News
China reaffirms unstinted support for Sri Lanka
China’s Vice Minister of Foreign Affairs Luo Zhaohui has re-emphasised his country’s all-round support to Colombo when he met Sri Lanka’s Ambassador Palitha Kohona last week.
Vice Minister Luo warmly welcomed the Ambassador and stated that the Ministry of Foreign Affairs of China will continue to extend its fullest support to the Ambassador in Beijing and effusively acknowledged his long standing connections with China.
The long discussion that followed included cooperation and mutual support in international fora, in economic matters, for post Covid-19 recovery, effective management of the Covid-19 pandemic and future high-level visits. Vice Minister Luo assured of China’s support to Sri Lanka at the UNHRC and its continued assistance as Sri Lanka confronts a critical economic challenge.
The Chinese Foreign Ministry will proactively support efforts to increase Chinese tourism to Sri Lanka and more businesses, including SOEs, to invest in the Colombo Port City and the Hambantota Industrial Zone. The Vice Minister acknowledged that it was time for these two Chinese supported ventures to get off the ground. Both parties agreed that the recommencement of negotiations on the bilateral Free Trade Agreement with the view to concluding it soon would be advantageous to Sri Lanka. Dr. Kohona also raised the issue of non-tariff barriers which are hindering access to the lucrative Chinese market for a range of natural, agricultural and industrial products.
Dr. Kohona commended China for successfully eliminating extreme poverty by 2020 consistent with a key SDG and congratulated the Communist Party of China as it celebrated its 100th year Anniversary. China’s spectacular success could be attributed to the prudent management of the country by the Party.
News
Amendment of the Inland Revenue Act No. 24 of 2017
Approval of the Cabinet of Ministers has been granted at their meeting held on 19.05.2025 in order to introduce amendments to the Inland Revenue Act No. 24 of 2017 including the proposed tax revisions to enhance the tax structure paving way for state financial integrity based on revenue.
Accordingly, the revised draft bill has been prepared by the legal draftsman and clearance of the Attorney General has been received.
Therefore, the Cabinet of Ministers has granted approval for
the resolution furnished by the President in his capacity as the Minister of Finance, Policy Planning and Economic Development to publish the aforementioned draft bill in the government gazette notification and subsequently, forward the same to the Parliament for its concurrence.
News
Cabinet nod for “National Mineral Policy” – 2026
The National Mineral Policy was prepared for the first time in the year 1999, and the aforementioned policy has been amended in 2023 to cover matters such as preparing an updated data system related to mineral resources, adding value to the export of minerals, encouraging mineral-related industrialists, extracting mineral resources and managing the environment sustainably, and resolving the issues related to the ownership of the land arising in extracting mineral resources.
The revised National Mineral Policy has been reupdated in line with the manifesto “A Sustainable Resource Utilization – Generation of the Highest Benefit” under the policy statement of the current government” A Thriving Nation – A Beautiful Life.”
Accordingly, the Cabinet of Ministers has approved the resolution presented by the Minister of Industries and
Entrepreneurship to implement the so-formulated “National Mineral Policy—2026.”
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