Category: Daily Financial Times

Opposition Leader Sajith Premadasa has questioned the Government’s decision to import rice despite what he claimed was a domestic surplus, while criticising the guaranteed price offered to paddy farmers.

Premadasa said the Agriculture Minister had placed the production cost of a kilogram of paddy at around Rs. 137, compared with the guaranteed price of Rs. 120, leaving farmers with a Rs. 17 shortfall per kilogram.

He also claimed Sri Lanka produced about 3.2 million metric tons of rice against an annual requirement of around 2.5 million metric tons, but had nevertheless imported about 382,000 metric tons.

Premadasa said the Government had yet to fulfil its earlier pledge to introduce a legally guaranteed paddy price of Rs. 150 per kilogram.

He also questioned the effectiveness of the Rs. 7.5 billion allocated to strengthen small- and medium-scale rice millers, claiming farmers continued to face difficulties selling their harvest.

Premadasa made the remarks at an SJB ‘Sathkaraya’ program in Galewela.

Wrth, a leader in Sri Lanka’s automotive aftermarket industry, has renewed its successful partnership with National Racing Champion Ashan Silva for another year, reinforcing a collaboration built on shared values of performance, precision, and reliability. As Wrth’s brand ambassador for its range of automotive products and solutions, Ashan will continue to showcase the quality and dependability of Wrth’s automotive products and solutions both on Sri Lanka’s racing circuits and among everyday motorists.

‘Renewing our partnership with Ashan reflects the confidence we have built through a relationship founded on shared values rather than sponsorship alone. Ashan’s unwavering commitment to excellence and precision mirrors the values that define the Wrth brand. Whether on the racetrack or in the workshop, our customers rely on products that perform consistently under demanding conditions. Ashan is therefore a natural ambassador for our brand, and we look forward to building on this successful partnership in the year ahead,’ said Wrth Lanka Ltd., Managing Director Suranga Kekuluwalage.

Ashan started his racing career with an Evolution 3 in 2006, the fastest class of racing car at that time. He went on to win the SLGT race in 2009, marking a special and unforgettable moment in his racing career, having beaten higher-class cars including Evolution 9, 10, and brand new Subarus driven by high-caliber, recognised drivers. Since then, Ashan has competed in over 30 national-level races and secured over 500 podium positions. Having won over 25 podium positions, Ashan’s record in overseas races is also impressive, including winning the Dubai National Champion title in 2016. Ashan has set unbeaten records in almost every track in Sri Lanka, including Mahagasthota and Eliyakanda hill climbs, and Fox Hill, Gajaba, Walawa, Cavalry, Colombo, and Katukurunda supercrosses. He has also won the ‘Driver of the Day’ award on over 80 occasions, sealing his position as a national racing champion, an accomplishment which is hard to beat.

‘I am proud to continue my association with Wrth. In motorsport, every component matters, and I value products that consistently deliver performance under demanding conditions. I look forward to continuing to represent a brand that shares my commitment to excellence and performance,’ said Ashan Silva, commenting on the renewed partnership for 2026/27.

Furthermore, under the concept of the ‘Champions’ Choice’ sponsorship programme, Wrth sponsors all racing champions, who in turn use and recommend Wrth products, making Wrth naturally the champions’ choice.

Government departments (including statutory institutions and public corporations) saw nearly five times fewer ministerial changes during the first year of President Anura Kumara Dissanayake’s presidency compared to the first year of his predecessors Gotabaya Rajapaksa, according to the newest ‘Department Flow’ visualisation by the Lanka Data Foundation.

The Foundation’s Department Flow View helps visualise changes in ministries at the level of departments, statutory institutions and public corporations during the terms of each president since 2019, through an interactive Sankey visualisation across multiple dates of institutions being gazetted.

According to its latest data, under President Dissanayake, only 37 departments had any change of subject minister within the first year. By comparison, 90 departments saw their minister changed at once during President Gotabaya Rajapaksa’s first year, while the figure stood at 91 under President Ranil Wickremesinghe. The reshuffling under President Gotabaya Rajapaksa was particularly pronounced: 40 departments had three different ministers within the first year, and 3 more departments were moved under four different ministers.

Across the last three presidencies, the largest number of times departments changed minister occurred during the first year of the Gotabaya Rajapaksa presidency.

Among the three presidencies, the largest ministerial portfolio reorientation was seen under President Ranil Wickremesinghe, with 22 departments breaking out of the Minister of Industries and moving to two state ministries after forming his government in July 2022.

Under Gotabaya Rajapaksa, the biggest ministerial portfolio change at the start of the first year, after the cabinet was formed, was a 18 departments change for the State Minister of National Security, Home Affairs and Disaster Management.

Under Anura Kumara Dissanayake, the biggest ministerial portfolio change was 19 departments under the Minister of Urban Development, Construction and Housing moving to the Minister of Ports and Civil Aviation.

The periods considered were when the newly-elected presidents consolidated power in the parliament, following a general election, or being elected by parliament (for President Wickremesinghe). Accordingly, the time periods under consideration were: August 2020-August 2021; July 2022-July 2023; and November 2024-November 2025. The first year was selected as the period of analysis, as the current government has been in office for less than two years.

More details on the methodology and the Department Flow View can be accessed at www.opendata.lk website.

Sri Lanka’s Value Added Tax (VAT) delivered a record performance in 2025. Net VAT revenue rose to Rs. 1,746.9 billion, reflecting a 33.4% increase from 2024, and VAT overtook all other taxes to become the single largest contributor to Government revenue, accounting for 5.3% of GDP. At the same time, the number of VAT-registered persons surged by an extraordinary 56.3% within just 12 months. On the surface, these figures appear to offer the clearest evidence yet that Sri Lanka’s long-standing effort to broaden its tax base is finally gaining traction.

However, a closer reading of the Inland Revenue Department’s 2025 Annual Performance Report presents a more nuanced picture. It suggests that taxpayer growth significantly outpaced the revenue collected from those taxpayers, while the main driver of the VAT windfall was a familiar one: imports.

Growing VAT base

According to the IRD Annual Performance Report, VAT registrations increased sharply in 2025. The number of persons registered for VAT rose from 21,227 as at 31 December 2024 to 33,187 as at 31 December 2025 – an increase of 56.3% within a single year. This rate of growth was significantly higher than the expansion of the overall income tax base, which grew by a more modest 19.2% over the same period, from 1,093,134 to 1,302,596 registered taxpayers. The upward trend continued into 2026, with VAT registrations reaching 34,769 by February 2026, according to the Ministry of Finance’s Final Budget Position Report 2025.

The IRD attributes much of this increase to the full-year impact of reducing the VAT registration threshold from Rs. 120 million to Rs. 60 million per annum, effective 1 January 2024. In principle, this is the type of base-broadening reform that tax administrations are typically encouraged to pursue. It brings more businesses into the formal tax net, reduces dependence on a narrow group of large taxpayers, and distributes the compliance burden more evenly across the economy.

Revenue growth and VAT base increase

Net VAT revenue grew strongly in 2025, increasing by 33.4% from Rs. 1,309.7 billion to Rs. 1,746.9 billion. Viewed in isolation, this is an impressive outcome. However, when set against the 56.3% expansion in the VAT-registered taxpayer base, a clear divergence emerges. The number of registered taxpayers grew much faster than the revenue collected from them, raising an important question: if the expansion in registrations had translated into proportionate revenue growth, why were VAT collections not considerably higher than the reported figure?

A simple calculation using the IRD’s published figures shows that average net VAT revenue per registered person declined from approximately Rs. 61.7 million in 2024 to around Rs. 52.6 million in 2025. Put differently, the additional VAT-registered businesses brought into the system in 2025 appear, on average, to have contributed significantly less to the VAT pool than those already registered before the threshold reduction.

This picture would have been clearer if the authorities had separately quantified registrations arising after 11 April 2025. Under VAT Act No. 04 of 2025, effective from 11 April 2025, persons importing or exporting goods for commercial purposes were required to register under section 10 of the VAT Act. This amendment may therefore have been an additional factor behind the sharp rise in VAT registrations.

This should not be read as a criticism of the businesses brought into the VAT net. Rather, it is the predictable outcome of lowering the registration threshold: smaller taxpayers are brought into the system, and they will naturally have smaller VAT liabilities. The policy implication is therefore an important one. Growth in the number of VAT registrations itself is not a reliable measure of genuine revenue-base broadening. Policymakers should be careful not to treat an expanding network of VAT registrants and a stronger, more durable revenue base as the same achievement.

Real driver of VAT collection

If the growth in registered businesses was not the primary engine of the 2025 VAT surge, what was? The IRD’s sector-wise breakdown of VAT collection is as follows.

Imports were the standout driver of VAT growth in 2025. VAT collected from imports increased by 49.2% year-on-year and accounted for just over half of total net VAT revenue, rising from 45.6% of the total in 2024 to 51.03% in 2025. In GDP terms, VAT from imports increased from 1.99% to 2.72%, making it the single largest contributor to the overall improvement in the VAT-to-GDP ratio. The IRD itself attributes this surge largely to the removal of restrictions on vehicle imports, together with enhanced efficiency in VAT collection mechanisms. By contrast, the domestic sectors played a relatively smaller role in the overall shift. The manufacturing sector’s share of total VAT declined from 18.24% to 16.03%, while the non-manufacturing sector’s share fell from 36.14% to 32.95%, even though their absolute contributions increased.

The headline growth was not primarily a story about a newly broadened, more resilient domestic tax base. It was, to a significant degree, a story about the resumption of vehicle imports following the lifting of earlier import restrictions – a cyclical and policy-contingent driver rather than a structural one.

The domestic VAT picture was not entirely weak. One clear bright spot was financial services, where VAT collections increased sharply by 64.7%, rising from Rs. 120.4 billion in 2024 to Rs. 198.2 billion in 2025. This made financial services the fastest-growing VAT sub-category in the year, whether compared with domestic sectors or imports. The registration base also widened, with the number of persons registered for VAT on financial services increasing from 315 in 2024 to 347 in 2025.

Widening gap in tax mix

The distinction between registration growth and revenue-per-registrant growth is more than a technical point. It goes to the quality and durability of Sri Lanka’s revenue recovery. In 2025, the country’s tax-to-GDP ratio rose to a historic high, while the VAT-to-GDP ratio increased from 4.35% to 5.33%, continuing its sharp recovery from just 1.75% in 2021. VAT now accounts for 54.22% of total IRD revenue collection, firmly establishing it as the backbone of Sri Lanka’s tax system.

At the same time, the tax mix moved further away from the Government’s stated objective of strengthening direct taxation. At the IRD level, the direct-to-indirect tax ratio weakened from 40:60 in 2024 to 36:64 in 2025. The overall position reported by the Ministry of Finance shows an even sharper imbalance, with the ratio moving from 28:72 to 23:77. This reinforces Sri Lanka’s long-standing dependence on consumption-based taxation – a structural issue that the IRD itself has highlighted, particularly in light of the Government’s stated objective of moving towards a 60:40 ratio in favour of direct taxes.

If a large share of VAT growth continues to come from cyclical import activity rather than a genuinely broader and more compliant domestic base, then the underlying resilience of Sri Lanka’s revenue base is more fragile than the headline numbers suggest.

Compliance signal – A red flag

An expanding pool of VAT registrants inevitably places greater administrative strain on the tax authority, making it essential that the Tax Administrator tightens compliance enforcement to ensure new entrants meet their obligations from the outset. This dynamic may also help explain the declining trend in average VAT collection per registrant – a pattern further substantiated by compliance data presented in the IRD’s 2025 Annual Performance Report.

Large Taxpayers (LTOs), who are directly responsible for the bulk of VAT revenue, filed their returns on the statutory due date at an 83% rate in 2025. Within one month of the due date, LTO compliance climbed further to 92%, up from 89% in 2024.

Non-LTO taxpayers – the much larger population of small and medium businesses that make up the vast majority of VAT registrants tell an entirely different story. Their on-time filing rate for 2025 stood at just 42%, rising to only 55% within one month of the due date. The IRD’s Performance Report states: ‘in sharp contrast to the high compliance seen in the Large Taxpayer segment, VAT registered persons within the Non-LTO segment exhibited significantly lower filing rates…’.

Combining both segments, the total VAT-registered taxpayer base was expected to file 112,427 returns in 2025. Only 49,042 – 44% – were filed by the due date, rising to 63,427, or 56%, within one month. In 2024, the equivalent figures were 44% and 57% on a smaller base of 86,326 expected returns. In other words, the taxpayer base grew by over 26,100 returns – a 30% increase – yet the overall compliance rate did not improve at all.

Compliance gap: Critical risk as net widens

Since policymakers chose not to pursue the move to lower the VAT registration threshold (the reduction up to Rs. 36 million from Rs. 60 million) – a step that would otherwise have drawn a larger pool of SMEs into the tax net – this pause presents an opportune moment for the Tax Administrator to focus on strengthening compliance among existing registrants.

Expanding VAT coverage on paper means little if the Inland Revenue Department cannot ensure that newly registered businesses actually comply: filing accurate returns, remitting collected tax on time, and maintaining proper input-output records.

If a significant share of newly registered SMEs remain non-compliant – whether through under-reporting, late filing, or simply lacking the accounting infrastructure to manage VAT obligations – the effect is not neutral. It actively distorts the VAT system: compliant businesses absorb a proportionally larger share of the tax burden and face a competitive disadvantage against non-compliant peers who effectively continue operating outside the net despite nominal registration. Over time, this erodes both revenue collection and the fairness rationale that underpins VAT reform in the first place.

Widening VAT net, tightening compliance

The 56% increase in VAT registrations is a real administrative achievement, and the threshold reduction that enabled it was a sound structural reform. However, registration growth is not the same as revenue growth, and the 2025 figures show a clear divergence between the two. Much of the year’s VAT windfall appears to have come from imports, underscoring that genuine base-broadening should not be measured merely by the number of taxpayers added to the register, but by the additional, sustainable revenue they generate and the resilience of that revenue over time.

Bringing a wider base of SMEs into the VAT net without weakening the system’s integrity calls for parallel investment in taxpayer education, simplified compliance tools tailored to smaller businesses, and clear, accessible guidance on registration and filing obligations. Without this groundwork, any future expansion of the tax net risks trading a narrow but functional VAT system for a wider one riddled with compliance gaps.

Reference has been made to the Inland Revenue Department’s Annual Performance Report 2025 and the Ministry of Finance Annual Report 2025. The views and opinions expressed in this article are those of the author in her personal capacity

Sri Lanka, already one-down in the two-match Test series had a battle on their hands to save the second cricket Test at the SSC grounds yesterday after India had piled up 503-9 declared and then grabbed two cheap wickets for eight runs to have the hosts on the back foot.

Sri Lanka’s first task is to get to 304 to avoid being asked to bat again on a pitch that is offering the spinners more in terms of turn and bounce.

India closed their innings after crossing the 500-run mark giving themselves a few overs at the Lankan batters, but the light deteriorated after just two balls from Mohamed Siraj. Following a delay, play eventually resumed and Sri Lanka lost Lahiru Udara for one and Prabath Jayasuriya sent in as night watchman for two before the umpires deemed the light was bad enough to continue.

This was the 11th time that a team had posted 400-plus in the first innings of a Test at the SSC. Of the previous 10, six had resulted in wins while four others ended in draws.

Sri Lanka’s problem of not getting a decent start to their innings not only in the series, but this year has affected them badly. Their opening stands so far has been 8, 2, 2, 15, 13, 0 and 1. Total of 41 runs in seven innings at an average of 5.85.

India started the day on 300-5, but lost Saransh Jain early. That was the only blip in an otherwise excellent day. Rishabh Pant, who hurt his wrist on the first day joined Dhruv Jurel, and the pair quickly added a 112-run stand, bringing up their respective fifties in the process. Pant departed off the first ball after lunch for 63, scored off 89 balls (6 fours, 2 sixes), but Jurel carried on and with the help of Manav Suthar and Siraj, to bring up his second Test hundred off 171 balls (9 fours). A break for rain between those two partnerships, not only delayed Jurel reaching his hundred but also India’s declaration.

India were 419-6 at the lunch break, and they managed to add some more runs to their tally before rain brought forward the tea break with India on 475-8. Suthar (18) chipped in with some useful runs after lunch, but Jurel was the dominant scorer. Jurel was five runs short of his century at the break, while Asitha Fernando was one wicket away from a well-deserved five-wicket haul.

The morning session was all India as they added 119 for the loss of one wicket and slowly seized control over the Test. They lost Saransh Jain early in the session, but Pant resuming his innings braved blows from Asitha Fernando and Lahiru Kumara. He didn’t flinch but took the attack back to the opponents. It was quite a subdued innings by his normal standard, but he stuck to his task and got India past the 400-run mark. At the other end Jurel batted fluently combining solid defence with attractive shots. The Lankan pacers bowled with a lot of heart, but the spinners were ineffective, despite the pitch starting to offer them some help.

Fernando was the pick of the Lankan bowlers finishing with 4/106, while the two spinners shared four wickets. Sri Lanka will have their task cut out when play resumes 15 minutes early tomorrow.

Asitha, Jaiswal fined 25% of match fee by ICC

Inappropriate player physical contact

Sri Lanka seam bowler Asitha Fernando and India opener Yashasvi Jaiswal have each been fined 25%of their match fee for breaching Level 1 of the ICC Code of Conduct during the first day of the second Test at the SSC on Sunday.

Both players were found to have breached Article 2.12 of the ICC Code of Conduct for Players and Player Support Personnel, which relates to ‘inappropriate physical contact with a Player, Player Support Personnel, Umpire, Match Referee or any other person (including a spectator during an International Match).’

In addition to this, one demerit point each has been added to the disciplinary records of Fernando and Jaiswal, both of whom did not have any previous offences in the preceding 24-month period.

The players were involved in a confrontation after Fernando dismissed Jaiswal in the 17th over of India’s first innings. Jaiswal walked towards Fernando and the two exchanged words, following which Fernando moved his head towards Jaiswal. In response, Jaiswal leant in, resulting in their heads making contact.

Both players admitted the offences and accepted the sanctions proposed by Andy Pycroft of the Emirates ICC Elite Panel of Match Referees, so there was no need for formal hearings.On-field umpires Ahsan Raza and Sharfuddoula Ibne Shahid, third umpire Rod Tucker and fourth umpire Prageeth Rambukwella levelled the charge. Level 1 breaches carry a minimum penalty of an official reprimand, a maximum penalty of 50 per cent of a player’s match fee, and one or two demerit points.

Self-sufficiency in rice is the highly romanticised historical and cultural ethos that has driven Sri Lanka’s agricultural policy for the past ninety years. It was indeed a noble goal at the time of independence, when the country was producing only around 40% of its rice domestically for a population less than half the size it is today. Many massive irrigation schemes and billions of dollars in subsidies later, Sri Lanka has achieved a rice surplus. Yet this has also brought other problems. A heavily subsidised and uncompetitive agricultural sector has left both farmers and consumers at a disadvantage. An agricultural sector that depends heavily on subsidies and state intervention cannot be considered truly successful if it imposes a growing burden on the rest of the economy.

Farmers receive assistance through fertiliser and seed subsidies, machinery programs, subsidised credit, crop insurance and smallholder development schemes. Fertiliser support alone is substantial, with nearly Rs. 40 billion reportedly spent during the 2025/26 Maha season. Irrigation water is also frequently provided free of charge or below cost through massive irrigation projects costing hundreds of billions of rupees.

Subsidies have helped generate periods of surplus production, yet farmers remain dissatisfied with the government-guaranteed prices they receive. At the same time, consumers often face high food prices because imports are restricted and local farmers have little incentive to produce more efficiently in an environment where competition is limited. The state can therefore find itself supporting production while simultaneously having to intervene in the market to manage the consequences. That is hardly a model of efficiency.

More fundamentally, subsidised production does not necessarily make Sri Lankan agriculture competitive internationally. Farmers accustomed to guaranteed prices, subsidised inputs and other forms of protection have less incentive to experiment with higher-value crops, adopt new technologies, improve productivity or respond to changing global demand. Meanwhile, Sri Lanka competes with countries where agriculture operates on a much larger commercial scale and where producers are constantly under pressure to reduce costs and improve quality.

There are environmental costs as well. An excessive concentration on a single crop can encourage intensive cultivation and reduce incentives for crop rotation and soil recovery. Long-term agricultural policy cannot be judged simply by the number of tonnes harvested in a single season. Soil health, water use, productivity and the value generated per acre must also be taken into account.

The country should therefore move gradually from a subsidy-driven agricultural model towards a more competitive one. This does not mean abandoning farmers or withdrawing support overnight. Nor does it mean sacrificing food security. It means changing what the government chooses to support.

Public money would be better directed towards agricultural research, extension services, irrigation efficiency, rural roads, storage, technology, market information and temporary assistance during genuine shocks, rather than permanently subsidising production.

Rice should remain an important crop, but it should not be treated as an economic objective that overrides every other consideration. Sri Lanka should ask a more practical question as to which crops our farmers can produce efficiently, profitably and sustainably, both for domestic consumers and for international markets.

There may be short-term pain in making this transition. Some farmers will need help to switch crops, adopt new methods or move away from activities that are no longer economically viable. But protecting an inefficient system indefinitely merely postpones the adjustment while increasing its eventual cost.

The agriculture sector needs to stand on its own two feet. The ultimate measure of success should not be how much the government spends to keep farmers producing, but whether farmers can earn sustainable incomes by producing what consumers are willing to buy at competitive prices. That is the path towards an agricultural sector that strengthens, rather than burdens, the wider Sri Lankan economy.

Cinnamon Grand Colombo is set to celebrate Japanese culture through two special experiences this August, bringing together Japanese inspired cuisine and live music performed by an accomplished ensemble of visiting Japanese musicians.

The celebrations begin with A Japanese High Tea Serenade at the Tea Lounge, where guests can enjoy a specially curated Japanese inspired high tea buffet accompanied by live performances by Japanese artists. The buffet brings a Japanese touch to the Grand High Tea experience, with highlights including Nigiri, Maki Rolls and Sushi.

The celebration continues with Melodies of Japan at the Atrium, an intimate evening that brings together a live musical performance and a specially curated five course Japanese dining experience.

Taking the stage are four accomplished musicians from Japan. Yuki Hayashi on flute, a finalist of the Japan Classical Music Competition, is a member of the Japan Wind Ensemble and progressive rock band JYOCHO, with performances across Japan and internationally. Osami Ikeda on trombone has performed with leading Japanese orchestras and was also a member of the Asian Youth Orchestra.

Ryota Koshinaka on percussion brings experience spanning orchestral music, musical theatre, ballet and opera, having performed with several prominent Japanese orchestras. Keiko Kobayashi on piano is also an accomplished conductor with a longstanding connection to Sri Lanka. She played a key role in founding the Colombo Wind Orchestra and has performed with the ensemble since 2012. She currently serves as Chief Conductor of the Japan Wind Ensemble.

The musical program journeys through different expressions of Japanese music, beginning with the internationally recognised Sukiyaki (I Look Up as I Walk) and featuring works by renowned Japanese composers including Rentaro Taki, Toru Takemitsu and Ryuichi Sakamoto. The repertoire also brings in elements of Japanese popular culture through music from Super Mario Bros., Oshin and the traditional Enka ballad Yosaku.

A special highlight will be the world of Studio Ghibli, featuring Joe Hisaishi’s Merry-Go-Round of Life from Howl’s Moving Castle and The Legend of Ashitaka from Princess Mononoke. The program culminates with music from the globally popular anime Demon Slayer (Kimetsu no Yaiba).

Complementing the music is a five course Japanese menu that brings together some of the cuisine’s much loved flavours. Highlights range from salmon and tuna nigiri and sashimi to a main course choice of Teppanyaki Beef Tenderloin or Miso Glazed Salmon, accompanied by miso butter vegetables, garlic rice and teriyaki sauce. Green Tea Cheese with Honey Ice Cream completes the dining experience.

Together, the two experiences offer guests an opportunity to discover Japan through food and music, from an afternoon of Japanese-inspired high tea and live melodies to an intimate evening of five curated courses accompanied by a special musical performance.

A Japanese High Tea Serenade is scheduled for 29 August 2026 from 3:00 p.m. to 6:00 p.m. at Tea Lounge (Rs. 6,500 nett per person), while the Melodies of Japan-a five course Japanese dining experience is scheduled on 31 August 2026 at 7:00 p.m. onwards at Atrium, Cinnamon Grand Colombo (Rs. 15,000 nett per person).

For reservations and enquiries, please call 011 243 7437 or WhatsApp 076 560 4972

Ceylinco Life has retained its position as Sri Lanka’s most valuable insurance brand in the 2026 Brand Finance ranking of the country’s 100 Most Valuable Brands.

Brand Finance has valued the Ceylinco Life brand at Rs. 6.7 billion and awarded it an AAA rating. In terms of brand value, Ceylinco Life is ranked 25th in the overall ‘Sri Lanka 100’ ranking.

The latest ranking builds on Ceylinco Life’s consistent performance in the Brand Finance rankings. In 2025, the Ceylinco Life brand was valued at Rs. 6.45 billion and awarded a Brand Rating of AAA-.

‘Brand value is ultimately earned, not claimed, and this recognition tells us that Ceylinco Life continues to earn its place in the minds of Sri Lankans,’ said Ceylinco Life Head of Marketing Dhiranjan Canagasabey. ‘To be the country’s most valuable insurance brand is a powerful measure of the relevance and resilience of our brand. It reinforces our responsibility to keep raising the standard of what customers can expect from Ceylinco Life.’

‘This recognition also underscores the strength of a brand that has consistently maintained its leadership of Sri Lanka’s insurance sector while building greater value and equity in the wider market,’ he added.

Brand Finance evaluates brands using internationally recognised standards, combining measures of brand value with a comprehensive assessment of brand strength. Its evaluation considers factors including marketing investment, stakeholder equity and business performance.

Asia Asset Finance PLC has been recognised as the Bronze Winner in Category 4: Banks and Financial Institutions at the CRIB Data Management and Compliance Awards 2026.

The recognition reflects the Company’s unwavering commitment to responsible lending, robust credit data management, regulatory compliance and the highest standards of accuracy, transparency and accountability.

In an increasingly data-driven financial sector, the effective management of credit information is fundamental to protecting customers, strengthening institutions and supporting the stability of the wider economy. This award recognises Asia Asset Finance’s continued efforts to embed strong data governance, disciplined credit processes and regulatory responsibility across every level of its operations.

More than an industry accolade, the achievement represents the strength of the systems, controls and professional standards that support each customer relationship and lending decision. It demonstrates the Company’s determination to combine business growth with ethical practices, reliable information and responsible financial solutions.

Asia Asset Finance PLC CEO Rajiv Gunawardena said: ‘This recognition is a testament to the professionalism, discipline and collective commitment demonstrated across our organisation. Strong credit data management and regulatory compliance are essential to maintaining customer confidence and making responsible financial decisions. We will continue strengthening our people, systems and processes while delivering sustainable value to our customers, shareholders and the communities we serve.’

The award was made possible through the dedication of teams across Credit, Risk, Compliance, Operations and Information Technology, supported by employees throughout the Company’s branch network.

Their commitment to data integrity, timely reporting, regulatory discipline and continuous advancement has helped establish a culture in which compliance is not viewed merely as an obligation, but as a foundation for customer trust, service excellence and sustainable growth.

Asia Asset Finance extends its sincere appreciation to every employee whose professionalism and dedication contributed to this achievement. The recognition further motivates the Company to strengthen its governance practices, invest in innovation and continue delivering transparent and responsible financial solutions that empower individuals, families and businesses across Sri Lanka.

This achievement is reinforced by Asia Asset Finance’s strong corporate foundation: a Fitch A+(lka) rating with a Stable Outlook, more than 55 years of financial heritage, a well-capitalised balance sheet, improving asset quality, disciplined underwriting and an expanding islandwide network of 120 branches. As the only Sri Lankan subsidiary of Muthoot Finance and a member of the Muthoot Group, Asia Asset Finance remains committed to advancing financial inclusion and building a stronger, more transparent financial future for Sri Lanka.

Prime Minister Dr. Harini Amarasuriya yesterday signalled a more rigorous approach to Sri Lanka’s infrastructure investments, saying projects must be subjected to stronger evidence-based assessment and demonstrate long-term economic and social value as the country operates under significant fiscal constraints.

– Pix by Shehan Gunasekara

She said infrastructure decisions should be guided by national priorities and reliable evidence, with the Government moving away from treating projects merely as individual construction activities towards viewing them as long-term public assets.

‘Before a project is approved, we must have a clear understanding of the need it is intended to address, the alternatives available, the expected economic and social benefits, the environmental implications, the risks involved, and the resources required not only to construct the asset but also to operate and maintain it,’ Dr. Amarasuriya said.

Addressing the Pacific Association of Quantity Surveyors (PAQS) Congress 2026 at Cinnamon Life at City of Dreams, Colombo, the Prime Minister said the approach was particularly important when governments faced significant fiscal constraints and competing demands for limited public resources.

‘We must ask not only whether we can build something but whether we should build it at all, where it should be located, who will benefit from it, whether it can be sustained, and whether it represents the best possible use of resources,’ she said.

‘Every rupee invested by the State ultimately comes from the people,’ she added, stressing that public investment must create measurable and lasting value.

Dr. Amarasuriya said Sri Lanka’s approach to infrastructure needed to evolve as the economy moved from recovery towards transformation, with investment decisions increasingly focused on resilience, productivity, and competitiveness.

She identified transport, housing, water supply, education, health, energy, urban development, and climate-resilient infrastructure among the areas requiring investment, but stressed that projects needed to be properly prioritised and supported by evidence.

The Prime Minister also called for greater attention to the utilisation, condition, and maintenance requirements of existing State assets, warning that constructing new infrastructure while neglecting existing assets was neither economically efficient nor sustainable.

She said quantity surveyors could play a wider role in investment appraisal, feasibility assessment, cost planning, procurement strategy, contract administration, risk management, value engineering, commercial governance, and sustainability, helping governments make better decisions on increasingly complex infrastructure investments.

Dr. Amarasuriya said the Government was committed to strengthening institutional capacity and public investment management, advancing procurement systems, and improving transparency and accountability in the delivery of public projects.

She nevertheless stressed that the Government could not achieve these objectives alone and called for stronger collaboration among Government agencies, professional institutions, universities, and the private sector.

Climate resilience would also have to play a greater role in infrastructure planning, she said, pointing to Sri Lanka’s repeated exposure to floods, landslides, and extreme weather and the continuing rebuilding of homes and public infrastructure damaged by last December’s floods.

Turning to technological change, the Prime Minister said future quantity surveyors would require familiarity with artificial intelligence (AI), digital construction technology, data analytics, sustainability standards, modern procurement systems, and asset management.

Institute of Quantity Surveyors Sri Lanka (IQSSL) President Hasitha Gunasekara said the return of the PAQS Congress to Colombo after 15 years came at a time when both the construction industry and quantity surveying profession were undergoing significant transformation.

He said digitalisation, AI, data-driven decision-making, and sustainability requirements were changing how projects were measured, estimated, designed, procured, managed, and delivered. However, he stressed that technology could enhance intelligence but could not replace professional judgment, integrity, and responsibility.

Gunasekara said future quantity surveyors would increasingly work with AI, digital models, real-time data, and automated systems, while their value would continue to depend on their ability to interpret information, assess risk, exercise judgment, manage resources responsibly, and make decisions that generated lasting value.

PAQS Chairman Goh Ngan Hong said the Association was expanding its regional footprint, with representatives from the Vietnam Association of Construction Economics and the Quantity Surveying Chapter of the Federation of Myanmar Engineering Societies admitted as new members at the PAQS Board meeting held ahead of the Congress.

He said the additions brought PAQS to 16 members and two associate members, with another two potential members likely to join in the coming years.

Goh said the Association, which is marking its 30th anniversary, had sought over the past three decades to promote cooperation in quantity surveying and cost engineering across the region. He said rapid advances in AI and digital technology were creating new challenges and opportunities for the industry and called on professionals to broaden their expertise and apply developments in the discipline across the markets in which they operate.