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Sri Lanka’s Trade Gap with China Hits Record High, Exceeding US$4 Billion Imports from Sri Lanka in 2024 barely higher than the worth of durian fruit it imported from Malaysia
China’s trade surplus with Sri Lanka surged to an all-time high of over US$4 billion (Rs. 1.195 trillion) in 2024, nearly doubling from the previous year and highlighting the growing imbalance in bilateral commerce. According to official data, Sri Lanka exported just US$251.91 million worth of goods to China in 2024 — a 2% decline…
How to Claim Withheld Tax on Fixed Deposits Applicable for Individuals Earning Less Than Rs. 1.8 Million Annually
From April 1, 2025, the withholding tax on interest from fixed deposits in Sri Lanka has been increased from 5% to 10%. However, the Inland Revenue Department (IRD) states that individuals whose total annual income is less than Rs. 1.8 million are eligible to claim a refund of the tax deducted on interest. To do…
US Tariff Hike May Deepen Sri Lanka’s Economic Struggles Fitch Warns
Sri Lanka’s fragile economy could face further strain following the United States’ recent tariff hikes, warns Fitch Ratings. The global credit rating agency stated that countries with low external buffers and high debt burdens, like Sri Lanka, are particularly vulnerable to the ripple effects of the escalating US trade war. Currently rated CCC+, Sri Lanka…
Sri Lanka to Reduce Prices of Liquid Milk and Yoghurt After theFollowing VAT Exemption VAT Exemption
The prices of liquid milk and yoghurt made from locally sourced fresh milk are expected to decrease following the Sri Lankan government’s recent decision to exempt these products from Value Added Tax (VAT). This tax relief follows the enactment of the Value Added Tax (Amendment) Act No. 04 of 2025, which received certification on 11…
Election Monitoring Groups Face Funding Shortages Fewer Election Observers This Time
The upcoming Local Government Elections, scheduled for May 6 are seeing a notable decline in public interest. Now, election monitoring efforts are also expected to be scaled back due to financial constraints faced by independent observer organisations. The recent decision by USAID to suspend funding for non-governmental projects has had a significant impact, leading to…
Aswesuma Welfare Program to Expand to 400,000 New Beneficiaries President Anura Kumara Dissanayake
President Anura Kumara Dissanayake announced a major expansion of the Aswesuma welfare scheme, pledging to include an additional 400,000 individuals under the program. The move is part of the government’s broader effort to strengthen the country’s social safety nets and extend support to low-income and vulnerable groups. The announcement follows a Cabinet decision on March…