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Significant Revenue Loss Due to Luxury Tax Exemptions and Concessions in Sri Lanka

ByEditor

Year Number of individuals granted CIF value (LKR) Applicable Luxury tax (LKR) Exemption (LKR) 2019 2,034 15,438,165,476 8,386,568,292 8,386,568,292 2020 1,470 10,949,550,670 5,952,819,964 5,952,819,964 2021 3 102,428,935 85,687,264 85,687,264 Total 3,507 26,490,145,081 14,425,075,520 14,425,075,520 2023 138 2,644,918,039 1,090,150,823 436,560,827 Total 138 2,644,918,039 1,090,150,823 436,560,827 Grand Total 3,645 29,135,063,120 15,515,226,343 14,861,636,347   Colombo, Sri Lanka –…

COPA Criticises Unused Funds for Labour Department Digitalisation
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COPA Criticises Unused Funds for Labour Department Digitalisation

ByEditor

The Parliamentary Committee on Government Accounts has emphasized the critical need for the Labour Department to establish a continuously updated data system, stressing its importance for public safety. This urgent recommendation emerged from a meeting chaired by State Minister Lasantha Alagiyawanna, which reviewed the Auditor General’s reports for 2021 and 2022 and evaluated the current…

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Sri Lanka: Major Tax Reforms Set to Boost Revenue, IMF Report Reveals

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Sri Lanka is set to introduce a series of tax changes by next month aimed at increasing government revenue, according to a recent report by the International Monetary Fund (IMF). The report, which follows the IMF’s review of its program with Sri Lanka, outlines several key tax reforms. One of the major changes includes the…

Sri Lanka Core Group Statement at UN Human Rights Council 56: Addressing Impunity and Safeguarding Human Rights
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Sri Lanka Core Group Statement at UN Human Rights Council 56: Addressing Impunity and Safeguarding Human Rights

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At the 56th session of the United Nations Human Rights Council, the Sri Lanka Core Group, represented by the UK’s Human Rights Ambassador Rita French, delivered a statement on June 19, 2024, in Geneva. The statement, issued by the Foreign, Commonwealth & Development Office and Ambassador French, reflects the concerns of the Core Group nations—Canada,…

Sri Lanka’s Supreme Court Accused of “Judicial Cannibalism” Over Gender Equality Bill Ruling

Sri Lanka’s Supreme Court Accused of “Judicial Cannibalism” Over Gender Equality Bill Ruling

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In a controversial turn of events, Sri Lanka’s Supreme Court has been accused of “judicial cannibalism” by President Ranil Wickremesinghe following its ruling that the enactment of the ‘Gender Equality’ Bill is inconsistent with Article 12 of the Constitution. This landmark judgment has sparked intense debate within the Parliament. President Wickremesinghe, addressing Parliament on Tuesday,…

Doing Good Index
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Brief Report on Sri Lanka’s Doing Good Index 2024

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The Doing Good Index (DGI) 2024 evaluates the environment for social investment in Sri Lanka across four sub-indexes: Regulations, Tax and Fiscal Policy, Procurement, and Ecosystem. Here’s a summary of Sri Lanka’s performance compared to the Asia average: 1. Regulations: Number of Clearances Required to Register: Sri Lanka requires only one clearance to register a…

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Adani Green Energy to Invest Over $1 Billion in Sri Lankan Wind Energy Projects Amidst Environmental Concerns

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Adani Green Energy is set to invest more than $1 billion (Rs 83.5 billion) in wind energy projects in Sri Lanka, according to a report by the Press Trust of India. This investment marks the largest foreign direct investment in the country to date and is poised to be one of Sri Lanka’s most significant…

The Impact of the Indian Election on Sri Lanka
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The Impact of the Indian Election on Sri Lanka

ByEditor

India, the world’s largest democracy, has a profound influence on its neighbouring countries, including Sri Lanka. The Indian general election, a massive democratic exercise involving over 900 million eligible voters, determines the political direction of the country for the next five years. In the recent election, Prime Minister Narendra Modi secured a significant victory with…

Saliya Peiris

Saliya Peiris and other lawyers have strongly object to the financial and procedural violations within the BASL

ByEditor

During the recent Bar Council meeting of the Bar Council of Sri Lanka, chief officers faced severe criticism over financial and procedural abuses related to the distribution of funds for a JICA-aided project. The actions of the current President of the Bar Association were particularly scrutinized. President’s Counsel Mr. Saliya Peiris questioned the legitimacy of…

Swift Action of Sri Lankan Police Recovers Stolen Valuables, Tourist Expresses Gratitude

Swift Action of Sri Lankan Police Recovers Stolen Valuables, Tourist Expresses Gratitude

ByEditor

In a swift and effective response, the Sri Lankan police have arrested an individual who allegedly stole a bag containing foreign currency and valuables worth around Rs. 2.5 million from a female foreign tourist on a private bus in Pettah on May 25, Colombo. The suspect was apprehended in Pethiyagoda, Kelaniya, and all stolen items,…