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Report to be soon out on those who slip through the tax net

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Acting Minister of Finance Ranjith Siyambalapitiya

by Sanath Nanayakkare

Acting Minister of Finance Ranjith Siyambalapitiya told the media recently that he is making a report on tax evasions and ways to bring those who evade taxes under the tax net and the complete report would be presented to President Ranil Wickremesinghe on June1.

“Sri Lanka is one of the few countries in the world pursuing the hardest fiscal targets to restore stability, therefore, nothing matters more to reach these targets than maintaining the country’s fiscal discipline and this report is primarily aimed at increasing state revenue,” he said.

Further speaking he said:

“Sri Lanka has been carrying a large budget deficit over the years. The IMF has asked us to maintain our budget deficit at 13% percent of the Gross Domestic Product (GDP) if we are to get out of the serous fiscal imbalances. But the challenge here is currently this ratio stands at 25%. This means we have to cut the budget deficit by half in the next few years. This is going to be a very difficult task for the Ministry of Finance and the government. There are two ways to do it. One is by increasing state revenue and the other is by reducing state expenditure. At present there is no room for the government to increase state revenue through taxes because we have already come to a maximum tax-increase threshold. So what we have to do is expanding the tax base to ensure a structurally sound revenue level. There are people and businesses that make taxable earnings but still do not pay due taxes. They keep evading taxes.”

“These days I am making a report on how these individuals manage to slip through the tax net and how they can be brought under it. This report is also being made with the objective of eliminating the need for levying taxes from the same industries and investments and professionals and establishing a neutral tax code for all taxable entities and individuals. I will be handing this report to President Ranil Wickremesinghe on 1st June 2023,” he said.

The International Monetary Fund (IMF) said recently that Sri Lanka’s tax reforms were necessary for the cash-strapped country to regain the confidence of creditors, following which hikes in taxes and utility bills came into effect.

President Ranil Wickremesinghe who is also the finance minister hiked corporate tax to 30 per cent from 24 per cent in January 2023, after raising Value Added Tax (VAT) to 15 per cent last year. He introduced tax hikes with effect from January 2023 widely believed to be on demand by the IMF.

“Sri Lanka is among the countries to collect the least amount of fiscal revenue in the world, with tax revenue to GDP ratio at only 7.3 per cent in 2021. External creditors are not willing to provide financing to fill this gap”, the IMF said in a recent statement.

President Wickremesinghe said in Aranayake on May 20 that the IMF imposed tough conditions on Sri Lanka but the authorities had no other option but to seek its assistance.

“Similar conditions were presented to consecutive governments during negotiations with the IMF in the past and they withdrew from transactions with the IMF and I was one of them. But today we have to follow through the IMF programme as what is prescribed in it is what the country should do to achieve stability in the long term. I believe it will be possible to complete the debt restructuring programme by September this year, recommence paying our suspended loans and get rid of our declared bankrupt status,” he said.



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Kandy driving school hits 100,000-driver milestone, sets sights on expansion

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RWMNJ Bandara MD Dhasuini Driving School

Dhasuni Learners in Kandy have trained over 100,000 drivers, marking a major milestone in the institution’s journey from a modest start-up to one of the region’s leading driver education providers.

Founded on March 31, 2008, in the historic hill capital, the institution began with just a single van, one three-wheeler and one motorcycle. Built on what its founder describes as a commitment to road safety and public service, the driving school has since expanded into a multi-branch operation with six centres across the Kandy district.

Today, Dhasuni Learners has emerged as a significant player in Sri Lanka’s driver training sector, producing thousands of licensed motorists annually while also contributing to local employment generation. The organisation’s broader mission, according to its management, has been to foster disciplined and road-conscious drivers who adhere to traffic regulations.

Over the years, the institution has received multiple accolades for its service standards and entrepreneurial achievement. These include the ‘Best Young Entrepreneur Award’ and ‘Seva Taru Tuthe Award’ in 2018, followed by One-Star and Two-Star service ratings from the Ministry of Industries in 2019 and 2020. It has also secured top rankings from the Federation of Chambers of Commerce and Industry of Sri Lanka (FCCISL) at national and provincial levels.

More recent recognitions include the ‘Best Driving School Award’ in 2023 and the ‘Pitkal Award’ for business excellence, along with a 2025 honour from the Trade Front in collaboration with the Ministry of Industry.

by SK Samaranayake

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HNB Life Introduces “Privileged Protect”, a Future-Ready Protection Solution for a New Generation

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Marking a significant milestone in its journey as it celebrates 25 years of trust and transformation, HNB Life has introduced Privileged Protect, a novel universal life insurance solution designed to meet the evolving financial and protection needs of modern Sri Lankans.

Developed as an evolved protection offering, Privileged Protect combines short-term premium commitments with long-term financial security, giving customers the flexibility to build wealth while safeguarding their future and loved ones.

Designed for individuals seeking comprehensive life protection with greater financial convenience, the product offers a shorter premium paying term while ensuring continued long-term coverage and investment growth opportunities. The policy also includes six compulsory protection benefits, dividend and loyalty dividend entitlements, partial withdrawal facilities after five years, and the ability to convert the maturity value into a monthly income stream. Customers are also provided the flexibility to continue optional riders beyond the premium paying term and enhance their investment through top-up premiums.

Commenting on the launch, Lasitha Wimalaratne, Executive Director / Chief Executive Officer of HNB Life, stated, “As we embark on a bold new chapter as HNB Life, the introduction of Privileged Protect reflects our commitment to continuously evolve alongside the changing aspirations of our customers. Today’s customer seeks greater flexibility, stronger protection, and smarter financial planning solutions that align with their lifestyle and long-term goals. This product has been thoughtfully designed to address those expectations while delivering the security and confidence our policyholders value. As we celebrate 25 years of excellence, we remain focused on shaping the future of insurance through innovative solutions that are relevant, accessible, and future-ready.”

Also sharing his thoughts, Dinesh Udawatta, Executive Vice President / Chief Technical Officer stated, “The modern customer is increasingly looking for insurance solutions that go beyond traditional protection. Privileged Protect is an evolved offering built around convenience, flexibility, and long-term value creation. It is designed for individuals who want to secure their future with shorter payment commitments while continuing to enjoy meaningful protection and wealth accumulation benefits. As HNB Life, we are committed to introducing customer-centric innovations that empower Sri Lankans to confidently plan for the future.”

With the launch of Privileged Protect, HNB Life continues to strengthen its portfolio of future-focused insurance solutions, reinforcing its commitment to protecting lives while empowering customers to achieve long-term financial wellbeing in an ever-evolving world. HNB Life PLC is licensed by the IRCSL and all policyholders are advised to read the policy document before concluding a sale to understand benefits, exclusions, terms and conditions.

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Sri Lanka’s Nazri Nizar elected to YPO global board in historic first

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Nazri Nizar

For the first time in the 76-year history of the Young Presidents’ Organisation (YPO), a Sri Lankan has been elected to its global board, with business leader Nazri Nizar securing a position on the governing body of one of the world’s most influential leadership organisations.

The appointment was confirmed at the YPO Annual General Meeting held on 21 May 2026. Nizar will serve as a YPO global board director from 2026 to 2029 and will concurrently serve as chair of the YPO Global Forum Committee.

Founded in 1950, YPO is a global leadership community comprising more than 38,000 chief executives, entrepreneurs and business leaders across 150 countries. Collectively, its members lead organisations generating approximately US$9 trillion in annual revenue, placing YPO among the most influential peer leadership networks in the world.

Unlike traditional business associations, YPO is built around the philosophy that leadership is a lifelong pursuit. Through a combination of executive education, peer learning and confidential leadership forums, the organisation provides a platform for business leaders to learn from one another’s experiences and navigate the personal and professional challenges that accompany leadership. At a time when organisations are navigating unprecedented technological, economic and social change, platforms such as YPO continue to underscore the importance of learning, collaboration and leadership across borders.

Nizar’s election follows years of service within the organisation. He has previously served as chapter chair of the YPO Colombo Integrated Chapter, been a member of the YPO South Asia Regional Board and, most recently, served on the YPO Global Forum Committee. In addition to his responsibilities as a global board director, Nizar will lead the Global Forum Committee, which oversees one of YPO’s most valued and enduring member experiences.

Commenting on the appointment, Nizar said YPO had played a defining role in shaping his leadership journey.

“YPO taught me that leadership is not about having all the answers. It is about continuous learning, trusted relationships and the willingness to grow through the experiences of others,” he said.

Describing the appointment as both humbling and inspiring, Nizar said he hoped the milestone would encourage more Sri Lankan leaders to engage with global platforms, contribute to international conversations and share their experiences with peers around the world.

Nizar currently serves as group managing director of Richardson Holdings, a diversified Sri Lankan enterprise with interests spanning engineering, infrastructure, renewable energy, manufacturing and out-of-home advertising.

His election represents a notable achievement for Sri Lankan business leadership and reflects the increasing contribution of Sri Lankan executives within international leadership networks.

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