Economic Development Deputy Minister pledges solutions to PAYE tax concerns, professional exodus
On Thursday, 16 January 2025, the Deputy Minister of Economic Development, Prof. Anil Jayantha Fernando, reinforced the government’s commitment to resolving the growing concerns around the Pay As You Earn (PAYE) tax and the increasing exodus of skilled professionals from the country. During a pivotal meeting with the Professionals’ Trade Union Confederation at the Finance […]
Understanding the Complex Taxation Structure on Vehicle Imports in Sri Lanka
The taxation framework on vehicle imports in Sri Lanka has become a topic of significant concern for both consumers and industry players. The Vehicle Importers Association of Sri Lanka (VIASL) and the Vehicle Importers Association of Lanka (VIAL) have shed light on the multi-faceted nature of taxes imposed on imported vehicles, urging the Government to […]
Sri Lanka’s Tourism Revenue Hits Record High in 2024
In a remarkable display of resilience and growth, Sri Lanka’s tourism sector achieved a significant milestone in 2024, with earnings soaring to $3.2 billion(Tourism Revenue). This 52% increase compared to the previous year marks the fifth highest revenue ever recorded and the highest since 2019. The industry’s strong performance in December, where monthly earnings rose […]
Sri Lanka’s Path to Economic Resilience: CBSL’s Strategy for 2025 and Beyond
In recent announcements, the Governor of the Central Bank of Sri Lanka (CBSL), Dr. Nandalal Weerasinghe, outlined the crucial steps necessary for the nation to strengthen its economy and ensure sustainable growth (Economic Resilience). With a focus on innovation, productivity, and structural reforms, the CBSL’s Policy Agenda for 2025 aims to propel Sri Lanka towards […]
Sajith faults AKD Govt. for failing to reach new deal with IMF
Ineffective Government Actions On January 8, 2025, Opposition Leader Sajith Premadasa expressed significant criticism towards the current government for failing to secure a new agreement with the International Monetary Fund (IMF) and for not delivering on key promises that affect the daily lives of Sri Lankans. During a parliamentary session, Premadasa highlighted the government’s inability […]
Sri Lanka’s Tourism Industry: A Strong Start to 2025
Sri Lanka’s tourism industry has witnessed a promising start in 2025, as evidenced by the notable increase in visitor arrivals. In just the first five days of January, the country welcomed 39,415 tourists, a substantial rise from the 32,453 visitors recorded during the same period in 2024. This boost is largely driven by a significant […]
Motor industry ‘cautiously optimistic’ as SL gears up to lift five-year vehicle import ban
The President of the Sri Lanka Business Council of Japan (SLBCJ), Jagath Ramanayake, recently highlighted uncertainties concerning Japanese banks’ ability to process letters of credit (LCs), which are crucial for facilitating vehicle imports(Motor Industry). During a media briefing, Ramanayake explained that international law ensures once an LC is opened, it cannot be cancelled, which typically […]
President Anura Kumara Dissanayake Introduces New Economic Policy Framework
On January 2, 2025, President Anura Kumara Dissanayake announced a new economic policy framework aimed at addressing Sri Lanka’s ongoing economic challenges. This announcement was made during the launch of the ‘Clean Sri Lanka’ program, which the President highlighted as a key initiative for the year. The ‘Clean Sri Lanka’ Program: A Call for Active […]
President’s Initiative for Tourism Enhancement
President Anura Kumara Dissanayake has taken decisive steps to transform Sri Lanka into a premier tourist destination. Recognizing the potential of the nation’s unique cultural and environmental assets, the President is actively promoting the “Clean Sri Lanka” initiative, aimed at boosting Sri Lanka’s appeal to global tourists. Strategic Meeting at Presidential Secretariat A pivotal meeting […]
Sri Lanka’s Tourism Surge: A Thriving Holiday Season Attracts Over 200,000 Visitors
In December 2024, Sri Lanka has experienced an exceptional boost in tourism, welcoming over 200,000 visitors and showing a significant uptick in domestic travel. This growth signifies a robust recovery for Sri Lanka’s tourism sector, which has rebounded from numerous challenges over the past five years. Strategic Visits and Environmental Initiatives by Deputy Minister Prof. […]