Former Housing Development Authority employees arrested over financial fraud

Sri Lanka abstains from backing resolution on Ukraine

By Easwaran Rutnam Sri Lanka has abstained from backing a resolution at the United Nations (UN) in support of Ukraine. The?UN General Assembly voted to demand that Russia stop its offensive in Ukraine and withdraw all troops. A total of 141 UN Member States voted for the resolution while 5 countries voted against it and 34 abstained. Sri Lanka together with India were among the 34 countries that abstained from supporting the resolution against Russia. The resolution states that Russia?s mil

02 Mar, 2022

AG informs court no surcharge tax on EPF, ETF

The Attorney General (AG) has informed the Supreme Court that the surcharge tax of 25% will not be charged on the Employees? Provident Fund (EPF) and the Employees? Trust Fund (ETF). The Surcharge Tax Bill, which was presented to Parliament, was challenged in the Supreme Court. The Supreme Court was informed today that the Bill will be amended and that the surcharge tax will not be charged from the EPF and ETF. The Government has proposed a 25% surcharge tax on individuals or companies earnin

02 Mar, 2022

IMF Directors say Sri Lanka’s economic future looks grim

The Executive Board of the International Monetary Fund (IMF) has determined that Sri Lanka’s economic future looks grim with public debt having risen to unsustainable levels, low international reserves, and persistently large financing needs in the coming years. Against this backdrop, the IMF Executive Board stressed the urgency of implementing a credible and coherent strategy to restore macroeconomic stability and debt sustainability, while protecting vulnerable groups and reducing poverty thr

03 Mar, 2022