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CCM Expands Investment Footprint with Major Stake in Browns Investments

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By: Staff Writer

April 27, Colombo (LNW): Ceylon Capital Management (CCM), chaired by entrepreneur Amila Mahesh Basnayaka, has strengthened its position in Sri Lanka’s investment landscape with a major acquisition of 23 million shares in Browns Investments PLC (BIL).

In a series of strategic purchases over recent trading sessions, Basnayaka acquired an additional 19 million shares at prices between Rs. 6.80 and Rs. 7.30 per share.

This investment, totaling around Rs. 134 million, elevates CCM’s overall stake to 0.17% of Browns Investments, positioning the firm among BIL’s top 15 shareholders.

The move underscores Basnayaka’s long-term confidence in Browns’ growth potential and value proposition.

Browns Investments, a dynamic arm of the LOLC Group, plays a leading role in sectors critical to Sri Lanka’s economy.

 Its diverse portfolio covers plantations, agriculture, leisure and travel, construction, manufacturing, and real estate.

Through a strategy of strengthening its core assets and executing calculated acquisitions, Browns continues to expand LOLC Group’s footprint across these vital industries.

Notably, Browns Investments holds a major stake in Hatton National Bank, aligning itself with leading financial institutions to support broader economic development and financial inclusion.

The company’s financial performance has been robust. For the nine months ending December 2024, Browns Investments reported a profit of Rs. 47.57 billion—a 117% increase compared to the previous year. Earnings per share rose sharply by 116% to Rs. 3.31, while Net Asset Value per share stood at Rs. 12.07, reflecting strong underlying fundamentals.

Browns’ operations span several key sectors. In leisure and travel, it manages Eden Hotel Lanka PLC, Dolphin Hotels PLC, Hotel Sigiriya PLC, and Excel World. In agriculture, it oversees Hapugastenne Plantations PLC, Udapussellawa Plantations PLC, Browns Plantations Kenya, and the strategic acquisition of the iconic Lipton brand. In engineering and construction, Browns is involved in projects like The Colombo Marina at Colombo Port City, Browns Metal and Sands, and Sierra Cables.

Basnayaka’s journey with Browns Investments began in 2019 when he started building his shareholding personally. Over six years, this methodical approach has evolved into a significant institutional presence through CCM.Beyond equities, CCM has diversified into several high-growth sectors. Under Basnayaka’s leadership, the firm has expanded into luxury wellness tourism with Wellness Ceylon Global Ltd., traditional healing with Seth Siri Arana Global Ltd., curated travel through Unithinc International Ltd., automotive solutions via CBN Group Ltd., and sustainable real estate development with Total Trust Global Ltd. Each venture supports a cohesive long-term vision of sustainable value creation across industries and borders, according to Basnayaka.

Millions outside Tax Net as IRD Races toward Rs. 2,195 Billion Target

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By: Staff Writer

April 27, Colombo (LNW): The Inland Revenue Department (IRD) is facing a critical challenge in broadening its taxpayer base, as it works toward an ambitious revenue target of Rs. 2,195 billion for the year 2025.

Despite having issued Taxpayer Identification Numbers (TINs) to nearly 10 million individuals, the IRD estimates that only around 1.7 to 1.8 million of these are adults aged 18 years and older.

This leaves a staggering gap of approximately 7 million eligible individuals who remain outside the formal tax system.

Addressing the media, Deputy Commissioner General B.K.S. Shantha admitted that significant gaps persist, even after the introduction of a law in May 2023 mandating all adults over 18 to register for a TIN.

“We have made commendable progress, but there is a long road ahead. Capturing these missing millions into the tax system is essential not just for legal compliance but also for ensuring long-term fiscal stability,” Shantha stressed.

The Government’s move to make TIN registration compulsory was aimed at linking it to a broad array of financial and legal activities—from banking transactions and credit card issuance to property and vehicle registrations.

To facilitate this, the IRD developed an online portal enabling easy TIN registration without the need for physical visits to their offices.

Despite these measures, the IRD continues to encounter hurdles, particularly with low-income earners. Although they are required to register for a TIN, many fall below the taxable income threshold and are often disengaged from the formal tax system.

Exemptions such as the withholding tax (WHT) concession on interest income further complicate the situation. Individuals earning under Rs. 1.8 million per year can claim exemption by submitting a self-declaration form to their banks.

In a bid to bolster revenue, the IRD recently increased the WHT rate from 5% to 10% on interest income. However, Shantha noted that nearly Rs. 60 billion in potential revenue is lost annually due to such concessions.

He highlighted that many eligible individuals either remain unaware of the declaration process or are reluctant to interact with the tax system, particularly those without an existing TIN.

To address this, the IRD has temporarily allowed banks to accept self-declaration forms even from individuals without TINs. The IRD will then process these forms, assign TINs, and inform the respective banks.

Shantha emphasized the seriousness of this initiative, warning that providing false information is a punishable offence under the IRD Act.

Expanding the tax base is critical for Sri Lanka’s economic recovery, especially as the country remains under IMF scrutiny and is still managing the repercussions of the 2022 financial crisis. With fiscal consolidation as a major policy goal, improving tax compliance and collection is not optional—it is vital.

The Deputy Commissioner General concluded by underlining the urgent need for collective participation. Whether individuals ultimately pay taxes or fall under exemptions, being formally registered in the system is essential. “We must build a strong culture of compliance if we are to meet our revenue targets and secure the nation’s financial future,” he said.

Clearly, broadening the taxpayer base and enhancing tax revenue collection are indispensable if Sri Lanka is to achieve its 2025 revenue target and ensure sustainable economic growth.

Sri Lanka Adjusts Liquor Taxes with New Inflation-Linked Policy

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By: Staff Writer

April 27, Colombo (LNW): The Sri Lankan government has introduced an annual indexation mechanism for excisable goods, including alcoholic beverages, marking a major shift in taxation policy. This move will adjust excise duties under the Excise Ordinance each year, aligning taxes with inflation and broader economic conditions, a senior Finance Ministry official disclosed.

The new policy aims to reflect international best practices, reduce revenue volatility, and curb the growth of the illicit alcohol market. Excise duties on products such as Special Arrack, Coconut Arrack, Locally Manufactured Foreign Liquor, Beer, Wine, and Cider have already been raised by 5.9 percent under this mechanism.

Despite an annual consumption of around 90 million liters of spirits, the government has been battling a surge in illicit alcohol consumption, which now stands at 30–35 million liters per year, according to Excise Department statistics. A significant drop in hard liquor consumption—from 26 million liters in 2022 to 19.31 million liters in 2024—has been attributed to rising prices and ongoing economic hardships, a senior department official noted.

This reduction in legal alcohol consumption has been paralleled by a concerning increase in illicit liquor use, raising public health risks and eroding government revenues. To counter these challenges, authorities have intensified enforcement efforts, leading to a 22 percent rise in legitimate liquor production and a 23 percent boost in excise collections in early 2025. The Excise Department’s heightened vigilance has helped reverse the slowdown seen in 2023 and 2024, focusing on reducing illegal trade and safeguarding fiscal stability.

As part of a broader strategy, the government is also encouraging the introduction of safer, high-quality alcoholic beverages. One proposal involves producing arrack with 25 percent alcohol content in 180ml bottles—the most popular size among Sri Lankan consumers. Furthermore, underutilized molasses spirit from the Pelwatte and Sevanagala distilleries could be used to create these new products, retaining excise revenues and satisfying consumer demand.

Meanwhile, the Committee on Public Finance has reviewed the cigarette tax structure, questioning the current tax calculation methods and their impact on revenue. It was suggested that reducing the number of tax bands could potentially increase revenue, especially since Sri Lanka’s cigarette tax-to-price ratio remains below the global benchmark of 75 percent.

In a parallel move, the government has also introduced indexation of the cess on liquor. Instead of setting fixed cess rates, the cess will now be adjusted periodically, likely using the Colombo Consumer Price Index (CCPI). As inflation remains high following the 2022 economic crisis, indexation is intended to maintain the real value of tax revenues.

However, while indexation is expected to initially boost government revenues as liquor prices rise in line with inflation, there are risks. Continued price hikes could lead to reduced legal alcohol consumption, a shift towards cheaper and illicit products, and potential erosion of revenue over time. 

Additionally, the expansion of the illicit liquor market, disproportionate impacts on lower-income consumers, and the increased need for enforcement could further strain government resources.

The government’s strategy marks a balancing act—protecting revenues in an inflationary environment while trying to curb illicit alcohol consumption and its associated risks.

EXCLUSIVE: Construction of cancer treatment facility at Maharagama Apeksha Hospital stalls amidst withdrawal of Navy labour

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April 27, Colombo (LNW): The construction of a vital new facility at the Maharagama Apeksha Hospital, intended to enhance cancer treatment services, has come to a complete standstill following the sudden withdrawal of Navy personnel who had been providing labour support.

The project in question, known as the “LINAC” building, was designed to house advanced linear accelerator machines essential for the treatment of cancer patients. Planned as a five-storey structure, only the first floor had been completed through government funding.

Subsequent progress was hindered by financial constraints until a Sri Lankan philanthropist pledged approximately Rs. 100 million to facilitate the construction of the second floor.

In a bid to assist, the Sri Lanka Navy had volunteered to contribute labour to the project, allowing construction to continue during the tenure of the previous government. However, on March 20, 2025, the Ministry of Defence abruptly recalled around 60 Navy personnel from the site, citing a lack of formal government approval for their involvement in the project.

Since their withdrawal, construction work has remained frozen for over a month, despite numerous appeals from the Hospital Director, the Ministry of Health, and other concerned stakeholders.

Insiders at the site report that the construction had reached a critical phase, with the concrete slab prepared and ready for pouring at the time of the sudden stoppage.

Unfortunately, prolonged exposure to the elements — sun and rain — is now causing visible damage to the unfinished structure. The pristine timber components, which were carefully installed, are particularly at risk of deterioration if work does not resume swiftly.

Sources further indicated that the 60 Navy personnel who were reassigned back to their base have not been deployed to any alternative duties since their return, further highlighting the inefficient outcome of the decision.

Healthcare professionals and hospital administrators have expressed deep concern that the delay in completing the LINAC building could have serious consequences for thousands of cancer patients awaiting improved treatment facilities.

The halt not only risks wasting the significant private donation but also undermines years of efforts to upgrade cancer care services in Sri Lanka.

There are growing calls for authorities to intervene urgently to resolve administrative hurdles, restore labour support, and prevent further damage to the structure. Restarting construction would not only protect the investment already made but would also hasten the delivery of critical, life-saving healthcare to patients across the country.

Opposition calls for clarity on Sri Lanka’s position amid rising India-Pakistan tensions

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April 27, Colombo (LNW): The Sri Lankan government is facing mounting pressure from opposition parties to clarify the country’s position in the event of further escalation in the ongoing tensions between India and Pakistan.

With the region on edge, the opposition is demanding transparency, particularly in light of the recent defence cooperation memorandum of understanding (MoU) signed between Sri Lanka and India.

Namal Rajapaksa, National Organiser of the Sri Lanka Podujana Peramuna (SLPP), voiced concerns over the lack of clarity regarding Sri Lanka’s stance if the situation between India and Pakistan were to escalate into full-scale conflict.

Rajapaksa emphasised that the people of Sri Lanka have the right to know where the government stands, particularly given the strategic defence agreements in place with India.

“Sri Lanka is a nation that has long been committed to peace,” he remarked, adding that it is crucial for the government to be upfront about its plans in the event of an intensifying conflict in the region.

Echoing these sentiments, Dr. Harsha de Silva, Member of Parliament for the Samagi Jana Balawegaya (SJB), also called for greater transparency. He argued that the public deserves to be informed about the country’s position on such a critical issue.

De Silva stressed that Sri Lanka’s commitment to peace and neutrality should be at the forefront of any declarations, especially considering the implications of the defence cooperation MoU signed with India.

He further suggested that Parliament should be provided with a detailed briefing on the contents of the MoU to ensure that all legislative representatives are fully informed of the terms of the agreement and the potential ramifications for Sri Lanka’s foreign policy.

The government’s response to these demands will likely shape public perception of its foreign policy, especially as the situation in South Asia continues to evolve.

“Clean Sri Lanka” initiative continues with strong community support during Siri Dalada Wandanawa exposition

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April 27, Colombo (LNW): The ongoing “Clean Sri Lanka” initiative, launched in tandem with the special Siri Dalada Wandanawa exposition in Kandy, reached its ninth consecutive day on Saturday (26).

This effort, focused on maintaining cleanliness and promoting responsible waste disposal, has garnered significant attention, particularly in the vicinity of the Temple of the Sacred Tooth Relic.

The programme primarily targeted the key access routes leading to the Temple and its surrounding areas, with the active involvement of the Clean Sri Lanka Secretariat and numerous volunteer groups.

These groups, which included both young and older members of the community, dedicated their time and energy to ensuring the cleanliness of one of Sri Lanka’s most revered landmarks.

The initiative is part of the government’s effort to instil a culture of responsible waste management amongst the public. By addressing the issue head-on, organisers aimed to not only clean up the area but also to raise awareness about the importance of maintaining public spaces, especially in high-traffic, culturally significant locations like Kandy.

The programme has received widespread community support, with locals and visitors alike participating enthusiastically. The strong turnout underscores the growing recognition of the importance of preserving Sri Lanka’s natural beauty and cultural heritage.

Volunteers, including students, professionals, and other residents, worked together with local authorities to tackle littering and ensure the safe disposal of waste.

This waste management effort has coincided with the special exposition of the Sacred Tooth Relic, which has drawn a large number of devotees from across the island.

The successful implementation of the initiative during this high-traffic period has highlighted the potential for ongoing, community-driven efforts to improve public cleanliness and foster a more sustainable future.

Prez AKD urges unity and reconciliation to safeguard Sri Lanka’s future

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By: Isuru Parakrama

April 27, Colombo (LNW): The National People’s Power (NPP) hosted a public rally yesterday (26) in the Pudukkudiyirippu area, as part of its preparations for the forthcoming Local Government elections.

The event was spearheaded by President Anura Kumara Dissanayake, who addressed a large and attentive crowd.

In his speech, Dissanayake stressed the critical importance of securing victory at the upcoming elections, framing it as a necessary step to maintain and strengthen the country’s recent progress.

He remarked that, after many years of hardship and stagnation, Sri Lanka had finally begun to chart a more hopeful course. Dissanayake cautioned that allowing this newfound direction to falter would only set the nation back.

Reflecting on the country’s painful past, he spoke movingly about the devastation wrought by the prolonged conflict between the North and South. He highlighted the enormous human cost, with countless innocent lives lost and families torn apart by the violence.

Dissanayake urged all Sri Lankans to move beyond the bitterness of history, emphasising the need for reconciliation and unity across ethnic and communal lines.

He called upon the people to embrace the vision of a shared homeland, where every citizen, regardless of background, could feel an equal sense of belonging and pride. Stressing that unity must be at the heart of the country’s future, he noted that true national strength would come from solidarity rather than division.

In a gesture aimed at fostering this spirit of togetherness, Dissanayake announced plans for a National Cultural Day to be held in October.

The celebration would serve as a platform for all communities to come together, celebrating their rich diversity while reinforcing the common bonds that tie the nation together, he remarked.

Applications for GCE A/L result re-evaluation to open in May

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April 27, Colombo (LNW): The Department of Examinations has announced that it will begin accepting applications for the re-evaluation of GCE Advanced Level (A/L) examination results from May 02.

Students wishing to request a reassessment of their examination scripts must submit their applications online through the department’s official website, onlineexams.gov.lk.

The deadline for submissions has been set for May 16, and applicants have been encouraged to adhere strictly to the given timeframe to avoid any delays or complications.

This announcement follows the recent release of the A/L examination results, where 177,588 students were reported to have met the eligibility criteria for university admission.

However, the Department also revealed that the results of 456 students have been suspended pending further investigation.

Distribution of polling cards continues today ahead of LG Polls

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April 27, Colombo (LNW): In preparation for the upcoming Local Government elections, the National Election Commission has confirmed that the distribution of polling cards will proceed today (27), despite it being a Sunday.

This move forms part of the Commission’s efforts to ensure all registered voters receive their official documents ahead of polling day.

Commissioner General of Elections Saman Sri Ratnayake stated that the delivery process, which commenced on April 16, is progressing as planned and will conclude on Tuesday, April 29.

He urged voters to ensure they receive their polling cards by the stipulated date to avoid any complications when casting their ballots.

Voters who have not received their official polling cards by the end of the distribution period have been advised to personally visit their nearest post office.

Upon presentation of their National Identity Card (NIC), they will be able to collect their polling cards directly. The Election Commission has emphasised the importance of this step to maintain the integrity and efficiency of the electoral process.

Court restricts protest activity near examination centres amid recruitment tests for health services

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April 27, Colombo (LNW): The Maligakanda Magistrate’s Court has issued a prohibition order against four individuals, barring them from entering or remaining in the vicinity of examination centres today (27), as the Ministry of Health conducts competitive recruitment examinations for supplementary health service courses.

The court action followed a request by the Officer-in-Charge of the Maradana Police Station, who reported credible intelligence indicating plans to stage a protest intended to disrupt the examination process.

Police stated that there were concerns the demonstration could dissuade or intimidate candidates intending to sit the exams, which are crucial for recruiting graduates into key health sector roles.

Those named in the court order include M.N.M. Nustri, co-convener of the Allied Health Science Graduates’ Union, Nandun Dasharika Hewapathirana, secretary of the union, Madushan Chandrajith, convener of the Inter-University Students’ Federation (IUSF), and Ravi Kumudesh, chairman of the Joint Council of Supplementary Medical Professionals.

Under the court’s directive, these individuals are forbidden from entering the Colombo hospital square within the Maradana Police Division and from engaging in demonstrations or protest marches that could obstruct pedestrian access along major roads such as Deans Road, De Saram Road, Kinsey Road, and Regent Street. This measure specifically seeks to prevent disruptions to the operations of hospitals and medical facilities located in these areas.

The order also extends to prohibiting loitering or staging protests in front of two of the designated examination venues — the School of Nursing Colombo and the Post Basic College of Nursing — during examination hours, which run from 8 a.m. to 4 p.m. today.

The Ministry of Health confirmed that the competitive examination, organised by its Examinations Division, is being held across four locations: the School of Nursing Colombo, Post Basic College of Nursing, College of Nursing in Kandana, and the Castle Street Hospital for Women.

The tests are scheduled to commence at 10 a.m. and are critical for filling vacancies in the roles of Medical Laboratory Technologists, Radiographers, and Physiotherapists within the public healthcare sector.

Candidates were notified through mailed admission cards ahead of the examination date, with the Ministry emphasising the importance of maintaining order to ensure the smooth and fair conduct of the process.