Business
Taxation dynamics: Deloitte panel deciphers implications of Sri Lanka’s 2024 budget
Deloitte Sri Lanka, part of the international auditing, consulting, and financial advisory giant, Deloitte Global, held a special “Budget Night” panel discussion on Sri Lanka’s Government Budget 2024, on the 13th of November 2023, soon after the Budget was presented to parliament by President Ranil Wickremasinghe, as the Minister of Finance.
The panel comprised Dr. Gunawardane, co-founder and Chief Investment Officer of LYNEAR; Bingumal Thewarathanthri, Chief Executive Officer of Standard Chartered Bank Sri Lanka since January 2019; Yohan Lawrence, Secretary General of the Joint Apparel Association Forum since 2022; Channa Manoharan, Country Managing Partner – Deloitte Sri Lanka; and Charmaine Tillekeratne, Partner and Tax Lead at Deloitte Sri Lanka. The Panel discussion was moderated by Ruvini Fernando, Head of Financial Advisory Services of Deloitte Sri Lanka. Together, the panel provided an in-depth look at the Government Budget for 2024 and its implications for individuals and businesses in Sri Lanka, particularly from the perspective of taxation.
In his opening remarks, Bingumal stated that the economy has significantly progressed compared to a year ago, with debt restructuring now being the key challenge. He spoke on the importance of policy consistency, good governance, and transparency, state-owned enterprise (SOE), and labour reforms.
Commenting on the overall policies, Naveen emphasized that we now have a very narrow path to travel in our journey to economic recovery. There is no room for populist polices or room to deviate from the fiscal and macro-economic targets that have been given. The country must maintain the current structural reform it has adopted and commit to the completion of these reforms.
Yohan Lawrence highlighted the importance of enhancing exports through digitization and improved transaction traceability. Noting a global decrease in demand, he emphasized Sri Lanka’s competitiveness challenges. Market access, a conducive environment, and cost competitiveness were underscored, but he flagged higher utility costs in Sri Lanka compared to other nations. He also crucially pointed out the budget’s lack of focus on monitoring cost-effectiveness and controls, which are vital for ensuring the country’s economic growth and stability.
Channa Manoharan stressed the importance of aligning human capital with a technology enabled economy for Sri Lanka’s progress. Manoharan highlighted the missed opportunity of completing the introduction of Digital ID by September 2023, which is likely to have a potentially negative impact on tax revenue.
Access the Sri Lanka Budget 2024 Report by Deloitte: https://shorturl.at/gzEWY
For additional details and to explore further insights and articles related to the Sri Lanka Budget 2024, please visit the Deloitte website: https://shorturl.at/lSZ47
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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