The Ceylon Motor Traders’ Association (CMTA), established in 1919 is the most senior automotive association in Sri Lanka affiliated with the Ceylon Chamber of Commerce, is calling for greater consistency, transparency and fairness in the policies governing the country’s automotive sector, stressing that a sustainable vehicle import framework must ensure a level playing field across the entire industry.

The Association’s concerns come at a time when the automotive sector continues to operate under significant fiscal and regulatory pressures, with recent policy measures, including the introduction of a 50% surcharge on vehicles, adding further complexity to an already challenging market. While the CMTA recognises the Government’s need to manage foreign exchange, generate revenue and regulate vehicle imports responsibly, it believes that such measures must be structured in a manner that does not disproportionately disadvantage legitimate businesses or distort competition between different segments of the market.

At the centre of the Association’s concerns is the continued application of a blanket 15% depreciation on the Cost, Insurance and Freight (CIF) value of used vehicle imports for duty calculation purposes. The CMTA maintains that this mechanism creates an unintended advantage for certain used vehicle imports, particularly when vehicles entering Sri Lanka as used units can be virtually identical to brand-new vehicles in terms of model, specification and, in most cases, mileage.

The Association estimates that the existing depreciation mechanism resulted in approximately Rs. 40 billion in lost to government revenue in 2025 alone. Without corrective action, a similar level of revenue leakage could occur in 2026, representing a significant loss at a time when government revenue remains critical to strengthening public finances and supporting national development.

The issue, the CMTA emphasises, is not about restricting consumer choice or opposing the used vehicle market rather, it is about ensuring that vehicles entering the country are assessed fairly and consistently, based on their actual value and circumstances. When two substantially identical vehicles can attract different levels of taxation simply because one has been registered overseas before being imported, the Association believes the resulting disparity warrants policy reconsideration.

The CMTA argues that the same principle of fairness should also apply when considering the impact of newer fiscal measures, including the recent 50% surcharge. Such a substantial additional cost can have implications across the automotive value chain, affecting vehicle prices, consumer affordability, business viability and the broader ecosystem supporting vehicle sales and after-sales services.

Sampath Bank PLC announced the appointment of Dilip de S Wijeyeratne as Deputy Chairman, effective 10th September 2026, further strengthening the Bank’s leadership as it advances its strategic priorities and continues to evolve as a purpose-led, technology-enabled financial institution.

Wijeyeratne brings extensive experience across banking, finance, risk management and compliance, investment banking and treasury, complemented by a strong understanding of corporate governance, strategic planning and financial markets. His breadth of experience and forward-looking perspective will support Sampath Bank’s focus on translating purpose and strategy into sustainable growth, while advancing data-driven decision-making and the intelligent application of artificial intelligence across the organisation.

Wijeyeratne’s association with Sampath Bank spans nearly eight years. He joined the Bank as a Non-Independent, Non-Executive Director in November 2018 and was appointed an Independent Director in August 2019. He subsequently served as Senior Independent Director from May 2022 and continued as an Independent, Non-Executive Director from June 2026. He currently serves as Chairman of the Board Audit Committee and contributes to the Bank’s Sustainability, Human Resources and Remuneration, Treasury, Strategic Planning, Nominations and Governance, and Related Party Transactions Review committees.

A senior finance and banking professional and principal consultant,Wijeyeratne provides advisory services to organisations across the Middle East, Sri Lanka and Australia. His professional career includes senior roles with HSBC Group in Bahrain, where he held responsibility for finance and operations, global markets and treasury, corporate treasury sales and asset and liability management. He subsequently moved into entrepreneurship and advisory services, providing financial and strategic consultancy to private and public sector organisations.

In addition to his responsibilities at Sampath Bank, Wijeyeratne serves as Senior Independent Director of Singer (Sri Lanka) PLC and Hayleys Fibre PLC, and as an Independent, Non-Executive Director of Janashakthi Insurance PLC. His extensive governance experience across these institutions has provided him with broad exposure to financial oversight, risk, strategy and corporate governance.

Wijeyeratne is a Fellow Member of the Institute of Chartered Accountants of Sri Lanka, a Fellow Member of the Chartered Institute of Management Accountants, UK, and a Graduate Member of the Australian Institute of Company Directors. His combination of financial expertise, governance experience and strategic insight positions him to make a significant contribution to Sampath Bank’s continued growth and transformation.

KOKO, Sri Lanka’s leading Buy Now, Pay Later (BNPL) platform, has partnered with Ceylinco General Insurance to introduce Sri Lanka’s first customised medical insurance offering designed exclusively around the needs of KOKO customers.

The partnership marks a first for Sri Lanka’s fintech and insurance sectors, bringing together Ceylinco General Insurance’s decades of expertise in health insurance with KOKO’s understanding of its customer community to create a medical protection solution built specifically for the digital lifestyle and financial needs of KOKO users.

Unlike a standard health insurance product adapted for a partner platform, this offering has been developed as a customised value package for KOKO customers, focusing on accessibility, affordability and ease of activation within the digital journey they already use. The policy provides medical insurance cover of up to USD 40,000, offering meaningful protection against hospitalisation, treatment costs and major medical expenses.