Business
‘National solution needed to issue of corruption in tax revenue collection’
By Hiran H.Senewiratne
Sri Lanka needs a national solution to the issue of corruption in the collection of tax revenue. This is a white collar crime that affects the whole of society. Accordingly, the local tax collection process should be streamlined to minimize corruption and increase revenue, Commissioner General, Department of Inland Revenue (D.I.R) D.R.M. Hapuarachchi said.
‘The tax system and administration in developed countries, especially in the Northern European region, normally define their revenue targets on a yearly basis, Hapuarachchi added.
‘This enables developed countries to understand where they stand in relation to tax revenue. Without a target you don’t know where the revenue goes. Therefore developing countries always define tax targets and the tax collection authorities know what the position is with regard to tax revenue at the end of the year, Hapuarachchi said recently at a function where the Institute of Chartered Accountants (CA-Sri Lanka) unveiled freshly revamped Chartered Tax Advisor courses. The event was held at CA-Sri Lanka auditorium.
Hapuarachchi said that in some countries tax authorities try to make risk assessments, while in countries like Australia there is a system called the Compliance Model. The Model is a structured way of understanding and improving client compliance. It helps to understand the factors that influence client behavior, such as that of taxpayers, consultants and all other stakeholders and to enables the authorities to apply the most appropriate compliance strategy.
‘Tax policy should be appropriately forward looking and equitable. But where the tax administration is concerned officers with personal experience, honesty and dedication are necessary to create an efficient and effective tax collection system, the DIR head explained.
President, CA Sri Lanka Sanjaya Bandara said that as a pioneer in tax education, the CA’s School of Taxation has been in the forefront of producing resourceful and skilled tax professionals since the launch of the CTA programme in 2011.
‘Employers often seek individuals who specialize in tax knowledge along with the ability to handle complex tax issues. The CTA qualification can significantly enhance one’s career prospects, he said.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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