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
Business
USA–Sri Lanka Chamber of Commerce plans New York campaign to promote Tourism and Business
Timing aligns with national policy discussions
By Sanath Nanayakkare
The USA–Sri Lanka Chamber of Commerce is exploring an innovative promotional initiative to showcase Sri Lanka’s tourism, cultural heritage, and commercial opportunities in the heart of New York City during the upcoming Christmas and holiday season.
The proposed campaign aims to bring Sri Lanka’s unique identity to one of the world’s most internationally recognized cities through a mobile digital billboard featuring high-quality photographs and videos highlighting the island’s natural beauty, rich heritage, and diverse commercial offerings. Designed to capitalize on New York City’s significant holiday-season foot traffic, the initiative will reach American consumers, international tourists, and potential business partners.
The digital showcase will feature pristine beaches, scenic mountains, waterfalls, tea plantations, wildlife, ancient cities, Buddhist heritage, traditional arts, authentic cuisine, and modern attractions, positioning the country as a premier international travel destination. An interactive QR code linking to comprehensive tourism information will also be incorporated, allowing viewers to directly explore travel opportunities.
Beyond destination promotion, the initiative provides Sri Lankan businesses with a vital platform to introduce their products and services to the American market. Enterprises representing Ceylon tea, spices, food products, gems and jewellery, apparel, handicrafts, wellness, hospitality, and tourism will have the opportunity to showcase their brands alongside the broader national campaign.
The Chamber notes that this effort will be particularly beneficial for small and medium-sized enterprises (SMEs) seeking greater international exposure, brand recognition, and commercial partnerships in the United States. By integrating tourism promotion with commercial visibility, the project aims to strengthen Sri Lanka’s international image while supporting trade, investment, and business development.
Operating under the central message of “Discover Sri Lanka. Experience Sri Lanka. Visit Sri Lanka,” the campaign presents the island as a destination defined by natural beauty, cultural richness, distinctive products, and entrepreneurial potential. More information on the initiative is accessible at www.usaslcc.org.
Tourism sector stakeholders have welcomed the move, noting that private-sector-led initiatives of this nature bypass cumbersome bureaucratic procurement procedures and complex tender processes typically associated with state-run promotional campaigns abroad.
The timing aligns with recent national policy discussions regarding tourism promotion. Participating in a Fireside Chat at the inauguration of the Sri Lanka Economic and Investment Summit 2026, organized by the Ceylon Chamber of Commerce, President Anura Kumara Dissanayake emphasized that a proper procurement mechanism needs to be established before acquiring tourism promotional concepts, recommending a performance-based system where agencies are compensated according to verified growth in tourist arrivals.
Business
Seylan Bank partners Colombo Motor Show 2026 as official banking and leasing partner
For 10th consecutive year
Seylan Bank PLC, the Bank with a Heart, has reaffirmed its commitment to supporting Sri Lanka’s automotive industry by partnering with the 20th edition of the Colombo Motor Show 2026 as the Official Banking & Leasing Partner for the 10th consecutive year. This makes Seylan Bank the longest-standing partner of the Colombo Motor Show, further reflecting its longstanding association with one of Sri Lanka’s most prominent automotive exhibitions. The four-day exhibition is scheduled to take place from 20th to 23rd November 2026 at the Bandaranaike Memorial International Conference Hall (BMICH), marking the first time the Colombo Motor Show will be held as a four-day event.
As one of Sri Lanka’s leading international motor and motor accessories exhibitions, the Colombo Motor Show will bring together vehicle enthusiasts, prospective buyers, industry professionals and automotive service providers. The 2026 edition is expected to feature over 200 trade stalls covering motor vehicles, accessories, spare parts, lubricants, tyres, batteries, leasing facilities and other motor-related services.
Through its continued partnership, Seylan Bank will showcase a comprehensive range of financial solutions designed to support customers in meeting their personal and business needs, with a particular focus on Seylan Leasing facilities. Visitors to the exhibition will have the opportunity to receive on-the-spot leasing evaluations and expert guidance from Seylan Leasing Specialists, helping them explore vehicle financing options conveniently during the event.
Business
WCIC sharpens focus on scaling women-owned businesses
The Women’s Chamber of Industry and Commerce (WCIC) is sharpening its focus on helping women entrepreneurs move beyond business creation towards sustainable growth, as it expands its membership, partnerships and advocacy footprint.
WCIC Chairperson Gayani de Alwis, concluding her second tenure, highlighted the Chamber’s efforts had increasingly centered on creating pathways for women to translate entrepreneurial ambition into viable enterprises and, importantly, build those businesses for the longer term.
“Ultimately, our impact is not measured by the number of programmes we conducted, but by the women whose businesses grew, whose voices became stronger, whose horizons expanded and whose contribution to the economy became greater,” she said addressing the WCIC 41st Annual General Meeting (AGM) held on 22 September for which the Chief Guest was Canadian High Commissioner to Sri Lanka and the Maldives Isabelle Martin.
The focus has included a special initiative for female university students with an entrepreneurial mindset, regional chapter initiatives in the Northern Province, capacity-building programmes and the inaugural ‘Beyond Ramp Up’ workshop.
The Chairperson said these initiatives were designed to move women “from aspiration to enterprise, and from enterprise to sustainable growth”, signaling a broader focus on strengthening the progression of women entrepreneurs beyond the initial stages of business formation.
WCIC recorded a 20 percent increase in membership during the period with membership crossing 460 and expanded its ecosystem through a series of strategic partnerships.
Internally, WCIC moved to strengthen its governance framework, revising its Articles of Association to ensure regulatory compliance and introducing a Code of Conduct and Board self-assessment. Clearer organisational roles, job descriptions and performance targets were also introduced as part of efforts to strengthen accountability and professionalise its operations.
Reflecting on her tenure, the Chairperson said the period had been about building a stronger, more connected and professionally governed organisation, while converting its wider ambitions into tangible opportunities for women in business.
-
Latest News7 days agoNissanka’s return headlines Sri Lanka’s Test squad against Pakistan
-
News6 days agoSri Lanka, India caught in US-Iran ship crisis
-
Features2 days agoKotahena:A Small Enclave, An Extraordinary Legacy
-
Latest News7 days agoImran Khan’s PTI braces to fight federal takeover of Khyber Pakhtunkhwa
-
Latest News6 days agoMissiles intercepted near Riyadh after Saudi coalition hits Yemen fuel depot
-
News3 days agoAsgiri Mahanayake calls for immediate release of Gnanasara Thera
-
Latest News6 days agoKusal Mendis’ unbeaten 87 hands Sri Lanka consolation win
-
News7 days agoMahinda and Shiranthi hospitalised
