Business
‘Local tax system overlooks ability of public to pay taxes and poses questions of legitimacy’
By Hiran H.Senewiratne
‘The local tax system has become unbearable for the taxpayers of the country. It has completely overlooked their ability to pay taxes to the government. Consequently, the legitimacy of the tax system could be legally challenged by the people, a top tax expert said.
‘The tax structure of any country should take into account the principle of the ability of the public to pay taxes. This has been completely overlooked by the government. Taxes have now become unbearable for taxpayers, Senior Partner Gajma and Company, N. R. Gajendran, told a Rotary Club Colombo South forum held at the Hotel Galadari recently.
Gajendran added: ‘High taxes being unbearable for taxpayers could sometimes pose challenges for the government when it comes to collecting taxable income. The current tax system is neither fair nor reasonable, because it has to be based on the principle of the capacity of the public to pay. An unfair tax system could impact the people very seriously, so much so, some people could go to the extent of skipping meals and looking for alternatives in terms of consumption.
‘The concept behind taxing is not mere revenue generation for the government. The system has to encourage savings and investments as well and has to be a great encouragement for continued business activities in the country.
‘In other countries, people pay income taxes at 40 percent to 50 percent but don’t grumble much because they see value for the money they pay. But our people’s concept of value for money has depreciated many fold.
‘This country had an expenditure bill of around Rs. 2.9 -3 trillion just before the crisis. This year it is going to be Rs. 7 trillion. Therefore we are a bankrupt country and we are still borrowing.
‘Amid these developments the government has a challenge. There were a lot of expectations that the tax threshold would be increased in the 2024 budget. The people who do odd jobs can earn Rs 100,000 in certain months but a lot of these jobs have been lost because the SME sector has been wiped out due to current currency depreciation.
‘In the early 90s our tax to GDP was about 22 to 24 percent. Now it has come down to 11 percent. It is time to bring the people who are evading taxes, like doctors, lawyers and some teachers, into the tax net.’
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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