1. Majority of Constitutional Council Members decline to approve the reappointment of C D Wickramaratne as IGP: Govt has failed to make a permanent appointment since March’23.
   
2. India’s Minister of Earth Sciences Kiren Rijiju calls on President Ranil Wickremesinghe while in Malé to attend the inaugural ceremony of Maldives President Mohamed Muizzu: discuss bilateral relationship.
   
3. Several areas in Colombo inundated due to downpours: Armour Street, Thunmulla Junction and High-Level Road at Kirulapone submerged in water: heavy traffic congestion observed within the areas.
   
4. Delegation headed by Chinese President Xi Jinping’s Special Envoy & State Councillor Shen Yiqin arrives in Sri Lanka: expected to be in the country until 21st November.
   
5. Colombo Stock Market ends post-Budget week with a loss of 2% amidst poor investor sentiment-led lacklustre trading: ASPI loses 259 points (2.38%) during the week: daily turnover in the week averages Rs.834mn, down from Rs.1.6bn last week.
   
6. CEB says 2nd Generator Unit at Norochcholai Coal Power Plant deactivated due to a fault: power supply to be unaffected as hydropower will be generated to the maximum: the 3rd Generator Unit on the verge of being operational: 165MW Kelanitissa Combined Cycle Power Unit also shut down for scheduled maintenance for 6-weeks.
   
7. Member of the new CB Governing Board Sanjeeva Jayawardena suddenly resigns: motive for resignation said to be unclear: sources say Jayawardena was worried about the appointment of Dr Ravi Ratnayake, the former Chairman of the failed Kanrich Finance, to the Governing Board.
   
8. Tourism Development Authority Chairman Priantha Fernando says SL will generate a revenue of over USD 5bn from tourism receipts next year: also says this would be the highest-ever revenue figure generated by the industry: asserts the industry targets 2.3mn tourist arrivals next year.
   
9. Opposition Leader Sajith Premadasa says that SL Cricket President Shammi Silva had sent a letter to the International Cricket Council alleging that the Sports Ministry had made undue interferences in its activities: asserts that this letter had led to the ICC ban on SL Cricket: tables the letter in Parliament.
   
10. SL Cricket’s Coach-Consultant Mahela Jayawardena says he was given a half-baked, half-fit group of players who failed to deliver by losing 7 of the 9 matches in India: asserts that fatigue got into the players and performance died down from the first game towards the last game, because of low fitness.

Colombo (LNW): In light of the recent hike in the Value Added Tax (VAT), Finance State Minister Ranjith Siyambalapitiya reassured that certain sectors, including electricity tariffs, will remain unaffected.

His comment coincides with the ongoing efforts by the authorities to regularise the country’s tax system, aiming for what the government describes as a fair and efficient collection process.

The decision to increase VAT was implemented in January as part of the government’s strategy to enhance revenue in compliance with agreements with the World Bank. However, the Minister underscored that this is a temporary measure.

He further elaborated that once the tax network is thoroughly optimised, the government will be in a position to offer relief to the public.

Colombo (LNW): A shooting incident occurred in the Dadalla area of Galle on Saturday (18) afternoon (18), Police said.

Two unidentified suspects in a Wagon R-type car fired at a person inside a parked three-wheeler outside a hotel, a statement by the Police Media Division said.

Fortunately, no injuries were reported in the incident, and the suspects’ car was later found in the Galle, Habaraduwa area.

The three-wheeler driver and his son were at the hotel to pick up a foreigner, following instructions from another person when the shooting occurred, Police further said.

The Police are actively conducting investigations to apprehend the suspects.

Colombo (LNW): The Office for National Unity and Reconciliation Bill underwent a comprehensive discussion at the recent meeting of the Sectoral Oversight Committee on Reconciliation and National Unity in Parliament, chaired by MP Dilan Perera.

Government officials, including representatives from the Ministry of Justice, Prison Affairs and Constitutional Reforms, Attorney General’s Department, Legal Draftsman’s Department, and the Office for National Unity and Reconciliation, participated in the meeting.

Committee Chief Perera addressing the meeting expressed concern about recent incidents where political and religious leaders displayed behavior that could incite religious or racial tensions, potentially hindering the government’s efforts to steer the country away from economic challenges.

He emphasised the need to amend the Office for National Unity and Reconciliation Bill accordingly and submit it to Parliament for approval.

The Committee also delved into the ongoing activities of the Office for National Unity and Reconciliation.

Representatives highlighted the completion of preliminary work on the National Policy on Reconciliation and Coexistence, a key objective outlined in the bill. They also discussed reconciliation initiatives carried out in universities and schools.

Acknowledging schools as an optimal platform for fostering national unity, the Committee explored the legal involvement of the school system in the Bill. The Office of National Unity and Reconciliation, in collaboration with the Ministry of Education and the National Institute of Education, expressed readiness to initiate programmes in selected schools from the 67 trilingual schools in Sri Lanka.

The Committee was informed that, per the Act’s provisions, the Office of National Unity and Reconciliation can recommend necessary amendments to the government.

The Chairman expressed his intention to discuss this matter with the Minister of Justice and the Minister of Education in future sessions. Additionally, he proposed the inclusion of youth representatives in upcoming meetings of the Sectoral Oversight Committee. MP Mayadunna Chinthaka Amal attended the meeting.

Colombo (LNW): The Inland Revenue Department (IRD) during a session of the Committee on Public Accounts (CoPA) faced inquiries regarding the proper receipt of Value Added Tax (VAT) from the public for various goods.

Currently, around 13,000 institutions are registered for VAT, and IRD officials are actively investigating the compliance of these institutions in remitting the relevant taxes to the government.

The committee emphasised that there is a need for institutions collecting VAT to establish a system ensuring accurate tax remittance to the government.

This discussion took place on November 15 during the CoPA meeting in Parliament, chaired by State Minister Lasantha Alagiyawanna.

The session aimed to scrutinise the Auditor General’s reports and assess the Inland Revenue Department’s performance for the years 2019, 2020, and 2021.

The committee inquired about the feasibility of the Inland Revenue Department taking over and maintaining the RAMIS computer system. However, IRD officials cited a shortage of human resources as a hindrance to assuming control of the system.

It was disclosed in the committee that six institutes are already linked to the RAMIS computer system, but the Department of the Registrar of Companies is facing delays in connecting due to technical reasons.

The committee recommended an immediate upgrade of the Registrar of Companies’ system and integration with the RAMIS system, with a progress report due before January 1, 2023.

The chairman instructed the provision of a comprehensive report on tax classifications and the arrears amounting to Rs. 943 billion to be collected.

Regarding new taxpayer registrations, officials reported that approximately 198,253 new taxpayers have been registered in 2023.

The Inland Revenue Department highlighted ongoing efforts to include the identified 16 million citizens over the age of 18 in tax payment programs.

The meeting, attended by State Ministers and Members of Parliament, addressed key issues related to tax administration and system upgrades within the Inland Revenue Department.

PMD: During the key note address at the ‘YPO Colombo Experience: Rediscover the Pearl’ conference held today (18) at the Shangri La hotel Colombo, President Ranil Wickremesinghe revealed his vision for transforming the economic landscape of the region. The President, who held discussions with the new Maldivian President Dr. Mohamed Muizzu, yesterday (17), expressed a desire for closer collaboration between Sri Lanka and the Maldives, envisioning a unified Tourist area.

The president highlighted the economic shift towards Asia, emphasizing the need for South Asian nations to work together to harness the growing economic power in the region. While acknowledging the individualistic nature of South Asian countries, he proposed a model where selective integration in certain sectors could pave the way for effective collaboration.

Turning the spotlight on Sri Lanka’s economic plans, the President unveiled a series of proposals focused on restructuring and modernization. The key objectives include establishing a competitive economy, embracing digital transformation, energy transition and fostering a green economy. The president emphasized the importance of becoming a regional logistic hub and outlined plans for promoting upmarket tourism, modernizing agriculture and introducing reforms in land ownership.

A significant announcement was the decision to grant freehold rights to farmers holding approximately 2 million acres of land, marking a significant step towards agricultural reform. The president also disclosed plans for large-scale modern agricultural enterprises, combining government and private sector efforts to drive economic growth. In the realm of technology, the president allocated funds to promote advancements, including venturing into Artificial Intelligence (AI).

The president outlined the potential industrialization of Tamil Nadu and neighbouring regions, creating a major economic centre. Additionally, the president encouraged Sri Lankan entrepreneurs to invest in neighbouring countries, emphasizing the country’s role in the development of Bangladesh and the exploration of opportunities in Myanmar, Cambodia, Laos, and East and West Africa.

In the context of tourism, the president proposed the idea of a unified tourist area involving Sri Lanka, India, and the Maldives, expanding the scope to include Nepal. He also stressed plans for a Bay of Bengal cruise area, positioning it as a larger alternative to the Caribbean.

Concluding his address, the President highlighted on-going trade negotiations and agreements, including Sri Lanka’s application to enter the Regional Comprehensive Economic Partnership (RCEP) and the pursuit of comprehensive economic partnerships with India and Bangladesh. The president expressed optimism about the region’s economic potential and urged young entrepreneurs to actively contribute to the envisioned regional economy.

Regional YPO members participated at this occasion.