scholarship Exam 2023. This initiative, designed to commend and reward the academic accomplishments of young talents, witnessed [...]