Business
Verité Research highlights key takeaways from Budget 2022

Verité Research hosted an expert commentary on the budget speech immediately after it was presented to parliament on November 12, 2021. The commentary focused on the promises stated in the budget speech along with analytical insights from PublicFinance.lk.
Major Highlights
▪ According to the values given in the budget speech, revenue is expected to grow by 46% to LKR 2,284 billion in 2022. Several new taxes and tax increases are proposed in this regard: surcharge tax on profits, social security contribution, and financial VAT.
▪ Even if the projected contribution from the new revenue measures (LKR 333 billion) is considered realistic, the rest of the revenue base would need to grow by 24% in 2022 – at least double the expected nominal GDP growth – to achieve the expected revenue target. The discussion concluded that the estimated revenue growth of 46% was highly ambitious.
▪ Whilst several panellists agreed that weak revenue generation is a critical constraint in the Sri Lankan economy, efforts to improve digitalisation of the tax system and other administrative improvements were highlighted by some panellists.
▪ Similarities between the super gain tax introduced in the 2015 interim budget and the newly introduced surcharge tax were discussed. The tax is expected to bring a revenue of LKR 100 billion. However, due to its one-off nature, this tax will not be a sustainable solution to the structural revenue constraints in Sri Lanka. Furthermore, it is a retrospective tax that will undermine the government’s stated objective of creating a stable and predictable tax regime.
▪ The proposed social security contribution appears similar to NBT tax that was removed in 2020, but the budget projects collection to be around 40% more than the typical annual collection from NBT (LKR 105 billion in 2019). This ambitions projection is in spite of having a tax-free threshold (LKR 120 million per annum) ten times higher than the NBT threshold (LKR 12 million per annum), with implementation occurring only once legislation is passed in April.
▪ Concerns were raised regarding the dampening impact the new taxes may have on investor confidence, particularly since many of the new measures are one-off in nature, and in the case of the surcharge tax, it is retroactive in operation. The misalignment between the allocations provided in the budget speech and the priorities of the economy was highlighted throughout the discussion. The high allocations for defence, road development, and generally high levels of capital expenditure over allocations for education, healthcare, and skill development were identified as being problematic.
▪ The panellists also highlighted that social security should not be limited to Samurdhi payments and should have a wider scope in ensuring the safety and the security of the citizens.
▪ The proposal to include an amendment to the Appropriation Bill preventing requests for Supplementary Estimates for 2022 was viewed in a positive light by the panellists as it would ensure that the deviation from the budgeted and actual expenditure would be minimised.
▪ The failure of the budget to address some of the critical issues facing the economy was also highlighted. The lack of attention to and focus on the management of external debt, the lack of a clear plan to regain access to international capital markets, and the related implications for dollar liquidity in the banking system were identified as shortcomings in this year’s budget.
Business
NSB is Gold Sponsor for 35th APB Convention

National Savings Bank takes pride to be a Gold Sponsor for the 35th Annual Convention hosted by the Association of Professional Bankers. (APB) The convention, which is scheduled to take place on 19th and 20th February 2025, at the Cinnamon Life Hotel, Colombo, will bring together banking professionals, industry leaders, and stakeholders of the country.
In a symbolic gesture of commitment and collaboration, NSB’s DGM (Treasury and International Banking), Ms. Devika Silva, formally presented the sponsorship to the Chairman of APB, Halin Hettigoda.
As a leading financial institution committed to excellence, innovation, and industry advancement, NSB is honored to support this prestigious event. The APB Convention provides a platform for the exchange of knowledge, networking opportunities, and collaboration within the banking and financial sectors.
With a tradition of fostering growth, driving change, and championing best practices, NSB is dedicated to contributing to the dialogue on key issues facing the banking industry. Through participation as a Gold Sponsor, NSB reaffirms its commitment to promoting excellence, professionalism, and sustainable development within the banking community.
The 35th APB Convention promises to deliver insightful discussions, thought-provoking presentations, and valuable insights into the evolving landscape of banking and finance. NSB looks forward to engaging with fellow professionals, sharing expertise, and exploring new avenues for growth and innovation.
Business
P&S installs RO plant at Kaudulla Maha Vidyalaya

Perera & Sons Bakers (Private) Limited (P&S), Sri Lanka’s largest quick service restaurant chain, has taken yet another decisive step forward in ensuring access to clean and safe drinking water, with the installation of a Reverse Osmosis (RO) water purification plant at Kaudulla Maha Vidyalaya in the Polonnaruwa District. A special ceremony was held on the 17th of January 2025 to mark the inauguration and handover of the RO plant to the school. The initiative, conducted under P&S’s broader “Manu Mehewara” CSR programme, was made possible through its long-standing collaboration with the Sri Lanka Navy. The new RO plant will now ensure that students and other members of the local community have access to safe and clean drinking water every day.
Business
South Asian states to lead on Global Ocean Treaty

Greenpeace South Asia delivers a strong message for Ocean protection on the eve of Sri Lanka’s National Day celebrations in Colombo, where regional States Leaders and representations gathered to honour the country’s Independence, declared on the 4th of February 1948. A large banner reading “South Asia: Lead on Ocean Treaty !” was deployed on one of the prominent high-rise hotels in Colombo to welcome the positive steps by regional leadership in favor of the Global Ocean Treaty that will allow the creation of large scale sanctuaries on the High Seas .
In September 2024 at the UN General Assembly, both Bangladesh and The Maldives ratified this new Treaty — formally known as the Agreement on Biodiversity in Areas Beyond National Jurisdiction (BBNJ) — and India also confirmed its signature, when Nepal had signed the year before. To complete the picture, last December, Sri Lanka in turn committed to sign and ratify the BBNJ Agreement . “By taking this step, the Bay of Bengal nations are demonstrating bold, forward-thinking leadership in protecting marine biodiversity on the High Seas and combating climate change. This commitment not only safeguards the livelihoods of their people today but also ensures a healthier, more sustainable future for generations to come,” says Anita Perera, Campaigner at Greenpeace South Asia.
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