The members of Tea Exporters Association (TEA) are concerned over the proposed abolition of SVAT from April 2025 as cashless SVAT system (Suspended VAT) provides exporters with a significant level of relief towards the constraints on their cash flow requirements to fund VAT payments on locally sourced inputs. The SVAT was introduced in April 2011 to…
Kyodo News – Toyota Motor Corp. group sold more cars than any other automaker for the fifth consecutive year last year while China’s fast-growing BYD Co. surpassed Honda Motor Co. and Nissan Motor Co. in vehicle sales for the first time, industry data showed Thursday. Toyota group, which includes minivehicle maker Daihatsu Motor Co. and…
By Emeritus Professor Asoka Nugawela (Department of Plantation Management, Wayamba University of Sri Lanka & Former Director, Rubber Research Institute of Sri Lanka) Sri Lanka earned 930 million US$ from the export of both raw rubber and rubber products in 2023. Out of that the major share, around 900 million US$, came from the export…
The growth of private sector credit continued to accelerate, supported by declining market lending interest rates, according to the Central Bank of Sri Lanka’s latest Monetary Policy Review: No. 01 – January 2025. Following the recent monetary policy easing, short-term money market rates declined, while market lending and deposit rates also trended downward. This accommodative…
‘Custom’ is a way of behaving or a belief that has been established for a long time. It can also be the support given to a business by the people who buy products or services from it. ‘Customs’ is the place at a port, airport, or border where travelers’ bags are checked to find out if any items are being carried illegally. The fees paid at Customs are fees paid to the government when particular goods are taken from one country to another (Ref. Cambridge). Good &…
Several decisions by the government to facilitate investors A nation cannot progress without a transformative shift in public attitudes. Economic resources and opportunities must be introduced at the village level. Plans to prepare Sri Lanka for a transformation in Southeast Asia Moving from an individual-targeted aid approach to a community empowerment model Companies unable to…
U.S. Ambassador to Sri Lanka Julie Chung addressed the Sri Lanka Apparel Exporters Association (SLAEA) Annual General Meeting, emphasizing the pivotal role of the country’s apparel sector in global trade and economic growth. Speaking at the Cinnamon Grand Hotel in Colombo, Ambassador Chung underscored the importance of innovation, resilience, and strategic partnerships in ensuring the…
Recent statements surrounding the status of Adani Group’s ~500 MW wind power projects in Sri Lanka have sparked several discussions about the project’s future circulating in the public domain. Various interpretations of the Cabinet’s recent decisions haves necessitated official clarification from government authorities regarding the project’s status and future direction. On January 23rd, following the…
Colombo West International Terminal (CWIT) has reached a major milestone in its development journey, with the successful delivery of all equipment required to complete Phase 1. With the latest arrival of 2 automated RMQCs and 3 automated CRMGs, CWIT is in the final stages of Phase 1 completion. The terminal is now equipped with 18…
Sri Lanka’s largest private retail bank, HNB PLC, is offering an exclusive set of benefits for aspiring and established entrepreneurs in the ICT sector. Whether starting a new venture or expanding an existing business, HNB’s specialized services provide essential support for success. With an unwavering commitment to nurturing Sri Lanka’s ICT landscape, HNB has designed…
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