Business
Global e-governance and compliance platform ‘Compfie’ in Sri Lanka
Aparajitha Corporate Services Private Limited, India’s ‘no.1 company’ for compliance, recently announced the introduction of its global e-governance and compliance platform – ‘Compfie’ in Sri Lanka in association with Colombo headquartered 3W Consulting.
Compfie is an online Compliance Management tool on a cloud platform designed to global standards with a combination of sector/industry-specific knowledge, with compliance metrics within the legal framework & policy standards of Sri Lanka. Technological insights uniquely position our teams to work with organizations to achieve end-to-end digital transformation. From strategy to processes to tech enablement to regulatory changes, our multi-disciplinary teams take a holistic view of how country-specific laws, platforms and compliance output behaviours across the front, middle and back offices need to evolve.
Commenting on the occasion, Nagaraj Krishnan, Managing Director, Aparajitha Corporate Service Private Limited said, “The corporate governance culture is picking up across organisations globally as the governance landscape is rapidly changing. As regulatory and statutory compliance is considered as high risk category by most Organisations our product has been a welcomed platform by many. Compfie is our global e-Governance compliance platform which is designed to translate the applicable regulatory compliance knowledge and drive organisations compliance performance. Compfie acts as a Risk mitigation tool which addresses the board room worry that arises out of regulatory compliance risks for the Board of Directors and Investors. Aparajitha Strategic country partnership with 3W for Sri Lanka is intended to set a tone for the compliance culture in the country.”
“As compliance is technically managed in-house across Sri Lanka, we vision to change the compliance landscape in the country through our strategic partnership with Aparajitha. There is absolutely no automated GRC software available in Sri Lanka today and as this is a virgin market for Compfie. Through our offering we look forward to setting a tone of organised compliance culture in Sri Lanka and easily capture the Market Share in the Compliance space throughout the country,” says Stefan Moraes, Managing Director, 3W Consulting.
In the year 2016, Cabinet approval was granted for the establishment of a National Trade Felicitation Committee for the empowerment of the Trade Felicitation Agreement (TFA) of the World Trade Organization (WTO) and the inter-coordination of institutions in respect of the implementation of 36 obligations included therein. Sri Lanka has committed to implement the plan for implementation of trade facilitation during the period 2017-2030 thereunder.
Even though countries in the region have fulfilled a higher percentage of the overall commitment, Sri Lanka has only fulfilled about 37.4% of
the total commitment. Taking into consideration the prevailing situation, technical assistance has been requested from the Japan International Coordination Agency with the technical expertise of the International Trade Center to provide independent recommendations enabling the implementation of priority activities on a speedy basis after completion of the assessment of the trade facilitation measures.
Accordingly, “Roadmap for trade facilitation in Sri Lanka” and “Trade Facilitation Action Plan 2025-2028” have been prepared with the participation of about 200 public and private stakeholders.
The Cabinet of Ministers has approved the proposal presented by the
President to follow the said roadmap and implement the action plan.
The Cabinet of Ministers has approved the proposal presented by the President in his capacity as the Minister of Investment Promotion to sign the proposed non-financial Memorandum of Understanding between the Sri Lanka Export Development Board and the International Trade Center to commence an ‘ITC She Trades Hub’ in Sri Lanka to increase the participation and competitiveness in the businesses operated by women.
Once the ‘ITC She Trades Hub ‘ is established, the women entrepreneurs in Sri Lanka will be able to obtain the necessary training in the relevant topics, such as market and investment opportunities and the required technical assistance.
The Cabinet of Ministers has approved the proposal presented by the president to take steps to amend the Inland Revenue Act No. 24 of 2024 so as to enable the imposition of necessary legal provisions to implement the following reduction to the individual income tax structure effective 01-04-2025 as follows
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