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Sri Lanka extends helping hand for 4000 Ukrainian tourists

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Sri Lanka extends helping hand for 4000 Ukrainian tourists

Sri Lanka is bracing for what could be a major impact to the already unstable economy as a result of the crisis in Ukraine as nearly 4,000 Ukrainian tourists are stranded in the country currently.

The Government will be providing every possible assistance including an extension of their visas to stay in the country for these tourists who are in distress at present due to a war declared by Russia, SL foreign Ministry announced.

Russia’s military operation in Ukraine is expected to hit Sri Lanka’s tourism sector as well as tea exports and the purchasing of oil.

Nearly 4,000 Ukrainian tourists currently in Sri Lanka are to be granted a visa extension owing to the ongoing conflict in Ukraine.

Tourism Minister Prasanna Ranatunga said that the Government is considering extending the visas of Ukrainian tourists who are unable return home.

He said that a proposal in this regard will be presented to the Cabinet during its weekly meeting tomorrow (Monday).

Ranatunga also said that the Ministry of External Affairs is also discussing the proposal with the Department of Immigration and Emigration.

Minister Ranatunga also mentioned that since visas are issued to tourists for a minimum period of one month, necessary steps will be taken after considering the expiration date of visas for Ukrainian tourists in the country.

According to the Tourism Development Authority, nearly 4,000 Ukrainian tourists are currently staying in Sri Lanka, while the number of Russian tourists staying in Sri Lanka is close to 11,500.

Foreign Secretary Admiral Jayanath Colombage said that the most number of tourists to Sri Lanka arrived from Russia and Ukraine in the recent past.

He said that Sri Lanka is expecting arrivals from those countries to be affected as a result of the crisis in Ukraine.“That will have a major impact on us,” the Foreign Secretary said at a virtual media briefing yesterday.

Colombage also said that Sri Lanka will find it hard to sell its tea as a result of the crisis in Ukraine.Russia and Ukraine are among the key countries to which Sri Lanka exports tea.

He also said that Sri Lanka will be compelled to pay more for oil and gas imported to the country.World oil prices have already shot up as a result of the situation in Ukraine and Sri Lanka will need more dollars to pay for the imports.

Successful Venture Engine “Finale” kick starts local startup sector

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Successful Venture Engine “Finale” kick starts local startup sector

Venture Engine is once again taking up the mantle of kickstarting Sri Lanka’s startup sector. As Sri Lanka’s foremost startup funding platform, and a pioneer in the local startup sector since 2012, Venture Engine has spotlighted the resurgence of the startup sector with its successfully concluded Finale, which was held on the 23rd of February 2022. 

This event not only showcased the resilience of Sri Lanka’s startups, but also that the sector is rebounding.

“Despite the setbacks experienced by the startup sector due to COVID-19, a lack of foreign exchange, etc, we are pleased to have successfully completed Venture Engine’s tenth year. 

This is a testament to the strength of this program, which has helped fast track some of Sri Lanka’s top fundable startups from idea to late stage in a very short time span. In many ways, our journey this year has mirrored that of our startups. 

With changes to our program due to repeat stops and starts, and even an unprecedented extension of our timelines. This year we introduced a new award called the Trailblazer award. 

This award was keen to shine a spotlight on the success of women entrepreneurs and inspire more women to take part. We will also offer individual mentoring with our group of investment advisors, domain experts and successful founders. 

The idea of the grant and focused mentorship is to help founders with their business pain points,” commented Mr. Prajeeth Balasubramaniam, Founder of BOV Capital, Lankan Angel Network and Venture Engine.

The winner of Venture Engine in 2022 was Sri Lanka’s first ‘Buy Now, Pay Later’ platform, Mintpay (FinTech). One-to-one online tutoring platform Tutopiya (EdTech) was adjudged the First Runner-up, while Non Fungible Token (NFT) marketplace Hyperglade (Web 3.0) was recognized as the Second Runner-up. Tutopiya Founder Nuha Ghouse received the Trailblazer Award, which was given out in 2022 for the first time.

Continuing to promote initiatives that help innovative startups to accelerate their growth and scale, Venture Engine has, this year alone, awarded more than Rs. 7 million in prize money and grants to startups, in celebration of its tenth anniversary. 

Along with BOV Capital, the Indian Angel Network is also a founder of Venture Engine, with the Lankan Angel Network (LAN) being its Investment Partner and the Ford Foundation its Platinum Sponsor.

Government to withdraw SGST exploring other tax options 

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Government to withdraw SGST exploring other tax options 

Thegovernment is withdrawing the special Goods and Services Tax (GST) bill aimed at simplifying the existing tax structure and consolidates several taxes assingle tax following the Supreme Court’s decision of requiring a two-thirdsmajority and referendum to enact it as a law, 

Finance Ministry sources said.Under this circumstance the Finance Ministry has to explore other revenue measures if it has to replace the GST with a tax that would generate the same revenue.Such taxes would be fairer to consumers and small businesses and it would not be a headache for small businesses, and would harmonize tax policies.

Essentially,the alternatives to the GST are as follows: (1) introduce a business transfer tax; (2) introduce a tax on consumption (here defined as income less savings);(3) simplify the GST (eliminate some exemptions; increase the income threshold above which businesses must register) and harmonize it with the provincial sales taxes; (4) replace the GST with a more broadly-based retail sales tax;

 Even to introduce even one of these taxations needs the introduction of a new tax bill which will have to be enacted in parliament following the supreme court determination on its constitutionality.

With  regard to the previous Special GST, the Supreme Court observed that several clauses of the bill are inconsistent with some of the articles of the country’s constitution.

The SpecialGST consolidates several taxes on liquor, cigarettes, telecommunications,betting and gaming and vehicles. 

The Attorney General had cleared the draft law.This legal issue has prompted the Finance Ministry to find an option to re-introduce theSGST and one of the options is to withdraw the tax and allow the previous taxation system with some revisions to relevant taxes to continue, said JointSecretary of the Inland Revenue Service Executive officers’ Association H. A.L. Udayasiri.

The ministry has convened several special meetings to arrive at a decision and it will also seek the legal opinion of the Attorney General on possible options tore-introduce SGST and devising a new bill with necessary amendments.

The Ministryhas made all arrangements to set up a separate revenue collection unit at theTreasury and install the computer system to collect SGST online, he said adding that it has been planned to collect additional revenue of Rs. 50 billion from the new tax by law and changes to the Value Added Tax.

Welcomingthe Supreme Court order, Mr. Udayasiri said that this GST taxation is against the established system and procedure of revenue collection in Sri Lanka.

He noted that the TaxDepartment is responsible for the collection of 54 per cent of total revenue collection in Sri Lanka and taking over its responsibilities and functions oneby one will create a dangerous precedent 

Several appointments of foreign ambassadors to Sri Lanka made

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Several appointments of foreign ambassadors to Sri Lanka made

01 – The United States of America with the concurrence of the Government of Sri Lanka has appointed Ms. Julie J. Chung as the Ambassador Extraordinary and Plenipotentiary of the United States of America to Sri Lanka based in Colombo. She has presented credentials to H.E. Gotabaya Rajapaksa, President of Sri Lanka on 25 February 2022 at 4.00 p.m. at the President’s House, Colombo 01.

02 – The United Arab Emirates with the concurrence of the Government of Sri Lanka has appointed Mr. Khaled Nasser AlAmeri as the Ambassador Extraordinary and Plenipotentiary of the United Arab Emirates to Sri Lanka based in Colombo. He has presented credentials to H.E. Gotabaya Rajapaksa, President of Sri Lanka on 25 February 2022 at 4.00 p.m. at the President’s House, Colombo 01.

Foreign Ministry
Colombo
25 February, 2022

Strengthening Economic relations the focus of several meetings in Paris

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Strengthening Economic relations the focus of several meetings in Paris

Foreign Minister Prof. G.L Peiris met with Minister Delegate for Trade and Economic Attractiveness Franck Reister at the Foreign Ministry in Paris to discuss French support for the expansion of economic relations with Sri Lanka in a variety of sectors. A Memorandum of Understanding was signed between the two Ministers at the conclusion of their discussion.

The Foreign Minister attended several meetings at the Chamber of Commerce of France. He met with Counsellor Bernard Quinet and Head of International Business Networks Estelle Gillot at the Chamber of Commerce. The main focus of discussion was networking arrangements between French and Sri Lankan companies and French expertise for educational programmes in entrepreneurship, business management and related subjects.

Minister Prof. Peiris held discussions with Francois Corbin of MEDEF International, the largest association of companies in France. Among representatives of the corporate sector he met in Paris were Secretary General of the company M21 Life Sciences Christian Leroux and Vice President of Marketing Strategy Thales DIS Jean-Claude Perrin.

Foreign Ministry

Colombo

27 February, 2022

50 per cent of passenger buses removed from operations amid fuel crisis

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50 per cent of passenger buses removed from operations amid fuel crisis

Passenger bus operations will have to be limited from Monday (28) due to the shortage of diesel, revealed the Private Bus Owners Association.

Accordingly, 50 per cent of passenger buses will be removed from operations, the Union concluded.

As of now, there is a severe shortage of diesel in the country affecting public transportation.

MIAP

A five hour power cut tomorrow

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A five hour power cut tomorrow

A power cut of over 04 hours and 40 minutes will occur tomorrow, said the Public Utilities Commission of Sri Lanka (PUCSL).

The manner in which these power cuts occur has also been publicised by the PUCSL, stating that a power cut of 05 hours and 15 minutes will occur to areas belonging to zones P,Q,R,S,T,U,V and W, cutting power for 02 hours and 45 minutes between 08.30 am and 04.45 pm and cutting power for 02 hours and 30 minutes between 04.45 pm and 09.45 pm.

Meanwhile, a power cut of 04 hours and 40 minutes will occur to areas belonging to zones A,B and C, cutting power for 02 hours and 40 minutes between 08.30 am and 04.30 pm and cutting power for 02 hours between 04.30 pm and 10.30 pm, the PUCSL added.

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I would have never left the country if I was informed on an attack – Maithri

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I would have never left the country if I was informed on an attack – Maithri

Former President Maithripala Sirisena has denied allegations that he went abroad for medical treatment despite receiving information that a terrorist attack would take place on Easter Sunday. The former president says he would not have left the country for any reason if the intelligence or security forces had informed him of such an attack.

Speaking at a Sunday service at the Nirmali Church in Polonnaruwa, Maithripala Sirisena said he had not received any information about the Easter attack while receiving treatment at a hospital in Singapore. He also states that he can swear it on the holy cross.

The former president further said that he would have instructed the security forces to enforce the curfew and taken necessary action if he was informed that the security forces were under attack while he was in Singapore.

The salary of the President is only Rs. 90,000. Nurses get more than that – Murutthettuwe Ananda Thero

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The salary of the President is only Rs. 90,000. Nurses get more than that – Murutthettuwe Ananda Thero

The salary of the President of the country is only 90,000 rupees and in comparison with that the nursing service gets more facilities says the Chancellor of the University of Colombo Ven. Murutthettuwe Ananda Thero.

“This is not a job, this is a profession. Maybe giving you some allowance or salary for the service you do is a different matter. But we are committed to doing a good service. The salary of the President is 90,000 rupees. When we make this comparison, today we have more facilities. Our side also needs to be a little better when we get more facilities. Despite these shortcomings, if we come to our Prime Minister and our current President as much as possible and remind them, we will never say no.”

Ven. Murutthettuwe Ananda Thera said this addressing a function held at Temple Trees yesterday (26) to dedicate 153 new nurses to the service of the Nightingale Pledge.

Basil to leave for US, ready for IMF talks

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Basil to leave for US, ready for IMF talks

Finance Minister Basil Rajapaksa is set to visit the United States on an official tour this April, in the objective of holding discussions with international bodies to solve the economic crisis befallen Sri Lanka.

Minister Rajapaksa is expected to hold discussions with the heads of the International Monetary Fund (IMF) and the heads of the World Bank. These talks are believed to be held in Washington.

Initial discussions are already underway and are successfully being carried out, reports said.

Should these talks success, a chances are high that Sri Lanka will receive a relief package in order to solve the prevailing economic crisis.

MIAP

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