The much-awaited budget speech for 2017 delivered on many fronts, particularly revenue measures and tax administrative reforms, with an aim to improve overall business sentiment. The shift that was seen with most new revenue proposals was that they are now targeted at improving the direct tax contribution towards revenue. Unlike in 2016, some...
Taxation continues to the principal instrument of mobilising revenue for financing public expenditure. In addition to serving this primary function, the Sri Lanka tax system has been harnessed over the years to serve the economic and social policy objectives of the government, both as a means of promoting capital formation and investment,...
Further investment in accommodation will be necessary to ensure growing demand from both foreign arrivals and domestic travellers in Sri Lanka is met. In 2015 the country’s hotels saw a 12% year-on-year increase in foreign guest nights to 8.945m, while Sri Lankans spent 1.588m guest nights in tourist hotels.
With sustained double-digit growth in visitor arrivals and burgeoning foreign exchange receipts, tourism is one of the most dynamic and robust sectors of the Sri Lankan economy. The country’s growing reputation is drawing visitors from an increasingly diverse range of markets to its pristine beaches, historical landmarks and adventure-packed...
What role can strategic foreign partners play in fulfilling Sri Lanka’s maritime aspirations?
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