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Sri Lanka’s taxation at a glance  

2017-08-27

Tax is often considered one of those evil words that scare people. When I hear the word tax, I used to recall how much hate the Sheriff of Nottingham in Robin Hood inspired for collecting tax from the people and making them miserable. However, as I grew up, I was made to understand that tax is an essential part of everyone's life for the simple reason that it is the major source of government revenue which provides for public amenities.

Is Sri Lanka ready to reap the benefits from OBOR?  

2017-08-20

During a session at the Sri Lanka Economic Conference concluded recently, several interesting comments were made about China's One Belt One Road (OBOR) initiative, which has been the major topic in international economic circles.

Analysis of New Trade Policy – Part 2 The role of Global Value Chains  

2017-08-13

Among many other topics discussed in the recently approved New Trade Policy (NTP), substantial emphasis was given to the concepts of Global Product Sharing (GPS) and Global Value Chains (GVC) which seem to be the trends of globalization. NTP refers to the GPS as the division across countries of 'tasks' within the State production cycle, and notes that this has spread across many countries.

Trade Policy and Inland Revenue Bill should go hand in hand  

2017-08-06

Last week, the Cabinet approved the New Trade Policy submitted by Minister of Development Strategies and International Trade, Malik Samarawickrema. The proposal stated that the Policy was prepared with the objective of expanding the export base and investment field.

Trade reforms should go beyond FTAs   

2017-07-30

Amongst many other statements made during the Sri Lanka Economic Summit held last week, one important statement made by Institute of Policy Studies (IPS) Deputy Director Dr. Dushni Weerakoon captured my attention. Statement claimed that Sri Lanka's trade policy should be a mix of bilateral and unilateral trade reforms, there is considerable space to focus on unilateral trade reforms within Free Trade Agreement (FTA) negotiations and Sri Lanka has been neglecting that.

Pay tax if you want development  

2017-07-23

Last week, The International Monetary Fund (IMF) raised concerns regarding Sri Lanka's high debt burden and stressed the importance of revenue based consolidation to meet gross financing needs. In a statement issued by the IMF upon the completion of the second review of the Extended Fund Facility (EFF) provided to Sri Lanka, it was noted that timely progress in structural reforms, including tax administration and energy pricing, will strengthen the platform for durable consolidation.

2020 Export Revenue Target Revised to US$ 18B Will GSP plus save the export dream?  

2017-07-16

Umesh Moramudali

Last week, during a media briefing about export promotion of Sri Lanka, State Minister of International Trade Sujeewa Senasinghe said that the government is expecting to increase export revenue to USD 18 billion by 2020. He himself during the media briefing admitted that the government cannot be too ambitious about export targets, but with the regaining of GSP Plus, the export revenue will go up.

Why SL should focus on R&D  

2017-07-09

By Umesh Moramudali

Last week, the Ministry of Science, Technology and Research in a media statement said that steps will be taken to strengthen Science, Technology, Engineering and Mathematics (STEM) in schools. The statement went on to say that training will be provided to teachers by local and international scientists about Nano technology, artificial intelligence, airspace, biotechnology and other emerging branches of science.

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