Business
‘Tax system to be simplified to facilitate revenue-collection’
By Hiran H.Senewiratne
The government is not receiving ample tax revenue to its coffers from the current tax system/structure and the proposed amendment to the 2017 Inland Revenue Act would simplify it and make it more efficient and effective when collecting revenue for the country, Secretary to the President Dr. P.B Jayasundera said at a forum.
” The country’s tax system should be driven by new technology and the Inland Revenue Department online payment system will serve the people in an efficient and effective manner within a little time. Technology driven tax payment systems prevent unnecessary expenditure and time for taxpayers and also the tax collector as well, Jayasundera said at a taxpayer awareness programme, organised by the Inland Revenue Department. The event was held at the Hilton Hotel, yesterday
‘Under the government’s National Policy Framework Vistas of Prosperity and Splendour, the proposed amendment to the Inland Revenue Act will create an environment to encourage taxpayers to pay taxes without evading, he said
‘For the first time in the history, The Inland Revenue Department, Sri Lanka Customs and Excise Department would be involved in increasing and improving national productivity, which most of the time acted as only revenue collectors, he said.
Dr Jayasundera said that currently there are only 20 percent e- files in the country but with the new amendment to the Inland Revenue Act they could be increased 100 percent with the introduction of new technology that would enable taxpayers to pay taxes through electronic devices.
” We are not happy when we look at the global ‘Doing Business Index’, because Sri Lanka’s revenue collection system is neither efficient nor effective nor simple. The simplified tax system would enable to create some attitudinal change for tax payers in the country,”he said.
He said that the legal system, tax administration and new technology should work together to reap real benefits for the country and the tax payers, which will assist to increase revenue at a considerable level. ‘Therefore, 80 percent tax revenue collected from 20 percent of tax paying people, could be increased to 90 percent or 95 percent with a simplified ,efficient and effective system, Jayasundera 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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