January 04, Colombo (LNW): Amidst escalating tensions, Athula Galkatiya, Chairman of Airport and Aviation Services Limited (AASL), took decisive action yesterday, interdicting 28 prominent leaders associated with the Joint Trade Union Alliance at Katunayake Airport.
Notably, among those interdicted is the President of the Trade Union Alliance.
Dhammika Fernando, President of the Joint Trade Union of Airports, declared unified support from employees across international airports, domestic terminals, and the Piduruthalagala Radar station.
According to the AASL Chairman, the union’s secretary orchestrated attempts to obstruct air services linked with Sri Lanka, prompting immediate action. The Chairman condemned this action as lacking both legal standing and moral justification, necessitating an immediate investigation.
In response, the interdicted union leaders are mandated to surrender their airport entry permits and all relevant equipment to their respective department heads.
Furthermore, until the completion of the investigation, these leaders are barred from accessing any premises under the Airport and Aviation Services Company Limited’s jurisdiction.
January 04, Colombo (LNW): President Ranil Wickremesinghe chaired a recent progress review meeting where positive news emerged regarding the containment of dengue in the Western and Central Provinces. The meeting, held at the Presidential Secretariat, aimed to evaluate the effectiveness of dengue control programs in these regions.
Collaborative efforts directed by the President’s Office, in line with health protocols, involving the armed forces and police, have successfully reined in the spread of dengue. Various control and awareness initiatives, especially within Medical Officer of Health (MoH) divisions, were credited for effectively managing the situation.
While acknowledging the containment in the Western and Central Provinces, the meeting highlighted the need to shift focus to districts like Jaffna, Trincomalee, and Batticaloa. Targeted interventions are slated for areas with high dengue incidence, including government institutions, schools, religious sites, public spaces, and private establishments.
President Wickremesinghe praised the ongoing nationwide efforts to combat dengue, emphasizing diverse program implementations.
To further combat the spread, a decision was made to establish an operational unit supervised by the Ministry of Health. A special meeting, chaired by the Health Ministry Secretary and attended by heads of the armed forces and the Acting Police Inspector on January 3, outlined plans for a reporting system to monitor daily progress, focusing on the province and future strategies for dengue control.
January 04, Colombo (LNW): Sri Lanka banking sector, which was adversely affected by the spillover effects of the recent economic crisis, continued to operate amidst challenging conditions while some signs of improvement were observed during the year ending Q3 of 2023, Central Bank report revealed. .
Credit granted by the banking sector contracted during the period albeit some recovery was observed within Q3 of 2023. Credit risk of the banking sector as indicated by the Stage 3 Loans Ratio remained elevated, reflecting deteriorated debt servicing capacities of economic agents due to shrinking balance sheets amidst adverse economic conditions.
However, stabilisation of credit risk was witnessed during Q3 of 2023 as indicated by the slowdown in the increase of Stage 3 Loans.
Meanwhile, credit concentration risks persisted within the banking sector with some high credit concentration on certain sectors, namely, construction and agriculture, posing higher vulnerabilities due to economic and climate related issues.
In addition, the high exposure of the banking sector to the sovereign posed concerns for the sector, which necessitated the exclusion of banking sector investments in Treasury bonds from the restructuring perimeter. CB report disclosed.
Increased investments in Rupee-denominated Government securities resulted in a significant increase in liquidity ratios of the banking sector while overall utilization of Standing Lending Facility by the banking sector reduced significantly.
FC operations of banks also witnessed a contraction during the period under review, particularly due to the significant decline in core FC assets despite the banking sector accumulating substantial amount of FC resources in the form of balances with financial institutions abroad.
Meanwhile, profitability of the sector improved with reduced new impairment charges compared to the previous year though comparatively lower impairment may have negative consequences for future profitability of the sector.
Furthermore, several banks including two Domestic Systemically Important Banks (D-SIBs) reported a decline in profits during the period.
Capital adequacy of the banking sector improved as a result of the decline in risk weighted assets, primarily due to the decline in exposures to corporate and retail loans and receivables, although a significant decrease in the Capital Adequacy Ratio (CAR) was observed in D-SIBs during Q3 of 2023
Going forward, banks are required to focus on strengthening their capital buffers supported by profit generation, considering the potential losses due to debt restructuring, results of the bank diagnostic exercise, and realisation of forward-looking impact assessment, which would raise recapitalisation requirements within the banking sector.
January 04, Colombo (LNW): Today (Jan 04), the Sri Lankan Rupee has witnessed a continued depreciation against the US Dollar at commercial banks compared to Wednesday’s rates.
Peoples Bank recorded an uptick in the buying and selling rates of the US Dollar, rising from Rs. 316.28 to Rs. 316.77 for buying and from Rs. 327.30 to Rs. 327.81 for selling.
Meanwhile, Commercial Bank reported a surge in the buying rate of the US Dollar from Rs. 315.42 to Rs. 316.41, with the selling rate climbing from Rs. 325.50 to Rs. 326.50.
At Sampath Bank, the buying rate of the US Dollar rose from Rs. 317 to Rs. 318, while the selling rate escalated from Rs. 326 to Rs. 327. This trend indicates a further weakening of the Sri Lankan Rupee against the US Dollar across multiple banking institutions.
January 04, Colombo (LNW): To address the pressing scarcity of Keeri Samba rice, the Sri Lankan government has taken a significant step by slashing the import tax on a similar rice variety. President Ranil Wickramasinghe, acting as the Finance Minister, announced this move through an extraordinary gazette.
The reduction specifically targets the Special Commodity Levy on rice imported under HS Code 1006.30.29, dropping the tax from a substantial Rs. 65/- per kilogram to a mere Rs. 1/-.
This temporary tax relief, effective from January 2nd to January 21st, 2024, is intended to stimulate increased imports of the alternative rice type, offering a potential solution to the current shortage of Keeri Samba rice.
January 04, Colombo (LNW): Sri Lanka United National Businesses Alliance (SLUNBA) Chairperson Tania Abeysundara blamed Central Bank Governor P. Nandalal Weerasinghe and the Central Bank of Sri Lanka (CBSL) for killing Sri Lanka’s economy.
Addressing a press conference, she severely criticised Weerasinghe’s recent statements to the media, where he adamantly asserted that the Parate Law in Sri Lanka would not be amended despite pressures from a ‘specific gang.’
She remarked that the news is dire and tragic, foreseeing a future in Sri Lanka marked by tragedy. “This will devastate the economy. It represents the most severe form of harm that can occur in this situation,” she emphasised.
“We are entrepreneurs. We pay your salary. We pay the salaries of Government officials. Are we a gang? It is you who have ganged up to kill this economy,” she said addressing her remarks to the CBSL Governor.
Abeysundara said the country’s entrepreneurs requested a policy reform on the Parate Law for the betterment of the country and to uplift the economy.
A visibly distressed Abeysundara stated that the CBSL Governor had orchestrated a scenario leading to the country’s declaration of bankruptcy, hindering the functioning of businesses.
She further accused the Governor of now blaming entrepreneurs for colluding. “There are Rs. 1.2 trillion non-performing loans solely due to the dire situation created by the CBSL Governor.” she added.
The Chairperson remarked that the rise in taxes will only guarantee an escalation of non-performing loans to Rs. 2 trillion in the coming days. “Will these loans not come under the Parate Law? Who will be held responsible?” she asked.
She argued that the Parate Law does not safeguard the interests of the people but rather serves to protect the banks. “The country that initially instituted the Parate Law has since abolished it, and it is not utilized today,” she added.
Abeysundara asserted that the liabilities of businesses have surged by 300%, and the additional 18% Value Added Tax increase will only exacerbate the challenges faced by businesses in Sri Lanka.
She remarked that those formulating these laws lack an understanding of their effects and remain unaffected by these laws. Additionally, she questioned why the loans of Government associates are permitted to go unpaid and why they are not subject to the Parate Law.
Also addressing the press conference, Sri Lanka Trade Council (SLTC) Vice President Shashika de Silva emphasized that the solutions to the country’s woes lie with the entrepreneurs of the nation.
She stressed that Sri Lanka’s entrepreneurs backed President Ranil Wickremesinghe’s nation-building efforts when he undertook the challenge, continuing their work quietly despite the challenges.
January 04, Colombo (LNW): The Olympic Village stands as a profound symbol within the Olympic Games, transcending the mere athletic endeavours and conveying a powerful political message that resonates globally.
It serves as a testament to the pursuit of equality in a world often marred by divisive political ambitions. This unique space becomes a haven of freedom and peace, uniting friends from diverse continents who may be politically divided.
Here, athletes come together to dine, share experiences, and forge connections that extend beyond political barriers.
The Olympic Village is a beacon of hope, imparting the profound lesson that “we are one” into the hearts of participants, dispelling illusions and fostering a sense of unity. Through the collective strength of individuals from around the world, this message has the potential to eradicate hatred and instill a culture of love and kindness.
Imagine Ukrainians and Russians, or Palestinians and Israelis, realising in the Paris Olympic Village that their conflicts are driven by political agendas rather than the well-being of their people.
The Olympic Village serves as a model for the world, emphasising that boycotting events solely for political motives is counterproductive. Sitting down to eat with someone from a country experiencing conflict offers a unique mental pleasure, unveiling the illusions that breed distrust.
The bonds of love formed in the Olympic Village extend beyond mere dining pleasures, prompting introspection on the senseless act of killing. In a world where war, conflict, mistrust, and unaccepted identities prevail, the Olympic Village stands as a tangible embodiment of equality and unity.
The sentiment fostered by the Olympic Village holds significant importance, as numerous heartfelt triumphs, unadorned by gold, silver, or bronze medals, serve as ambassadors for love and peace to the global community. Transforming these active individuals into more triumphant figures, capable of navigating the political entanglements of their homelands, could pave the way for the establishment of the Olympic Village’s essence on a global scale. The aspiration to cultivate a world that mirrors the ideals embodied by the Olympic Village may become more attainable with such empowered individuals.
The Olympic Village, strategically located seven kilometres from the City of Paris and seamlessly blending Saint-Denis, Ile Saint-Denis, and Saint-Ouen, offers a serene atmosphere with the soothing presence of water streams and greenery. Its design aims to provide a tranquil environment conducive to peace of mind. The Olympic Village embodies the inclusive spirit of the Olympic Games, transcending differences in colour, nationality, religion, and sexuality, fostering equality by embracing all individuals as part of the shared human experience. These principles make the Olympic Village a preeminent community on the global stage, epitomising the values of unity and acceptance.
January 04, Colombo (LNW): Lt. Gen. Hamood Uz Zaman Khan (Retired), Pakistan’s former Defence Ministry Secretary, visited President Ranil Wickremesinghe on January 3 during his stay in Sri Lanka for the fourth Sri Lanka-Pakistan Bilateral Defence Dialogue at Sri Jayawardenepura’s Defence Headquarters Complex.
President Wickremesinghe warmly greeted Mr. Khan and engaged in a concise conversation. The meeting saw the attendance of Minister of State for Defence Premitha Bandara Tennakoon, Senior Adviser to the President on National Security, and Chief of Presidential Staff Sagala Ratnayaka. Additionally, Secretary of the Ministry of Defence General Kamal Gunaratne (Retired) was present.
Subsequently, the Pakistani Defence Secretary held a separate discussion with President’s Senior Adviser on National Security and Chief of the Presidential Staff, Mr. Sagala Ratnayaka, focusing on bilateral matters and shared interests.
January 04, Colombo (LNW): Several issues have emerged due to the lack of coordination among the Marine Environment Protection Authority (MEPA), the Fisheries Ministry and the Attorney General’s Department with regard to the X-Press Pearl maritime disaster, a parliamentary committee has observed.
At a recent meeting, the Sectoral Oversight Committee (SOC) on Environment, Natural Resources & Sustainable Development said this has affected the payment of compensation to the fishermen hit hard by the damage caused by the fire-ravaged freight ship X-Press Pearl.
Accordingly, SOC chair MP Ajith Mannapperuma instructed that the AG’s Department, the Fisheries Ministry, the MEPA and the members of the MEPA-appointed experts’ committee jointly prepare a program and submit a related report to the Committee.
During the meeting, MEPA officials told the SOC members that despite asking the AG’s Department in writing about the activities of the experts’ committee and its future needs, they have yet to receive a proper response.
The MEPA officials also said that they had received information from the Justice Ministry that an international, independent experts’ committee would be appointed to continue the assessment of the damage.
As a result, they explained that the MEPA expert committee has not made a firm decision on how to proceed.
The officials also pointed out that it is problematic that the MEPA is unaware of the work being carried out in this regard by the AG’s Department.
It was revealed that since the payments related to the research activities conducted by the experts’ committee appointed by MEPA have not been made, the Ministry was requested to submit a Cabinet paper to look into the ability to make relevant payments.
It was also disclosed that no appointments have been made to the experts’ committee for the year 2023.
Sri Lanka has confirmed receiving further compensation for pollution from the lost container ship X-Press Pearl, which burned and sunk off Colombo in 2021.
“Sri Lanka Treasury has received US$890,000 and Rs 16 million (around $49,200 dollars) as interim payment for costs incurred by the Maritime Environment Protection Authority (MEPA) and for the affected fisherfolks,” the justice ministry said.
Since the disaster happened, Sri Lanka has received payments totaling $7.85 million.
Its government received the first payment of $3.6 million in July 2021. Another $1.75 million followed in January 2022, and a third payment of $2.5 million arrived in September.
Sri Lanka initially filed for a compensation claim of $40 million shortly after the vessel sank off Colombo in June 2021. However, a 40-member expert committee convened by MEPA put the price of the environmental disaster at $6.4 billion in an interim report early last year.
January 04, Colombo (LNW): Sri Lanka’s tax base will be broadening with increasing the number of taxpayers and simplifying the registration process for taxpayers the United Nations Assistant Secretary General Kanni Wignaraja said
During a brief discussion held with Finance State Minister Shehan Semasinghe this morning (Jan.03), Ms. Kanni Wignaraja, the UN Assistant Secretary General and UNDP Regional Director, highlighted that it is imperative to digitalize the taxpayer registration process to improve voluntary tax compliance.
Ensuring that every person who obtains a Tax Identification Number (TIN) is not liable for income tax will encourage members of the public to expeditiously register to secure a TIN, Ms. Wignaraja continued.
The UN Assistant Secretary General said Sri Lanka should take note of the tax policy reforms followed by Bangladesh, which was once labelled as a country plagued with corruption, to boost its tax revenue.
Digital transformation and expansion of the tax system to regional levels helped Bangladesh’s National Revenue Board to become more a productive and efficient institution, she explained.
In a similar vein, the Sri Lankan government is also making efforts to digitalize the tax system by incorporating District Secretariats, State Minister Semasinghe noted.
Further, the lawmaker pointed out that no specific group can be given relief at the moment as the country is in the middle of a rigorous reform process.
The two sides also discussed the ongoing social dialogue on the Value-Added Tax VAT). Attention was also paid to further educating the general public on the new VAT hike, taxpayer registration, and TIN registration, as well as the services and goods exempted from VAT.
The Inland Revenue Department was also asked about the current functioning of the RAMIS system linking this data system with other government institutions.
The tax officials mentioned that this data system will be made functional by January 2024 by avoiding the existing deficiencies.
Sri Lanka’s pay as you earn (PAYE) tax files had increased to 242,679 in 2023, from 41,636, Commissioner at the Department of Inland Revenue A M Nafir has said.
At total 500,196 persons were registered as individual tax-payers by end November 2023, up from 204,467, a statement quoted Nafir as telling reporters at the Presidential Media Office.
Partnerships registered for tax had gone up to Rs15,579 from Rs 13,776.The number of companies registered had increased to 81,909 from 73,444.
“In 2019, IRD revenue was Rs 1,025 billion, in 2020 it decreased to Rs 500 billion. Last year it was possible to raise it to Rs 1,500 billion by widening the tax base and by changing tax rates,” Nafir was quoted as saying.
