This chapter outlines the framework of tax obligations for corporations and individuals in Sri Lanka. The Companies Act, No. 7 of 2007 provides for the registration of three forms of business organisations in Sri Lanka: an incorporated company; a branch office of an overseas company; and an offshore company. Incorporated Company A company may be incorporated under the act as one of…
Following on from 2016 – which saw a number of important legislative reforms – 2017 was another particularly significant year in which several changes were legislated or initiated by Parliament. The two major developments in the legal landscape enacted by Parliament were the passage of the Inland Revenue Act and the Foreign Exchange Act. Mangala Samaraweera, the minister of finance, initially…
Visa A traveller intending to visit Sri Lanka for a short stay must obtain an electronic travel authorisation, which can be completed online in advance or applied for upon entry at Bandaranaike International Airport (BIA). This grants 30 days in country, and is extendable. Fees at BIA are to be paid in US dollars. Transport Sri Lanka lacks a regularised domestic flight network, with the…
MÖVENPICK HOTEL 24 Dharmapala Mawatha Colombo 3 T: +94 117 450 450 F: +94 117 723 723 www.movenpick.com/en/asia/sri-lanka/colombo/ movenpick-hotel-colombo/overview/ hotel.colombo@movenpick.com Rooms: 219 rooms and suites, including one presidential suite, two executive suites and 16 junior suites. Business & Conference Facilities: In addition to the five meeting rooms that make up the…
The country benefits from its strategic geographic position along a critical Indian Ocean trade route, strong base of industrial and cash crop exports, and rapidly expanding non-agricultural economy. High levels of public expenditure and rapid industrial expansion supported recent robust macroeconomic growth, averaging more than 6% between 2008 and 2014, as the country embarked on a period of post-war…
High levels of public expenditure and rapid industrial expansion supported a long period of robust macroeconomic growth, averaging more than 6% between 2008 and 2014, as the country embarked on a period of post-war reconstruction. With this boom moderating in recent years, a series of ambitious reforms and corrective monetary and fiscal policies are helping maintain stability and reinvigorate…
Interview: President Maithripala Sirisen In what ways is the government spurring private sector development in Sri Lanka? MAITHRIPALA SIRISENA: The government has been proactive about encouraging private participation in Sri Lanka’s financial sector. In 2016 the new public-private partnership division of the Ministry of Finance took steps to secure investment from private players, engaging the…
Interview:Greg Hands How will the future Sri Lanka-UK bilateral relationship be shaped by Brexit? GREG HANDS: Sri Lanka already boasts a stable economic outlook, with strong growth expected to continue in the coming years. The country’s skilled workforce, with high proficiency in the English language, presents an exciting prospect for potential investors. As we leave the EU, the UK will…
Interview:Dumindra Ratnayaka What steps are being taken in 2018 to further develop Sri Lanka as an attractive destination for FDI? DUMINDRA RATNAYAKA: The BOI, which is under the umbrella of the Ministry of Development Strategies and International Trade, has taken steps in 2018 to increase the attractiveness of the service it offers to investors. At a time when there is considerable competition…
Interview:Malik Samarawickrama Which sectors offer the most promising opportunities for foreign direct investment (FDI)? MALIK SAMARAWICKRAMA: There is immense potential in tourism, manufacturing, logistics, ICT and large-scale infrastructure. Boosting FDI, in particular exporting-catalysing FDI, is a government priority. The government’s target is $5bn by 2020, up from $1.63bn in 2017, and…
