Business
Presidential Tax Commission could be the starting point of consistent tax policy in Sri Lanka:tax expert
by Sanath Nanayakkare
Shamila Jayasekara, Partner of KPMG and Member of CA Sri Lanka Faculty of Taxation said yesterday that the potential establishment of a Presidential Tax Commission could be the start of a stable tax policy long-awaited by the business community in Sri Lanka.
Referring to the proposal made by President and Finance Minister Ranil Wickremesinghe during his Budget speech on November 14, to establish a Presidential Commission to assess and make recommendations to the authorities on taxation and the use of taxes for public services, Shamila Jayasekara said this could be the inception of formulating stable tax policies that enable the sought after sustainable operational path for businesses.
“This is a good move particularly because the tax policy could remain stable whichever government is in office,” she said.
She made this comment while addressing the Annual Budget Seminar hosted by the Institute of Chartered Accountants of Sri Lanka CA (Sri Lanka) which focused on the recovery from the worst financial crisis Sri Lanka is faced with.
Speaking further she said:
“Looking at the past, we have not seen a reversal of tax policy of this nature. If you look at the corporate sector in general, they will have to absorb its consequences as there is no other way of meeting the debt-financing. But if you target the same taxpayers at these high tax rates, it won’t be a sustainable model. My personal view is that you needn’t have raised tax rates so drastically if enforcement had been strengthened. If you had broad based the tax net and looked at leakages, it would have been more prudent. Broad-basing is very important because large businesses are paying taxes as they are listed companies or have good corporate governance and they can’t act unethically in terms of paying their taxes. But only the same circle of businesses should not be targeted for taxation leaving others who are liable to pay their taxes,” she said.
D. R.S. Hapuarachchi, Commissioner General of the Inland Revenue Department said that once the economy stabilizes and becomes healthy, a more lenient tax structure could be introduced.
“Not only the Inland Revenue Department, there are other stakeholders involved in revenue collection. We all have to collaborate to increase our revenue collection because even without these amendments, there are things that we can do to collect more taxes within the existing system,” he said.
Thanuja Perera, Tax Policy Advisor to the Ministry of Finance said that right now the government has to enhance its revenue base and control its expenditure while it focuses on increasing its inflows from exports and remittances as there is no other way to stabilize the economy.
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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