The Impact of SVAT Abolition on Sri Lanka’s Tea Industry
Introduction Sri Lanka’s tea industry, a cornerstone of its economy, is facing a potential crisis with the proposed abolition of the Suspended VAT (SVAT) system. This move, set to take effect from April 2025, has significant implications for tea exports and the livelihood of nearly 480,000 smallholder farmers who depend on this sector. In this […]
The Resurgence of Tradition: Colombo Tea Auction Returns to Ceylon Chamber
After a four-year hiatus due to the global pandemic, the Colombo Tea Auction has made a significant return to its traditional venue at the Ceylon Chamber of Commerce. This event marks a pivotal moment in the history of Sri Lanka’s tea industry, blending centuries-old traditions with the advances of modern technology. A Historical Perspective The […]
Sri Lanka Economy on the Path to Stabilization
As 2025 unfolds, Sri Lanka economy is showing promising signs of stabilization and growth, setting a hopeful tone for the remainder of the year. Here’s a look at the key economic trends and government strategies shaping the nation’s future. Fiscal Management and Economic Recovery The Sri Lankan government has been successful in managing its fiscal […]
Sri Lanka’s Strategic Export Plan: Aiming for $36 Billion by 2030 with Revived EDCM
In a significant development aimed at transforming Sri Lanka’s economic framework, President Anura Kumara Dissanayake has reactivated the Export Development Council of Ministers (EDCM), marking a proactive strategy to achieve a $36 billion export target by 2030(Export Plan). This bold initiative underlines a national shift toward an export-driven economy, reinvigorating the Council’s role after a […]
Sri Lanka’s Export Earnings Reach New Heights in 2024
In a remarkable display of economic resilience and strategic execution, Sri Lanka’s export sector achieved an all-time high in 2024, with cumulative export earnings soaring to $16.17 billion. This historic milestone represents a 7.06% increase from the previous year, signaling a robust recovery and promising future for the nation’s economy. A Year of Unprecedented Growth […]
SME Alliance Calls for Urgent Government Action to Support Sector’s Survival
In a critical plea for support, the SME Alliance has voiced strong concerns over the lack of effective aid provided to Small and Medium-sized Enterprises (SMEs) amidst ongoing economic turmoil. Highlighting a series of unsuccessful governmental and financial policies, the alliance is urging immediate action to restore the sector’s viability and safeguard over 4.5 million […]
Sri Lanka’s Tourism Sector Witnesses Impressive Growth in 2024, Driven by Emerging Markets
Introduction In 2024, Sri Lanka’s tourism sector marked a significant milestone, attracting over 2.05 million visitors and showcasing a robust expansion driven predominantly by non-traditional markets. This article delves into the dynamics of this growth, emphasizing the diversification of tourist sources and the promising future of the sector as it gears up for the launch […]
Sri Lanka Economic Association hosts expert panel to chart path from debt default to transformative growth
On January 16, 2025, the Sri Lanka Economic Association (SLEA), in collaboration with the globally recognized think tank ODI Global, spearheaded a pivotal discussion at the University of Colombo. The focus was the launch of a critical publication titled “Sri Lanka: From Debt Default to Transformative Growth.” This gathering of minds aimed to dissect and […]
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 […]