Category: Daily Financial Times

Cinnamon Grand Colombo, one of Sri Lanka’s most distinctive hospitality landmarks, commemorates its 20th anniversary today under the Cinnamon Hotels and Resorts’ brand, celebrating two decades of service while holding firm to its Sri Lankan identity.

First opened in 1975 as Hotel Lanka Oberoi, the Oberoi Group’s first foray outside India the hotel has undergone multiple reinventions, from its Colombo Plaza era to its transformation into Cinnamon Grand Colombo under John Keells Holdings in 2005. Each chapter expanded its scale, sharpened its brand, and embedded it deeper into the cultural and corporate fabric of the city.

Today, Cinnamon Grand Colombo stands as a rare constant in Colombo’s evolving hospitality landscape. Even as global brands intensified competition through distribution power and loyalty ecosystems, Cinnamon Grand remains as a leading preference and continues to stand out as a classic in a fiercely competitive environment.

‘In a market increasingly defined by global standardisation, Cinnamon Grand Colombo’s strength lies in offering our hospitality without sacrificing its Sri Lankan soul,’ said Cinnamon Hotels and Resorts Chief Operating Officer Kamal Munasinghe.

Over the last two decades, Cinnamon Grand Colombo refined a strategy that targets Colombo’s most lucrative segments, high spending leisure travellers and the city’s corporate elite. The hotel presents a narrative of contemporary hospitality shaped by Sri Lankan cultural texture from its award winning, recently renovated Nuga Gama restaurant offering village style dining to wellness to city exploration. The property evolved into a cornerstone of Colombo’s event and business infrastructure, consistently hosting diplomatic delegations, multinational boards, sporting events and marquee gala events. Cinnamon Grand’s meeting and events portfolio remains one of the prime choices for guests and corporates in Colombo, headlined by The Oak Room often selected for high profile launches, international conferences, and national gatherings. The Atrium Lobby and its network of modular breakout rooms allow the property to support simultaneous events across scales, a competitive advantage as Colombo continues to court the regional MICE market.

As Cinnamon Grand Colombo celebrates its 20th anniversary under the Cinnamon Hotels and Resorts brand, its impact extends beyond hospitality. The property is also home to the Cinnamon Hospitality Academy, established in partnership with SHMA and VET by EHL, which is redefining hospitality education in Sri Lanka. The Academy, which marked its first anniversary this year, celebrated this milestone within the very walls of Cinnamon Grand Colombo.

‘For two decades we have been a part of stories of many who has visited the city, be it a celebration, a union a gathering, this milestone is an accumulations of countless stories and milestones of celebrations of our guests over the years, its truly something extraordinary for a brand to experience this level of love and loyalty that has stood the test of time,’ added Kamal Munasinghe.

Cinnamon Grand Colombo is a generational landmark one that has shaped the city, its events, culture, its diplomatic engagements, and its definition of Sri Lankan hospitality.

Elite Taekwondo Club Sri Lanka delivered an exceptional performance at the prestigious Thailand International Open Taekwondo Championship 2025, held in Bangkok from 1-2 November. Competing for the second time this year, the team showcased outstanding mastery and determination at an event that brought together more than 800 athletes from 12 countries.

The Sri Lankan contingent secured an impressive 4 Gold, 1 Silver, and 1 Bronze medal, along with an Encouragement Trophy , marking a significant milestone for the nation’s martial arts community on the global stage.

Leading from the front, Master Asitha Wickramatunga delivered a brilliant performance, winning Gold in Poomsae. A 5th Dan International Black Belt (Korea), National Referee, and Technical Committee Member of the Sri Lanka Taekwondo Federation, Master Wickramatunga continues to set an inspiring example for young athletes.

Rising star Sehath Rodrigo dominated his events, claiming 2 Gold Medals and 1 Bronze, demonstrating both technical excellence and competitive spirit.

The youngest member of the team, Thunuhi Alwis, showcased exceptional promise and composure, winning 1 Gold and 1 Silver Medal, shining brightly among international competitors and highlighting the strong future of Sri Lankan taekwondo.

This year’s victory carries added significance as Elite Taekwondo Club celebrates its 20th Anniversary, marking two decades of discipline, dedication, and consistent achievement in martial arts training.

South Africa are on the brink of a first Test series win in India for 25 years after reducing the hosts to 27-2 in pursuit of 549 on day four yesterday in Guwahati.

India, who were all-out for 201 in their first innings, must bat throughout the final day to avoid a second whitewash in three home Test series.

Prior to last October’s 3-0 defeat by New Zealand, they hadn’t lost a Test series on home soil for 12 years.

South Africa won the two-Test series opener in Kolkata by 30 runs.

Resuming on 26-0, South Africa wobbled to 77-3, losing three wickets for 18 runs in a 13-over spell, before Tristan Stubbs took charge.

Top-scoring with 94, he shared a century partnership with Tony de Zorzi and added a further 82 alongside Wiaan Mulder to power South Africa’s overnight lead of 314 to beyond 500.

He missed out on a third Test century when he was bowled by a slower ball from spinner Ravindra Jadeja (4-62), prompting South Africa’s declaration.

In reply, India lost two wickets inside 10 overs, with Yashasvi Jaiswal caught behind off Marco Jansen and KL Rahul bowled by Simon Harmer.

Kuldeep Yadav, who faced 134 deliveries for his 19 in the first innings, was sent out as nightwatcher and remained not out on four at stumps. Sai Sudharsan has six.

The High Commission of Sri Lanka in London, in partnership with Capital Metals PLC, hosted a joint promotional event to facilitate discussions on emerging opportunities within Sri Lanka’s mineral sector, with particular focus on the Taprobane Minerals Project. The event brought together UK-based investors, corporate representatives, fund managers, and industry specialists for a constructive exchange aimed at fostering dialogue and exploring prospective investment avenues associated with the Taprobane Minerals Project, which is listed on the Colombo Stock Exchange through its Sri Lankan company, Ambeon Capital PLC.

Capital Metals PLC Executive Chairman Greg Martyr, highlighted the strong commercial potential of the company’s high-grade ilmenite resources and outlined the project’s evolution since its launch in 2015, now known as the Taprobane Minerals Project. He noted that recent drilling results have expanded estimated resources nearly fifteenfold in the initial development area, significantly enhancing the project’s economic profile, which includes a base-case IRR of 73% and an NPV8 of $ 180 million. With funding secured beyond the final investment decision stage, the project is set for rapid progress, with commercial operations expected by early 2026 and first production in early 2027.

High Commissioner Nimal Senadheera outlined key policies and economic reforms under the new Government that are strengthening Sri Lanka’s business and investment environment. He highlighted positive trends such as improved foreign reserves, exchange rate stability, growing exports and tourism, and record performance at the Colombo Stock Exchange. He also referenced the forthcoming Investment Protection Act, which will provide additional safeguards for foreign investors. He reaffirmed the Mission’s commitment to supporting the project and invited participants to consider Sri Lanka as their next investment destination through opportunities such as the Taprobane Minerals Project and Ambeon Capital PLC on the Colombo Stock Exchange.

Sri Lanka High Commission Minister (Commercial) Somasena Mahadiulwewa moderated the event. Participants engaged in constructive discussions and networking with Capital Metals PLC on the role of mineral sector development in Sri Lanka, broader economic reforms, potential partnerships, and opportunities for sustainable investment, employment creation, and foreign exchange growth.

The Mercedes-Benz Fashion Week (MBFW)

presented by the Academy of

Design (AOD) and powered by DIMO held its ‘Destination Island Runaway’ on Saturday at Cinnamon Life, City of Dreams featuring the work of 18 designers.

LB Finance PLC yesterday said it has completed the acquisition of Associated Motor Finance Company PLC, increasing its stake to 73.11% after the mandatory offer with the deal worth over Rs. 4.1 billion.

LB Finance now holds over 82.8 million AMF shares.

It had made a Rs. 5.6 billion mandatory offer for a 100% stake in AMF to acquire all 113,327,268 ordinary voting shares at Rs. 50 per share.

As at end September 2025, AMF had reported a net asset value per share at Rs.39.91 with a public float of 31.1%.

The top shareholders as at that date were John Nalatha Dayawansa, who held 45,273,864 shares (39.95%), and Imperial Import and Export Company Ltd., which held 29,067,696 shares (25.65%), and had agreed to accept LB Finance’s the offer in full.

Cristiano Ronaldo will play for Portugal in their opening game at next year’s World Cup finals despite his red card against Ireland.

Ronaldo, 40, was sent off for an elbow to Dara O’Shea’s back during Portugal’s 2-0 qualifying defeat earlier this month.

Violent conduct normally carries a three-match ban but Ronaldo has had the second and third matches suspended for a year.

The fact it was his first red card in 226 international appearances was taken into account. Ronaldo sat out the match against Armenia on 16 November so will not miss any games in the United States next summer.

A Fifa statement said: ‘If Cristiano Ronaldo commits another infringement of a similar nature and gravity during the probationary period, the suspension set out in the disciplinary decision shall be deemed automatically revoked and the remaining two matches must be served immediately.’

Ronaldo scored five goals in qualifying as Portugal won Group F to reach their seventh straight World Cup.

The Cabinet of Ministers on Monday approved signing the protocol amending the agreement between Sri Lanka and Luxembourg on the avoidance of double taxation and the prevention of tax evasion.

Sri Lanka and the Grand Duchy of Luxembourg first entered into a double taxation agreement on 31 January 2013. Both countries are members of the Inclusive Framework of the Base Erosion and Profit Shifting (BEPS) Project, which requires member states to implement at least the minimum standards outlined in the G20-OECD BEPS Action Reports.

In line with these obligations, Luxembourg’s tax authorities proposed a set of amendments to the existing agreement to ensure full compliance with BEPS requirements. After reviewing the proposed changes, Sri Lankan tax authorities conveyed their agreement, leading to the drafting of an amended protocol.

The revised agreement has since received clearance from the Attorney General and includes observations from the Ministry of Foreign Affairs, Foreign Employment and Tourism. With Cabinet approval now secured, the two countries are expected to proceed with signing the amended protocol in due course.

The proposal to this effect was submitted by President Anura Kumara Dissanayake in his capacity as the Finance Minister.

Red Apple Travel Sri Lanka, together with its sister company Serene Travels, has launched its first independently-planned and managed charter flight series from Iran. This landmark initiative strengthens Sri Lanka’s positioning as a must-visit destination and reflects renewed global confidence in the country’s tourism potential.

Operating from 20 November to 10 April 2026, the charter series will carry 165 passengers on each flight, ensuring a steady and high-volume flow of Iranian visitors throughout the winter season. Travellers will be hosted across multiple regions in Sri Lanka, directly supporting hotels, transport providers, and a wide network of tourism stakeholders.

This landmark charter series aims to deepen Sri Lanka’s presence in the fast-growing Iranian outbound travel market, stabilise arrivals during peak and shoulder periods, supporting year-round tourism, showcase the operational strength, expertise, and reliability of the Red Apple-Serene group, and position both brands as leaders in large-scale charter and series operations in Sri Lanka.

With 14 years of experience, Red Apple Travel Sri Lanka has built a solid reputation for

professionalism and innovation, while Serene Travels has emerged as a dynamic brand driving growth in new and high-potential markets. Together, their successful move into independently-operated charter services marks a transformational milestone in their shared growth journey and in the evolution of Sri Lanka’s inbound tourism landscape.

This initiative comes at a crucial time for Sri Lanka’s tourism industry, bringing enhanced visibility for Sri Lanka in the Iranian market, increased confidence among local stakeholders and international partners, and tangible benefits to airlines, hotels, Destination Management Companies (DMCs), guides, and regional tourism communities.

Industry stakeholders have warmly welcomed the launch, recognising it as a timely and impactful contribution to the continued resurgence of Sri Lanka’s tourism sector.

Red Apple Travel Sri Lanka and Serene Travels Managing Director Nipuna Lokuhetty said: ‘This charter series is more than an operational achievement; it is a clear statement of intent. By independently planning and managing this entire operation from Iran, our teams at Red Apple Travel Sri Lanka and Serene Travels have demonstrated our capability to deliver large-scale, high-quality tourism projects with confidence and precision. We are proud to contribute to the growth of Sri Lanka’s tourism industry, deepen our relationship with the Iranian market, and pave the way for future charter collaborations from new destinations. This is the beginning of a powerful new chapter-for our companies, for the industry, and for Sri Lanka.’

With this landmark charter operation, Red Apple Travel Sri Lanka and Serene Travels set a new benchmark in inbound charter tourism, strengthening ties between Iran and Sri Lanka and opening the door for future expansion into additional charter markets worldwide.

With the 30 November tax deadline looming, Sri Lanka’s tax professionals are not just racing against time they are quietly safeguarding the integrity of the nation’s fiscal system. Their desks are full, their phones never stop ringing, and their evenings often stretch late into the night. But their work in this busy season is only one part of a much bigger role. Today, tax professionals are also essential guardians of ethical tax behaviour and public trust in Sri Lanka’s tax system.

In a country navigating one of the most important phases of tax reform in recent history, the value of ethical tax advisers cannot be overstated. They help taxpayers meet their duties honestly, support the government’s revenue goals, and strengthen fairness in society. This article explains why their contribution matters, what ethical practice means, and how their work shapes Sri Lanka’s path toward economic stability.

A profession under pressure

Tax professionals sit in a challenging space. They must understand complex laws, answer difficult questions from clients, manage tight deadlines, and keep up with rapid changes in regulations. These pressures are most visible in November, but they continue throughout the year.

Some of the pressures they face today include:

Frequent changes in tax laws, especially during IMF-supported reforms

More digital reporting, including electronic filing and verification

Greater enforcement efforts from the Inland Revenue Department

Rising public expectations about fairness and transparency

These conditions make ethical decision-making just as important as technical expertise. In fact, ethics has become a defining feature of the profession.

What ethical tax practice really means

Taxation is more than a financial activity. It reflects a social contract, a shared responsibility between citizens and the state. Ethical tax practice ensures that this responsibility is carried out in a fair, honest, and respectful way.

Tax professionals are at the centre of this relationship. Their work touches every stage of tax compliance: from interpreting laws and checking documents to advising clients and submitting returns. Ethical practice includes:

Integrity – Giving honest advice and reporting information truthfully

Objectivity – Making decisions based on law, not personal interest

Competence – Keeping knowledge up to date

Confidentiality – Safeguarding private information

nProfessional behaviour – Acting in ways that uphold public trust

These principles align with international ethics frameworks, such as the International Ethics Standards Board for Accountants (IESBA) Code of Ethics, widely used around the world.

Advisers, teachers, and moral guides

For many Sri Lankans, taxation is still a complex subject. Forms can feel confusing, rules can be hard to understand, and digital systems can be intimidating. Tax professionals help bridge this gap. Their work involves not only calculations and paperwork, but also education and guidance.

They help taxpayers understand:

Why they must pay tax

How to comply with the rules

What reliefs and deductions they are legally allowed

How to avoid mistakes that lead to penalties

Ethical advisers also highlight the difference between legitimate tax planning and questionable tax avoidance. This distinction is important because actions that are technically legal may still weaken fairness or violate the spirit of the law.

By educating their clients, tax professionals strengthen tax morale, people’s willingness to pay taxes because they understand its value.

Difficult choices and real-world ethical dilemmas

Ethical tax professionals often face tough situations. Some clients may try to influence them to hide income, overstate expenses, or ignore rules. Others may argue that ‘everyone does it’ or that small errors ‘don’t matter.’

Examples of common dilemmas include:

Requests to leave out certain income

Pressure to inflate business expenses

Interest in shifting profits abroad without real economic activity

Misstatements of dependents or eligible reliefs

In these moments, tax professionals must choose between losing a client and compromising their ethical responsibilities.

Their refusal to support dishonest practices protects not just themselves but also the entire tax system. Sri Lanka’s already low tax-to-GDP ratio shows how much revenue the country loses to weak compliance. Ethical tax professionals help reduce this loss and strengthen stability.

Ethics in a digital era

Sri Lanka’s tax administration is becoming more digital. Systems like RAMIS, e-filing portals, and electronic data checks make tax reporting more transparent and traceable. This shift reduces opportunities for evasion but raises new expectations for ethical conduct.

Tax professionals must ensure:

Accurate filings in digital platforms

Proper record-keeping to support figures entered online

Respect for data privacy and cybersecurity

Honest communication about risks and responsibilities

Digital systems make errors or dishonesty easier to detect. This makes ethical behaviour essential not only for legal compliance but for protecting professional reputation.

Why ethical professionals are key to national progress

Sri Lanka’s economic recovery depends heavily on effective revenue mobilisation. But laws and systems alone are not enough. The country needs people who are committed to fairness, accountability, and professionalism.

Ethical tax professionals contribute to national development in several ways:

1 They support revenue collection

Accurate filings increase government funds for services like education, health, and public transport.

2 They strengthen public confidence

When taxpayers receive honest and consistent advice, they view the system as fair.

3 They reduce enforcement costs

Fewer violations mean fewer audits and investigations, allowing authorities to work more strategically.

4 They improve the investment climate

A transparent and reliable tax environment attracts global

investors.

5 They align Sri Lanka with global standards

Ethical practice supports long-term goals such as the Sustainable Development Goals (SDGs), especially those linked to accountability and strong institutions.

Raising the bar: How the profession can lead change

Tax professionals can further strengthen ethical practice through:

Continuous professional development

Stronger licensing and certification standards

Peer review and quality control systems

Public awareness about the importance of ethical tax advice

Collaboration with the Inland Revenue Department

Learning from international best practices

These steps can help build a more trustworthy and effective tax environment.

A shared responsibility for a fairer future

As taxpayers submit their returns, it is the ethical vigilance of tax professionals that ensures every rupee is accounted for fairly, every law is respected, and every citizen’s trust in the system is preserved. In safeguarding ethics today, they are building the foundation for a stronger, more transparent, and economically resilient Sri Lanka tomorrow.