The Department of Examinations has officially announced the release of the 2022(2023) G.C.E. Ordinary Level Examination results, made available last night (Nov. 30).
Further enhancement of showery condition is expected over the island due the low-pressure area existing in southeast Bay of Bengal.
Showers or thundershowers will occur at times in Northern, North-central and Eastern provinces. Heavy showers about 100 mm are likely at some places in Eastern province and in Polonnaruwa and Mullaitivu districts.
Showers or thundershowers will occur at several places in other provinces of the island after 01.00 p.m. Fairly heavy showers about 75 mm are likely at some places in Western and Sabaragamuwa provinces and in Galle and Matara districts.
Showers may occur in Southern province during the morning too.
The general public is kindly requested to take adequate precautions to minimize damages caused by temporary localized strong winds and lightning during thundershowers.
Colombo (LNW): An official from the Ministry of Finance has stated that the Value Added Tax (Amendment) Bill will render agricultural machinery, equipment, and chemical fertilisers previously exempted, subject to VAT.
However, agricultural seeds, plants, shrimp feed (excluding poultry feed), and animal feed will remain exempt. The Committee on Public Finance (CoPF) raised concerns about the impact on the domestic agricultural and food industry.
Dairy products, including liquid milk and eggs, will also become VAT liable. Nevertheless, wheat, wheat flour, powdered milk, pharmaceutical products, and drugs will be exempted.
The Committee questioned the imposition of VAT on food products made from locally cultivated grains categorised as “Posha,” given the rising concern of child malnourishment.
Ambulances, medical equipment, fertiliser, and certain agricultural items were also discussed. The Committee granted approval to the Value Added Tax (Amendment) Bill, with the condition that the Ministry of Finance incorporates proposed amendments. The Committee urged a reassessment of VAT exemptions for medical equipment, ambulances, fertiliser, and high-protein agro foods.
The Committee clarified that VAT changes will not affect UBER and PickME fares significantly, as these services have included VAT since their inception. The proposed VAT changes will result in only a 3 per cent increase in fares.
The Committee also considered the Finance Bill to amend the Finance Act, No. 35 of 2018 and the Finance Act, No. 12 of 2012, addressing provisions for releasing motor vehicles imported into Sri Lanka not cleared from customs due to import restrictions or non-payment of taxes.
Due to issues arising from importing and opening LCs post the suspension of motor vehicle imports, the Committee instructed the Ministry of Finance to submit a report on 119 imported vehicles yet to be cleared from customs. The Committee approved the Imports and Exports Control Act related to Gazette No. 2353/16.
Colombo (LNW): The Board of Investment of Sri Lanka (BOI) has announced the signing of an agreement to establish the first cable car operation in Sri Lanka, offering a unique experience for international travellers and introducing adventure tourism to the country.
The agreement, valued at $4.5 million, was signed with Amber Adventure and Ambuluwawa Biodiversity Centre, with technical and product expertise provided by China Machine-Building International Corporation.
The cable car, spanning 1.5 kilometres, will provide scenic beauty and high-elevation thrills 3500 feet above sea level. Three stations will facilitate entry and exit, with the cable car pathway designed through the biodiversity centre forest range in Ambuluwawa, a biodiversity complex and Sri Lanka’s first multi-religious sanctuary. The ecosystem boasts rich biodiversity, housing 29 endemic species and a total of 126 species.
The cable car experience, set to offer 360-degree views of mountains, forests, rivers, and towns, will showcase the diverse Ambuluwawa region, known for its evergreen forests, flora and fauna, and medicinal plants.
Surrounded by prominent mountains such as Piduruthalagala, Bible Rock, Sri Pada (Adam’s Peak), and the Knuckles Mountain Range, the area provides a cool mountain breeze.
Technical collaboration for the cable car project comes from China Machine-Building International Corporation, a Fortune 500 company established in 1980. The company will provide total integrated solutions for cable cars, including 8 and 6 seats, weatherproof cabins with panoramic views, automatic door opening and closing functions, and a large transportation capacity of about 400 people per hour.
The BOI emphasises that the first cable car experience in Sri Lanka goes beyond adventure, offering a diverse eco, spiritual, and cultural experience for both local and foreign travellers.
Colombo (LNW): The Sri Lankan Rupee (LKR) has appreciated against the US Dollar today (30) in comparison to yesterday, as per the official exchange rates issued by the Central Bank of Sri Lanka (CBSL).
Accordingly, the buying price of the US Dollar has dropped to Rs. 323.46 from Rs. 324.15, and the selling price to Rs. Rs. 333.45 from Rs. 334.22.
The Sri Lankan Rupee, meanwhile, also indicates appreciation against several other foreign currencies, including Gulf currencies.
Colombo (LNW): The Department of Motor Traffic (DMT) has informed that driving licences, which were delayed due to printing issues, will be issued within the next six months.
DMT Commissioner General Nishantha Anuruddha explained that the delay in printing driving licences was caused by the unavailability of printers.
However, he announced that the department received three printers on Monday, ‘allowing them to resume the printing of licences.
Highlighting that the department is set to print nearly 900,000 driving licences, Anuruddha mentioned that although issues related to importing licence cards were resolved, a significant challenge was the shortage of printing machines.
With the arrival of three additional printing machines, the DMT Commissioner General stated that printing activities would resume this week, and they anticipate completing the printing of all driving licences within the next six months.
Colombo (LNW): The Sri Lankan Rupee (LKR) indicates appreciation against the US Dollar today (30) in comparison to yesterday, as revealed by leading commercial banks in the country today.
At Peoples Bank, the buying price of the US Dollar has dropped to Rs. 322.66 from Rs. 323.39, and the selling price to Rs. 333.90 from Rs. 334.66.
At Commercial Bank, the buying and selling prices of the US Dollar have dropped to Rs. 321.73 from Rs. 322.22 and to Rs. 332.75 from Rs. 333.25, respectively.
At Sampath Bank, the buying price of the US Dollar has dropped to Rs. 322 from Rs. 324, and the selling price to Rs. 332 from Rs. 334.
Colombo (LNW): The current Inland Revenue Law necessitates the submission of the annual income report for the assessment year 2022/2023 (from April 01, 2022, to March 31, 2023) to the department by November 30, officials from the Inland Revenue Department (IRD) said.
Non-compliance will result in a fine of Rs. 50,000 and 5 per cent of the tax payable for individuals maintaining tax files without meeting the deadline.
This information was communicated during a workshop held in Parliament on Monday, organised by the Sectoral Oversight Committee on Alleviating the Impact of the Economic Crisis. The workshop focused on the completion of the annual income report and online submissions to the IRD, with contributions from departmental resources.
Chaired by Committee Chair MP Gamini Waleboda, the workshop was attended by state ministers, MPs, and parliamentary officials. The IRD was represented by Senior Commissioner Sujeewa Senadheera, Senior Deputy Commissioner Nandana Kumara, and Senior Deputy Commissioner M.H.D. Meneripitiya.
The workshop aimed to raise awareness about the provision of income reports under the current income tax law and the consequences of non-compliance.
Practical demonstrations were provided on completing the income report through the IRD’s website and submitting it online to the department’s computer system.
MPs engaged with the officials, seeking clarifications on potential issues arising during the report submission process.
Colombo (LNW): Recognising the potential for mutual benefit, the Sri Lanka Export Development Board (EDB) submitted a proposal to formulate a comprehensive action plan in collaboration with the partners of the International Fair-Trade Network.
The Cabinet of Ministers approved signing a cooperation framework aimed at enhancing collaboration with the International Fair-Trade Networks.
The primary objective is to promote and integrate the ‘Fair-Trade Concept’ within the economic framework of Sri Lanka.
International Fair-Trade Network is a global network that equitably distributes benefits through standards, certification, producer support programs and counselling.
Sri Lanka offers an inspiring example of a legislative process and a unique framework of cooperation on Fair Trade between the government of Sri Lanka and the international Fair Trade networks, FairTrade advocacy office said.
The analysis has shown that there is an urgent need for strengthening the Fair Trade movement’s structures and capacities – especially on advocacy activities – and for encouraging exchange of knowledge and experience among Fair Trade actors.
Awareness-raising among governmental authorities on different political levels is also still needed in most of the cases.
The study concludes that there are many different public policy instruments to achieve support for Fair Trade, such as laws, non-binding resolutions, national action plans, strategies, initiatives, etc.
The case studies give ideas and inspiration on the steps to take and the institutions and actors to approach to achieve more support for Fair Trade at policy level.
Many organisations engaged in international trade work as partners in the international Fair-Trade Network.
This institute can guide policies supporting ‘Fair Trade’ and ‘Trade Justice’ in the European Union and interact and maintain a continuous dialogue with European Union institutions.
The signing of this cooperation framework will mark a commitment to sustainable and just trade practices that will benefit both local producers and the global community.
“The cooperation framework is anticipated to facilitate knowledge exchange, policy development and the establishment of practices that adhere to the principles of fairness in international trade.
In addition, it will have a positive impact on Sri Lanka’s international trade relations,” Cabinet Co-Spokesman and Minister Bandula Gunawardena said at the post-Cabinet meeting media briefing yesterday.
The proposal to this effect submitted by President Ranil Wickremesinghe in his capacity as the Investment Promotion Minister was approved by the Cabinet of Ministers on Monday.
Colombo (LNW): Mattala Rajapaksa International Airport (MRIA) is to be operated profitably with aeronautical and non-aeronautical business ventures under a public-private partnership, the aviation ministry announced.
Seven expressions of interest (EOIs) have been received to invest in direct and indirect aviation-related business ventures at the Mattala International Airport (MRIA) which will be finalised in two weeks, Minister of Ports, Shipping, and Aviation Nimal Siripala de Silva said.
Speaking in Parliament yesterday (29), he said that they had received the seven EOIs from the private sector. These are being evaluated by the Technical Evaluation Committee, which will make a final announcement in two weeks time, he noted.
The focus of calling for EOIs was to utilise the Mattala Airport’s facilities and assets by creating public-private partnership investment opportunities from investors and entrepreneurs engaged in direct and indirect aviation-related enterprises for carrying out aeronautical and non-aeronautical businesses at the airport.
Direct ventures for which EOIs were called include maintenance repair overhaul (MRO), support services, flying schools, fixed based operations (FBO), and long-term aircraft parking, while indirect ventures include the renewable energy industry, resorts/hotels, industrial parks, and logistic services.
Further, the Minister said that from 2017 to 2020, on average, the MRIA had incurred an average loss of Rs. 2 billion annually, which was reduced to Rs. 1.1 billion by 2023 due to more aircraft arriving at the airport and other measures taken.
He said that most Russian tourists arrive at the MRIA at the moment, while it has served as an important alternative airport for aircraft which are turned away from the Katunayake airport due to bad weather conditions, while earlier, the Chennai airport in India served as an alternative to Katunayake.
He said through investment on direct and indirect ventures at the MRIA, it is expected to earn a considerable amount of revenue for the expenses made in 3-4 years time.
The total cost of MRIA construction was US$ 244mn (Rs 81bn at prevailing rates). Of this, US$ 190mn (nearly Rs 70bn) was a loan from the Chinese Exim Bank. Airport and Aviation Services (Sri Lanka) Pvt Ltd (AASL) has been repaying the loan since 2015. About US$ 102.4mn (Rs 37.4bn) remained to be paid as at August this year.
The Aviation Ministry states that AASL “can neither invest for such business activities nor can they afford to bear huge losses of the scales as aforementioned annually in maintaining MRIA, as the AASL has to invest large sums of money out of its own funds for the development, operation and maintenance of BIA [Bandaranaike International Airport], the main gateway to the country”.
