PMD: President Ranil Wickremesinghe engaged in discussions with Singapore’s Prime Minister Lee Hsien Loong earlier yesterday (22). The focal point of these discussions was the reinforcement of collaborative efforts between the two nations. The leaders emphasised the importance of sustained cooperation and explored avenues for increased economic involvement.

In the aftermath of this significant meeting, a pivotal step was taken to solidify the partnership between the governments of Sri Lanka and Singapore. A Memorandum of Understanding (MoU) was successfully inked, centring around the joint venture on carbon credits. This landmark collaboration falls under Article 6 of the Paris Agreement, a pivotal framework for global environmental stewardship.

Meanwhile, the historic MoU was signed by Ms Sashikala Premawardhane, High Commissioner of Sri Lanka to Singapore and Mr. Beh Swan Gin, Permanent Secretary (Development), Ministry of Trade and Industry, in the presence of President Wickremesinghe and Prime Minister Lee.

Notable figures accompanying President Wickremesinghe included Chief-of-Staff and National Security Advisor Sagala Ratnayaka, Senior Advisor on Climate Change Ruwan Wijewardena, and Senior Advisor on Economic Stabilisation Dr. R.H. Samaratunga. This assembly of key individuals underscores the seriousness and significance of this agreement.

This strategic partnership not only showcases the commitment of both nations to environmental responsibility but also sets the stage for further collaboration in various sectors, paving the way for a prosperous and sustainable future.

By: Isuru Parakrama

Colombo (LNW): The Natural Hazards Early Warning Centre of the Department of Meteorology today (22) issued a ‘caution’ level heat index advisory for some places in Northern, North-Central and Eastern Provinces and Moneragala District amidst the ongoing arid weather conditions.

Colombo (LNW): The Consumer Affairs Authority (CAA) is set to launch crackdown operations on persons who are demanding money from business outlets impersonating CAA officials, News1st reported citing Authority Chief Shantha Niriella.

The move comes in following a number of complaints that certain individuals are demanding money from business outlets claiming that they are from the Authority, Niriella pointed out, adding that such impersonators are making threats to business owners via phone and demanding money.

The CAA urged the business community and overall the public to immediately inform the nearest Police station and the Authority via the 1977 hotline, had any businessperson received such a phone call.

By: Isuru Parakrama

Colombo (LNW): The Ministry of Health has provided a clarification on the recent health hazard occurred at the Galle Prison leading to the death of two inmates and five others being hospitalised, stating that the ‘unidentified illness’ was Meningococcal disease.

The two inmates had died due to the infection of Meningococcus bacteria which led to the disease, the Ministry clarified, adding that as of now sixteen inmates are receiving treatment for the infection.

The infectees had shown symptoms of fever and phlegm, according to the Prisons Department.

The deceased inmates were among 1,023 prisoners placed at the Galle Prison, the Dept added.

Previous report:

By: Staff Writer

Colombo (LNW): The Inland Revenue Department is set to take stern action against condominium management companies for evading taxes

This action has been taken at a time where Sri Lanka’s once thriving luxury condominium facing an unprecedented crunch this year with no new projects coming up in the next three months several leading developers cautioned.

Further, taxes imposed on condominium sales including VAT and social security contribution levy as well as the high level of interest rates that prevailed during the quarter have contributed towards the adverse market conditions.

In terms of price categories, exactly half of the transactions reported were in the price category between Rs. 25 Mn—Rs. 50 Mn, the Central Bank report revealed. 

The Inland Revenue Department has written to apartment management companies seeking information regarding owners and residents of the condominium properties to identify individuals who might be evading taxes and avoiding due process to collect such data.

The move to request information from apartment management companies about condominium property owners and residents in Colombo has sparked controversy and raised ethical concerns.

According to sources, the Inland Revenue Department sent formal letters to apartment management companies in the city, asking for details about the owners and residents of the condominium properties, to identify individuals who may not be fulfilling their tax obligations and ensure their inclusion in the tax net.

The department has claimed that boosting tax revenue is crucial to navigating the current economic crisis, prompting them to seek out individuals who might be evading taxes.

However, this move has drawn criticism from communities who deem it ‘unethical’.

They argue while increasing tax revenue is important for the country’s recovery, the methods deployed by the department raise concerns about privacy and due process.

Some have expressed worries that the request for individual information might infringe upon citizens’ rights.

The Inland Revenue Department defended its actions, stating that the information request is aligned with administrative provisions outlined in section 123(1) of the Inland Revenue Act No. 24 of 2007.

The move has called for a broader debate about the balance between effective tax enforcement and respecting citizens’ rights to privacy.

This section likely pertains to the department’s authority to collect and use data for tax-related purposes. Nonetheless, individuals and privacy advocates remain wary of the potential misuse of personal data.

The move is also to shore up tax revenue in line with targets set by the International Monetary Fund (IMF) under its $ 3 billion Extended Fund Facility program.

During the six months ending June 2023, the Government revenue and grants had increased to Rs. 1,317 trillion in comparison to Rs. 919.5 billion recorded in the corresponding period of 2022, the Central Bank has announced.

Tax revenue amounted to Rs. 1.19 trillion as against Rs. 799 billion in 1H of last year. However non-tax revenue was down to Rs. 116 billion from Rs. 120 billion.