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Hela and Reebok join forces to leverage the vertical integration of the apparel industry

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By: Staff Writer

October 24, Colombo (LNW): Hela Apparel Holdings PLC, a Sri Lanka-based publicly-listed fashion conglomerate, has announced a long-term exclusive partnership with Authentic Brands Group to design, manufacture, and sell Reebok-branded outerwear in the UK and Europe.

This collaboration is a significant step for Hela Group, as it combines their expertise in design, manufacturing, and distribution with Reebok’s iconic style, aiming to provide high-quality, performance-driven outerwear that meets modern consumer demands.

This partnership will enhance Hela’s presence in the athleisure and activewear sectors while paving the way for future licensing agreements with other global brands.

Focus Brands, Hela Group’s brand licensing division, will act as the exclusive brand management partner for Reebok’s outerwear category in the UK and Europe.

 The product lineup will feature outdoor jackets, soft shells, bonded fleeces, and padded jackets for men, women, and children, available through specialty retailers, department stores, and e-commerce platforms across the region.

Ray Evans, CEO of Focus Brands, expressed enthusiasm for the partnership, emphasizing the potential to enhance Reebok’s offerings by leveraging their innovative design capabilities alongside Hela’s manufacturing strengths.

He stated, “We are excited about this strategic collaboration with Reebok in the outerwear category and look forward to delivering high-quality, cutting-edge products that resonate with evolving consumer demands across the UK and Europe.”

This partnership also solidifies Focus Brands’ existing relationship with Authentic Brands Group, reinforcing Hela Group’s position as a key player in the global apparel market.

For Reebok, known for its sports and fitness heritage, this collaboration presents an opportunity to refresh its outerwear line with innovative designs tailored to consumer preferences.

Yohan Lawrence, Secretary General of the Joint Apparel Association Forum (JAAF), noted that this partnership signifies a new chapter for Hela, highlighting innovation and collaboration as central to its growth. He remarked, “This partnership with Reebok marks a pivotal moment, not just for Hela, but for Sri Lanka’s apparel industry as a whole.

It demonstrates our ability to deliver world-class products that meet the dynamic needs of global consumers, reinforcing our position as a leader in sustainable and innovative manufacturing.”

Hela’s recent acquisition of Focus Brands has allowed the Group to connect more closely with end consumers while creating synergies between its manufacturing and brand licensing divisions.

This strategy fosters seamless collaboration, resulting in technically advanced and visually appealing products that showcase Hela’s capabilities as a globally recognized fashion conglomerate.

Sri Lanka’s Tax Landscape undergoes Transformation with TIN Introduction

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By: Staff Writer

October 24, Colombo (LNW): Sri Lanka’s tax landscape is undergoing a significant transformation with the introduction of the Tax Identification Number (TIN) and accompanying policy changes, said a senior official of the Inland Revenue Department,.

“Earlier, it had different categories of tax numbers, and they were subject to changes with time. For example, there was region-based tax number issuance; sometimes, tax numbers were issued based on the trade in which people were involved.

With the introduction of the TIN, a streamlined system came into place. TIN will lead us towards digitalisation and automation of tax processes to improve efficiency and transparency. Most importantly, the TIN broadens the tax base and improves tax administration with the introduction of RAMIS,” he said.

He elucidated that obtaining a TIN doesn’t automatically translate to tax obligations. “For income tax, only those earning above Rs. 1.2 million annually fall under the radar.

The Sri Lanka Taxpayer Identification Number (TIN) is issued by the Inland Revenue Department (IRD) to register businesses and individuals as taxpayers. It helps the IRD track taxpayers and streamline tax compliance. To obtain a TIN for your business, follow these steps outlined by the department.

The deadline to file personal income tax returns for the Year of Assessment 2023/24 is fast approaching on 30 November 2024, causing many to rush to assess their tax obligations. Having a TIN is essential for paying taxes, importing/exporting, or obtaining services from the IRD. Once you have a TIN, you must register for applicable tax types and other services depending on your requirements.

While the deadline for self-assessed tax payments for the Year of Assessment 2023/24 has already passed, it’s widely acknowledged that many individuals work best under pressure, after the deadline has passed.

It’s also important to note that under Section 113 (1B) of the Inland Revenue Act No. 24 of 2017 and its amendments, individuals must file their tax returns online via the IRD’s e-services portal starting from the Year of Assessment 2023/24. Manual submissions will no longer be accepted, though the Commissioner General of Inland Revenue (CGIR) may allow manual filing under “just and equitable” circumstances. However, this permission is discretionary and not guaranteed.

Starting 1 January 2024, all individuals over the age of 18 must obtain a TIN. This can be done either manually or online through RAMIS, the IRD’s electronic tax services portal, by completing the specified form and submitting supporting documents like a copy of your NIC and a utility bill or rent agreement to verify your residential address if it differs from the one on your NIC.

Sri Lanka’s tax landscape is undergoing a significant transformation with the introduction of the Tax Identification Number (TIN) and accompanying policy changes, said a senior official of the Inland Revenue Department.

“Earlier,it  had different categories of tax numbers, and they were subject to changes with time. For example, there was region-based tax number issuance; sometimes, tax numbers were issued based on the trade in which people were involved.

With the introduction of the TIN, a streamlined system came into place. TIN will lead us towards digitalisation and automation of tax processes to improve efficiency and transparency. 

Most importantly, the TIN broadens the tax base and improves tax administration with the introduction of RAMIS,” he said.

He elucidated that obtaining a TIN doesn’t automatically translate to tax obligations. “For income tax, only those earning above Rs. 1.2 million annually fall under the radar.

The Sri Lanka Taxpayer Identification Number (TIN) is issued by the Inland Revenue Department (IRD) to register businesses and individuals as taxpayers.

It helps the IRD track taxpayers and streamline tax compliance. To obtain a TIN for your business, follow these steps outlined by the department.

The deadline to file personal income tax returns for the Year of Assessment 2023/24 is fast approaching on 30 November 2024, causing many to rush to assess their tax obligations. 

Having a TIN is essential for paying taxes, importing/exporting, or obtaining services from the IRD. Once you have a TIN, you must register for applicable tax types and other services depending on your requirements.

While the deadline for self-assessed tax payments for the Year of Assessment 2023/24 has already passed, it’s widely acknowledged that many individuals work best under pressure, after the deadline has passed.

It’s also important to note that under Section 113 (1B) of the Inland Revenue Act No. 24 of 2017 and its amendments, individuals must file their tax returns online via the IRD’s e-services portal starting from the Year of Assessment 2023/24. 

Manual submissions will no longer be accepted, though the Commissioner General of Inland Revenue (CGIR) may allow manual filing under “just and equitable” circumstances. However, this permission is discretionary and not guaranteed.

Starting 1 January 2024, all individuals over the age of 18 must obtain a TIN.

This can be done either manually or online through RAMIS, the IRD’s electronic tax services portal, by completing the specified form and submitting supporting documents like a copy of your NIC and a utility bill or rent agreement to verify your residential address if it differs from the one on your NIC.

India and Sri Lanka Partner with WFP to improve food security of Farming Communities

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By: Staff Writer

October 24, Colombo (LNW): The United Nations World Food Programme (WFP), in collaboration with the Ministries of Environment of India and Sri Lanka, has launched a program aimed at improving the food security and livelihoods of farming communities in both nations.

The initiative, known as the Adaptation for Resilience (ADAPT4R) project, spans five years and focuses on enhancing the resilience of farmers facing climate-related challenges.

Funded by a US$ 14 million contribution from the Adaptation Fund, the project targets districts in both India and Sri Lanka where agriculture and rural livelihoods are most affected by adverse weather conditions.

ADAPT4R will empower farmers, particularly women, by providing climate services and utilizing existing systems to make their farming practices more resilient to climate change.

The Ministry of Environment, Forest and Climate Change (MoEFCC) of India and the Ministry of Environment, Wildlife, Forest Resources, Water Supply, Plantation, and Community Infrastructure of Sri Lanka will work together with WFP to implement this initiative.

According to Ms. Rajasree Ray, Economic Advisor at MoEFCC, India, the country is particularly vulnerable to climate events, ranking among the top 10 globally, as per the Global Climate Risk Index (2021). She emphasized that this partnership would help smallholder farmers in dryland regions of India build adaptive capacities to face climate risks.

Mrs. W.G. Kumaragama, Additional Secretary for Environment Projects & Education Training in Sri Lanka, noted that the ADAPT4R project is a significant step in the collaborative efforts between Sri Lanka and WFP. She highlighted the importance of cross-border learning between India and Sri Lanka to help at-risk communities build climate resilience.

The launch event featured a regional inception meeting, where government officials and experts from both countries discussed implementation strategies. Ms. Elisabeth Faure, Country Director for WFP in India, explained that the project will empower economically disadvantaged farming households to adopt localized adaptation strategies, diversify their livelihoods, and employ climate-resilient agricultural practices.

Gerard Rebello, WFP Sri Lanka’s Deputy Country Director, stressed the importance of preparing vulnerable communities for unpredictable weather, noting that boosting resilience will not only protect lives and livelihoods but also ensure the continuity of food systems amidst the impacts of climate change.

Strengthening Trade Relations: Sri Lanka and Hong Kong Host Landmark Roadshow

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By: Staff Writer

October 24, Colombo (LNW): In a significant development aimed at enhancing economic ties between Sri Lanka and Hong Kong, the Hong Kong Trade Development Council (HKTDC) and the Export Development Board (EDB) organized a milestone Roadshow on October 11, 2024, at The Kingsbury Hotel, Colombo. This event served as a platform for businesses from both regions to explore new market opportunities, form strategic alliances, and expand their global presence.

The HKTDC, a renowned statutory body committed to promoting and developing Hong Kong’s trade, operates through a network of 50 offices globally. Known for organizing international exhibitions, conferences, and business missions, the HKTDC plays a crucial role in helping Small and Medium-sized Enterprises (SMEs) penetrate new markets.

The Roadshow marked the continuation of a long-standing partnership between the EDB and HKTDC, focusing on empowering Sri Lankan businesses to explore new markets and form meaningful global partnerships.

Over the past decade, the EDB and HKTDC have collaborated on numerous impactful initiatives, including trade fair participation and buyer missions. These efforts have enabled Sri Lankan exporters to successfully enter the Hong Kong market, one of Asia’s premier financial and trading hubs.

The relationship between the two regions has continued to thrive, with Sri Lanka exporting goods worth USD 163 million to Hong Kong in 2023. Key exports included tea, apparel, gems, diamonds, and fishery products.

In return, Sri Lanka imported goods from Hong Kong valued at USD 190 million, with electrical machinery, mechanical appliances, and specialty fabrics topping the list.

On October 9, 2024, HKTDC representatives, including Ms. Vian Cheung, Consultant and Officer-in-Charge for Thailand & South Asia, and Mr. Samuel Cheng, Associate Director for Exhibitions and Digital Business, held discussions with EDB officials to explore further collaboration.

Their meeting focused on expanding trade relations and identifying new areas for partnership, particularly in exhibitions and exporter development programs.

The October 11 Roadshow attracted around 80 representatives from various Sri Lankan industries, including apparel, fashion accessories, ceramics, spices, electronics, ICT, gems, jewelry, and many more.

A notable highlight of the event was a presentation by Ms. Cheung and Mr. Cheng, who outlined the immense opportunities available for Sri Lankan exporters in Hong Kong’s dynamic market.

With years of collaboration as a foundation, the EDB is confident that Sri Lankan companies will not only expand their range of exports but also tap into new sectors such as IT, logistics, and professional services.

This partnership with HKTDC offers Sri Lankan businesses a crucial platform to thrive in one of the world’s most competitive markets.

Minister provides update on potential threats to tourists in Arugam Bay

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By: Isuru Parakrama

October 24, Colombo (LNW): Three individuals have been apprehended in connection with alleged threats to foreign tourists, particularly Israelis, in Sri Lanka’s Arugam Bay area.

Minister of Public Security, Vijitha Herath, announced the arrests during a special briefing, stating that the suspects were identified following intelligence-led investigations.

Minister Herath confirmed that whilst the suspects are currently being interrogated, none of them are foreign nationals. The investigation is ongoing, and further actions will be determined based on the findings.

The potential threats were uncovered earlier this month through an intelligence report, prompting swift preventive measures by the government in coordination with the country’s armed forces.

The Minister reassured the public and tourists that all necessary steps to safeguard foreign visitors had been implemented, and there is ongoing cooperation with foreign diplomatic missions to ensure their safety.

In response to queries regarding Jewish prayer centres being temporarily established in various parts of the country, Minister Herath clarified that these are linked to a Jewish religious festival observed in late October.

He noted that Israelis visiting Sri Lanka have set up these prayer centres for the duration of their stay, emphasising that the move is a temporary religious practice.

The government continues to monitor the situation closely, prioritising the safety and security of both tourists and locals, Herath added.

Official exchange rates in SL today (Oct 24)

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By: Isuru Parakrama

October 24, Colombo (LNW): The Sri Lankan Rupee (LKR) indicates further depreciation against the US Dollar today (24) in comparison to yesterday, as per the official exchange rates released by the Central Bank of Sri Lanka (CBSL).

The buying price of the US Dollar has increased to Rs. 289, and the selling price to Rs. 298.11.

SLBFE compensates victims of overseas employment scams

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October 24, Colombo (LNW): The Foreign Employment Bureau has disbursed Rs. 105.6 million in compensation to individuals who fell prey to overseas employment scams over the past year.

This restitution follows successful legal actions against fraudulent individuals and unregistered agencies involved in deceptive practices within the foreign employment sector.

The compensation is part of the Bureau’s response to growing concerns over overseas employment fraud, which has affected many seeking work abroad.

These legal proceedings were launched following a series of raids and investigations triggered by complaints from victims.

Over the past nine months, the Bureau has registered 570 complaints, resulting in the apprehension of 104 individuals involved in illegal foreign employment schemes.

These arrests highlight the Bureau’s commitment to tackling this issue, ensuring that those responsible face legal consequences.

To further assist the public in identifying and reporting such scams, the Bureau has introduced a dedicated hotline (1989), aimed at raising awareness and providing assistance to those affected or at risk of falling victim to fraudulent employment offers.

Completion of 2024 population and housing census listing phase reveals doubled numbers

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October 24, Colombo (LNW): The initial phase of Sri Lanka’s 2024 Population and Housing Census has been successfully concluded, marking a significant milestone in the country’s demographic study.

This stage, focused on counting census units, involved documenting residences, business establishments, institutions, and housing complexes where individuals live.

According to the Department of Census and Statistics, the number of census units in Sri Lanka has nearly doubled over the past forty years, reflecting notable growth.

The recent count reveals a total of 8,377,895 census units, a significant increase from the 3,423,486 units recorded in 1981.

The next phase of the census will delve deeper, gathering detailed information about the population, including data on individuals and their living conditions.

This stage is pivotal in understanding the demographic shifts and housing dynamics that have evolved over time.

Census officers are legally obligated under the Census Ordinance to protect the confidentiality of all personal information they collect, ensuring the privacy of individuals.

Every citizen is required to provide accurate data during this process, which will form the basis of the census report.

“Census Day” has been scheduled for December 19, when the comprehensive report will be released, offering valuable insights into the demographic trends of the nation.

Former MP Namal Rajapaksa appears before CID for questioning

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October 24, Colombo (LNW): Former MP Namal Rajapaksa appeared at the Criminal Investigation Department (CID) this morning at approximately 9.00 a.m., following a summons.

Speaking briefly to journalists upon his arrival, Rajapaksa expressed uncertainty about the exact reason for his summons, stating that he would learn the details once inside.

When pressed for more information, Rajapaksa remarked, “I am not aware of the specific matter. It’s better to be called in and clarify. The only way to clear the accusations against us is to come forward and provide statements. Some people spread lies with confidence, but we don’t. We will present our side of the story with conviction.

Whilst it remains unclear what specific allegations are being probed, Rajapaksa’s statement reflects his intention to address any accusations directly.

Flood alert issued for Southern SL as Nilwala River water levels rise

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By: Isuru Parakrama

October 24, Colombo (LNW): The Department of Irrigation has announced a flood warning for several low-lying areas in the southern region of Sri Lanka, which will remain in effect for the next 48 hours.

This alert follows a significant increase in water levels of the Nilwala River due to continuous heavy rainfall in the region.

The areas most at risk include Pasgoda, Kotapola, Pitabeddara, Akuressa, Athuraliya, Malimbada, Thihagoda, Kamburupitiya, Matara, and Devinuwara, with the divisional secretariats in these regions advised to prepare for potential flooding.

The department has urged residents in these flood-prone zones to remain vigilant and take necessary precautions to ensure their safety.

Local authorities have been placed on alert, with emergency response teams ready to assist should the situation escalate.

Residents are advised to stay updated on weather reports and avoid travelling to affected areas unless necessary.

In addition to the immediate threat of rising water levels, heavy rains are expected to continue in the coming days, further heightening concerns about potential landslides in hilly regions. Local communities are being encouraged to relocate to safer areas if floodwaters continue to rise.

Authorities have also warned that road access in and around these areas could become severely restricted, urging travellers to plan their routes carefully and avoid areas that are prone to flash flooding.