COPA Pushes for proper implementation of the Revenue Administration Management Information System (RAMIS) at IRD
Several new proposals were proposed by the Committee on Public Accounts (COPA) to make the work of the Inland Revenue Department more efficient including proper implementation of the Revenue Administration…
Inland Revenue (Amendment) Act comes into force from today
Speaker Mahinda Yapa Abeywardena today (19) endorsed the certificate on the Inland Revenue (Amendment) Bill which was passed by a majority of votes after debate in Parliament. Following the debate…
Sri Lanka lost a large chunk of its tax base due to changes made in tax system in 2020
Sri Lanka has lost a large chunk of its tax base due to significant changes in its tax system made in 2020 including the increase in VAT registration threshold on…
Sri Lanka Secures Initial IMF Approval for $2.9 B Bailout Package
An International Monetary Fund (IMF) mission led by Peter Breuer and Masahiro Nozaki visited Colombo from August 24 to September 1, 2022, to continue discussions on IMF support for Sri…
Ceylon Chamber calls on the government to focus on the Implementation of Progressive Proposals in the Interim budget of 2022
The Ceylon Chamber of Commerce views the interim budget for 2022 delivered by President RanilWickremesinghe in his capacity as Minister of Finance, as a positive step towards rebuilding themacroeconomic framework…
UN Secretary-General Calls Governments to tax ‘Immoral’ Profits of Oil and Gas Companies
As the war in Ukraine continues to rage, skyrocketing energy prices are compounding an existential cost-of-living crisis for hundreds of millions of people, warned the UN Secretary-General’s Global Crisis Response Group (GCRG)…
Liquor demand down by 30% in Crisis-hit Sri Lanka
Sri Lanka Excise Department revealed that t the demand for the liquor has decreased by about 30% due to the recent increase in the price of liquor and the decrease…
Dhammika Perera Tipped to Become the Minister of Technology and Investment Promotion
Top Businessman Dhammika Perera is set to enter the Parliament replacing Basil Rajapakse and is tipped to swear in as the Minister of Technology and Investment Promotion. President Gotabaya Rajapaksa…
Crisis-hit Sri Lanka hikes tax rates to maximise govt revenues
(Reuters): Sri Lanka’s government on Tuesday announced a taxation overhaul to maximise revenue amid the country’s crippling economic crisis, hiking value added taxes and corporate income tax, and slashing the…
A Sri Lankan Household Spends Nearly a Quarter of Average Monthly Expenditure on One Full Tank of Petrol
Following the latest fuel price increase, a full tank (45 Liters) of Petrol (Octane 92) now accounts for almost 1/4th of average monthly household expenditure in Sri Lanka as measured…