Business
Budget 2024 aims to boost social spending while tracking tax evaders
By Sanath Nanayakkare
The budget proposals presented by President and Finance Minister Ranil Wickremesinghe in parliament yesterday for the Financial Year 2024 contained a lot of emphasis on social spending while being mindful of closing loopholes in the tax system where many ‘taxable individuals and institutions’ are still evading taxes.
Thus the submission of a Tax Identification Number (TIN) will become mandatory for actions such as opening a bank current account, obtaining approval for a building plan or registering motor vehicles in line with the budget proposals.
Further, a withholding tax on gem and jewellery transactions, an income tax on Unit Trusts and Unit Holders and prosecution action against failures to file tax returns are on the cards.
The Finance Minister before starting to read out the budget proposals for the financially-troubled nation acknowledged the fact that not only the 1.3 million strong public servants but also millions of others making a living in the informal sector were in deep economic misery. He said that the tax base needs to be increased to support the vulnerable groups without resorting to money printing or further borrowings. Having said so, he proposed that the state employees’ cost of living allowance be increased by Rs. 10,000 from January, 2024.
He proposed that it would be added to the monthly salary from the month of April 2024 and the balance accumulated from January to March 2024 would be paid in installments within a 6 month period, starting from October 2024. He also mentioned that the monthly cost of living allowance of public pensioners would be increased by Rs. 2,500.
“The distress loan facility given to state employees which is in suspension now would be restored from January 01, 2024. Rs. 205 billion would be allocated for benefit programmes targeting disabled individuals, CKDU patients, and senior citizens. Estate workers will get freehold land. Rs. 10 billion would be allocated to facilitate the development of abandoned estates and lands and Rs. 600 million will be allocated to the ‘Bim Saviya’ programme. We will completely stop collecting rent from the low-income families living in houses constructed by the Urban Development Authority. The full ownership of these houses will be given to those families,” he said.
However, the Finance Minister stressed on the need to meet a state revenue target of Rs. 3,415 billion for the Year 2024 to implement the above proposals and many other social spending proposals he made. He said that the tax base needs to be broadened and tax administration would be streamlined in 2024 to raise government revenue.”
Reproduced below are some highlights from the budget speech.
Rs. 50 billion to be allocated to assist SMEs through a loan scheme introduced by the Asian Development Bank
Four new universities to be established soon
Rs. 2 billion to be allocated for repairing of old bridges
A 25-member committee to be appointed to recommend reforms for the education system
Allocations for state universities for required enhancements
SLIIT, Horizon Campus, Royal Institute and NSBM to be elevated to universities
‘Suraksha’ student insurance to be reintroduced
Rs. 100-million allocation to boost medical tourism
Rs. 2,500 million for the development of Fisheries and Agriculture
Rs. 2000 million for resettlements in the North and East
Rupees 2 billion for development of rural roads
Rs. 55 billion to resume infrastructure projects halted due to economic crisis
Rs.1.5 billion allocation to develop provincial and school cricket
Recommencement of Central Expressway construction work
Establishing new investment zones in Hambantota, Jaffna, Trincomalee, Bingiriya and Kandy
Rs. 3 billion for establishing a national center for Artificial Intelligence
Measures to create a green economy in Sri Lanka to shift to a faster growth trajectory
Business
Dialog & IESL open National Startup Challenge to empower Sri Lanka’s entrepreneurs
Dialog Axiata PLC, Sri Lanka’s #1 connectivity provider, joins the Institution of Engineers, Sri Lanka (IESL) to launch the IESL National Startup Challenge, creating a national pathway for aspiring entrepreneurs to transform innovative ideas into commercially viable, investment-ready startups. The initiative reflects a shared commitment to strengthening Sri Lanka’s entrepreneurship ecosystem through structured development, expert mentorship and practical support that enables promising ideas to progress towards market readiness and scale.
Launched through the IESL Entrepreneurship Forum at the Dialog Auditorium on 5 October 2026, the competition invites Engineering Undergraduates, Engineering Practitioners and participants in an Open Category for Non-Engineers to submit ideas across 12 innovation verticals aligned with national priorities, emerging technology and market trends, and inclusive innovation. Participants will progress through idea development, pitching, incubation, prototyping, validation, minimum viable product development and business scaling, supported by industry experts, mentors and ecosystem partners. The programme will culminate in a Top 10 selection, with the first-place winner receiving an award of LKR 1 million.
As title sponsor and a key ecosystem enabler, Dialog is contributing practical expertise and resources beyond sponsorship, providing technical expertise, mentors and digital resources to help participating teams develop, validate and scale their solutions. Each of the Top 10 teams will also receive a Dialog Digital Startup Support Package valued at LKR 250,000, comprising selected Dialog digital products and services.
“Dialog is committed to enabling Sri Lanka’s next generation of innovators by connecting entrepreneurial ambition with the technology, expertise and practical resources needed to turn ideas into scalable ventures. Through the IESL National Startup Challenge, Dialog is extending its digital capabilities, mentorship and ecosystem support to help promising teams progress from concept to validation and investment readiness,” said a representative of Dialog Axiata PLC.
Eng. Jasmine Nanayakkara, Chairperson of the Entrepreneurship Forum at the Institution of Engineers, Sri Lanka, added, “The IESL National Startup Challenge is designed to turn innovative ideas into viable businesses by connecting aspiring entrepreneurs with industry expertise, mentorship and continuous practical support. More importantly, it is about creating an ‘Engineer to Entrepreneur’ transformation and nurturing a stronger entrepreneurial culture within the IESL community. By encouraging our engineers and aspiring founders to create, commercialise and scale solutions, we aim to contribute to new ventures, new opportunities and meaningful job creation for Sri Lanka’s skilled and educated next generation. We are grateful to Dialog for partnering with IESL to create this pathway for innovation, entrepreneurship and national economic growth.”
Driving innovation across Sri Lanka, the National Startup Challenge also brings together a strong network of partners, including The Ceylon Chamber of Commerce as Ecosystem and Mentoring Partner, Helago as Official Mobility Partner, Helakuru as Official Digital News Partner, and Real Life as Official Climate Action Partner.
The IESL National Startup Challenge represents a collaborative effort to strengthen Sri Lanka’s innovation and entrepreneurship ecosystem by creating a structured pathway from promising ideas to market-ready businesses. Applications are now open via www.iesl.lk/announcements, giving aspiring entrepreneurs an opportunity to access the resources and funding they need to succeed. Applications close on 16th November 2026. For more information, contact mgr.pub@iesl.lk / 071 109 4393.
Business
Why Convenience Is Reshaping Household Cleaning Habits
Keeping a home clean involves more than dealing with one kind of mess. Kitchens face grease and cooking splashes, bathrooms develop soap scum and limescale, while frequently used areas around the home collect marks, fingerprints and everyday dirt.
For households looking to simplify this routine, multi-surface cleaners offer a practical solution by allowing one product to tackle multiple cleaning needs across suitable surfaces.
One home, many everyday messes
In the kitchen, grease, splashes and burnt-on food can build up around hobs and hotplates. Cupboard doors and appliance exteriors can also collect smudges and marks through daily use.
Bathrooms present different challenges, including limescale, soap scum, toothpaste residue and water marks around sinks, washbasins and shower doors.
Even outside these rooms, surfaces such as door handles, baseboards, table mats and PVC areas can require regular attention.
Making everyday cleaning simpler
This is where the versatility of products such as CIF Cream becomes useful.
CIF Cream can help tackle a range of common household cleaning challenges across suitable surfaces, from grease and burnt-on food in the kitchen to limescale and soap scum in the bathroom.
Its uses can also extend to other suitable areas and items around the home, including cupboard doors, appliance exteriors, PVC surfaces and more, when used according to product directions.
For busy households, the benefit is straightforward: a versatile cleaner can help reduce the complexity of everyday cleaning by addressing several common cleaning needs with one product.
Consumers should always follow product instructions and check suitability before using any cleaner on a particular surface.
CIF products are now available at Cargills, Keells, Glomark and Celeste, as well as online through Daraz and uStore, at a retail price of Rs. 900 for 500ml. Shop CIF online at https://ustore.lk/collections/cif or https://www.daraz.lk/cif/
As household routines continue to evolve, multi-surface cleaning provides a simple approach to keeping different areas of the home clean — one versatile solution for many of the everyday messes that come with daily life.
Business
Dreams in motion for group of young Olympiad contenders
SriLankan Airlines set dreams in motion for 24 young students selected to represent Sri Lanka at the 2026 International Mathematics and Science Olympiad, held in Indonesia from 2 to 7 October 2026, helping make their journey to Indonesia and back an extra special one.
The students were selected through a four-stage national selection process covering school, zonal, provincial and national levels, with the highest-performing students progressing at each stage.
As a special initiative for Children’s Day, the Ministry of Education sponsored the air travel of all 24 students for the first time. Returning to Sri Lanka with an impressive haul of three Silver Medals and 10 Bronze Medals, the young contestants competed alongside students from 23 countries.
SriLankan Airlines was privileged to be part of their special journey, helping make their experience even more memorable as they represented Sri Lanka on the international stage.
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