Category: Daily Financial Times

Secretary to the President Dr. Nandika Sanath Kumanayake has called for immediate measures to ease the Pay-As-You-Earn (PAYE) tax burden on the public, warning that the prevailing situation requires swift correction.

Addressing the 21st Annual General Conference of the Association of Inland Revenue Commissioners in Colombo, Dr. Kumanayake said urgent reforms were essential to provide relief to taxpayers.

He also stressed the need to strengthen Sri Lanka’s Inland Revenue Department to meet standards comparable with those of developed nations.

The conference was attended by Economic Development Deputy Minister Nishantha Jayaweera and Inland Revenue Commissioner General R.P.H. Fernando, among other senior officials, alongside Dr. Kumanayake.

Prime Minister Dr. Harini Amarasuriya will deliver the keynote address at a special session on Day 2 of the Sri Lanka Economic and Investment Summit (SLEIS) 2026 organised by The Ceylon Chamber of Commerce, titled ‘Nation Building in the Digital Age’, on 13 October 2026 at the Shangri-La Colombo.

The session will examine how Sri Lanka can use artificial intelligence, digital transformation, innovation and education to accelerate economic growth, improve productivity and build a knowledge-driven economy. As technology reshapes industries and the nature of work, the discussion will focus on how Sri Lanka can develop the capabilities needed to remain competitive and create opportunities for future generations.

The Prime Minister will be joined by Digital Economy Ministry Secretary Waruna Sri Dhanapala, University of Peradeniya Senior Lecturer in Computer Engineering Prof. Roshan Ragel; and Elevante AI Founder and CEO Sanjay Shah, who together will add perspectives from government, academia, and industry. Hirdaramani Group Chairman and The Ceylon Chamber of Commerce Deputy Vice Chairperson Vinod Hirdaramani will moderate the session.

The discussion will look at the opportunities and challenges presented by emerging technologies, including artificial intelligence and automation, and their potential to transform industries and create new areas of economic activity. It will also consider the role of digitalisation in improving public services and supporting entrepreneurship.

Education and skills development will be another important part of the conversation, particularly as the demand for new capabilities grows alongside technological change. The panel will consider how Sri Lanka can prepare its workforce for future jobs while developing an environment that supports innovation and technology-led businesses.

The session will also look beyond technology itself to the wider conditions needed for a digital economy to grow. Policy, investment, infrastructure, education and collaboration between government, industry and academia will all have a role in determining how effectively Sri Lanka can turn technological change into economic opportunity.

Held under the theme ‘Positioning Sri Lanka in a Changing Global Economy: Resilience, Reform, and the Future of Economic Policy,’ SLEIS 2026 will offer perspectives from senior policymakers, business leaders, investors and international experts over two days of discussions on Sri Lanka’s economic direction, investment opportunities and the reforms needed to support future growth.

National cricketers made merry along with those discarded for the tour of England in the final week of matches that concluded the group stage of the Major Club 50-over tournament yesterday.

Defending champions CCC and Moors SC from Group A, along with Colts and SSC from Group B have qualified for the semi-finals.

CCC came up with an exceptional batting performance racing to the highest total in the current tournament by posting 369-6 in their 72-run win against Tamil Union at the P Sara Oval. Leading the CCC run parade was Kamindu Mendis and discard Lasith Croospulle who provided the foundation for CCC’s big total with an opening partnership of 268. The pair batted till the 41st over before they were separated. Mendis free from the burdens of being the national team’s vice-captain, hit a free-flowing 139 off 129 balls (11 fours, 6 sixes) and Croospulle, dumped after the West Indies tour replied with a stirring innings of 148 off 125 balls studded with 11 fours and 8 sixes. Pavan Rathnayake, another England bound player put the finishing touches to the innings with a delightful innings of 62* off 28 balls (4 fours, 4 sixes). Tamil Union started off well with a stand of 91 by Navod Paranavithana (43) and Sineth Jayawardena but could not sustain the intensity that was required to keep pace with the run rate and were dismissed for 297 in the 45th over. Jayawardena fought a lone battle for a stroke-filled 136 off 103 balls (17 fours, 4 sixes) being the last wicket to fall. Spinners Ashian Daniel (4/56) and Dhananjaya de Silva (3/37) kept the Tamil Union run rate in check.

SSC were put to the test by Bloomfield before winning by five wickets with 19 balls to spare at the Bloomfield grounds. Before the start of the match both teams were in contention for a semi-final berth. Batting first, Bloomfield put up a challenging total of 329, courtesy a career best knock of 165 off 130 balls (18 fours, 5 sixes) from England bound Janith Liyanage. With Asitha Wanninayake (60 off 78 balls, 8 fours), Liyanage added 154 after Bloomfield had lost their first two wickets for 17. Pacie Kasun Rajitha did the early damage to finish with 4/49. SSC’s run chase was spearheaded by their skipper Avishka Fernando who hit a brilliant 138 off 114 balls (15 fours, 4 sixes) and shared in century stands of 136 with Nuwanidu Fernando (57 off 49 balls, 5 fours, 3 sixes) and 125 with Nipun Dananjaya (69 off 78 balls, 8 fours, 1 six). But it was left to Dunith Wellalage, another cricketer England bound to see SSC cross the line hitting 30* off 19 balls in an unbroken stand of 44 with Vishad Randika (16*).

Colts ensured they finished on top of Group B by beating last year’s runner-up Police SC by 72 runs at Colts grounds. Colts successfully defended their total of 266-6 by bowling out Police SC for 194. It was an all-round bowling effort by Colts that saw them win with the six bowlers they used picking up at least as wicket apiece. Nipun Premaratne top scored for Police SC with 68 off 80 balls (5 fours, 4 sixes). Sangeeth Cooray (85 off 102 balls, 6 fours, 1 six) and Muditha Lakshan (69 off 50 balls, 8 fours, 1 six) were the principle scorers for Colts.

In the other matches that ended yesterday Panadura SC beat Kurunegala YCC by 71 runs at the Panadura esplanade. Replying to Panadura SC’s total of 235-9, Kurunegala YCC were dismissed for 164 to finish without a single win in the group. Former Sri Lanka opener Oshada Fernando top scored for Panadura SC with 78 off 71 balls (9 fours, 2 sixes).

Ace Capital CC finished their campaign with a five-wicket win against Nugegoda SWC at De Zoysa Stadium, Moratuwa. Wanuja Sahan produced a deadly spell of left-arm spin (6/34 off 10 overs) to dismiss Nugegoda SWC for 167 for whom another similar spinner top scored with 52* (105 balls, 3 fours). Ace Capital CC knocked off the required runs in 37 overs with Ranesh Silva making 60* off 67 balls (7 fours, 1 six).

In the battle of the wooden spoonists from Group B at Moors SC grounds, BRC pulled off a seven-wicket win over Badureliya CC who finished without a single win. Badureliya CC playing with only nine players due to a dispute over team selection were shot out for 104 by 18-year-old leg-spinner from Jaffna Hartley College, Vigneshwaran Akash (4/15). BRC scored the required runs in 15 overs.

The Hayleys Badminton Team delivered an outstanding performance at the 14th MBA Inter-Firm Doubles Team Championship 2026, organised by the Mercantile Badminton Association (MBA) and concluded on 30 August 2026 at the MBA Courts, clinching top honours in three categories – Grand Slam, Novices, and 240+.

The victories reflect the depth of talent and the strong team spirit within the Hayleys Badminton Team, capping a highly competitive tournament that brought together the leading mercantile-sector badminton talent from across the country.

Hayleys PLC continues to encourage sporting excellence among its employees, recognising the values of teamwork, discipline, and perseverance that competitive sport instils – values that align closely with the Group’s own culture of performance excellence.

The Ananda Business Network (R) successfully hosted the Anandia Golfers Tournament 2026 at the historic Royal Colombo Golf Club on 9 August, bringing together old Anandians from across generations for a day of friendly competition, networking, and camaraderie.

The tournament holds a unique distinction as Sri Lanka’s only golf tournament organised by a single school alumni network, highlighting the enduring bonds and strong sense of community shared among past pupils of Ananda College.

This year’s event attracted 36 participants representing a wide range of age groups and professional backgrounds, united by their common alma mater. The competition was played in the Stableford format, providing an engaging and competitive experience for golfers of varying skill levels.

Following the tournament, participants and distinguished guests attended an evening cocktail reception, which provided an opportunity for fellowship and networking. Among the notable attendees were Central Bank of Sri Lanka Governor Dr. Nandalal Weerasinghe, and Defence Former Secretary and Old Anandians Sports Club President General Kamal Gunaratne (Retd.), whose presence further underscored the significance of the event within the Anandian community.

Ananda Business Network President Primal Wijenayake noted that the tournament continues to strengthen the connections among Anandians while promoting sportsmanship, networking, and lifelong friendships.

In an increasingly unpredictable business environment, resilience is no longer simply an operational priority-it is a boardroom imperative. Geopolitical uncertainty, supply-chain disruption, cyber threats, rapid technological change and shifting stakeholder expectations are creating a risk landscape in which boards must look beyond traditional oversight and actively prepare their organisations for what may come next.

Against this backdrop, the Sri Lanka Institute of Directors (SLID), in collaboration with EY, will present ‘Resilient Boards Amidst Rising Risks’, an Independent Non-Executive Directors (INED) Forum discussion on 10 September 2026, from 5.00 p.m. to 7.00 p.m. at the Courtyard, Cinnamon Grand Colombo.

The forum is designed to bring the conversation on risk directly into the boardroom, examining how directors can strengthen independent oversight, challenge management constructively and ensure that organisations are equipped not only to withstand disruption, but also to respond, recover and adapt.

Among the principal risks currently requiring board attention are geopolitical events, supply-chain disruptions and cyberattacks and data breaches. These are compounded by organisational challenges including misaligned cultures, digital disruption, succession planning and talent-related risks.

While many of these issues are common across industries, every board must determine which risks are most likely to materially affect its organisation. This requires a clear and continuing dialogue between the board and management on the effectiveness of risk-assessment processes, monitoring mechanisms and organisational preparedness.

Importantly, risk cannot be treated as an annual compliance exercise. It must be an ongoing strategic conversation. Boards need to critically examine corporate strategy against material and emerging risks, question whether adequate safeguards and response mechanisms are in place, and consider the appropriate trade-off between risk management, investment and cost pressures.

Bringing a significant regional perspective to the discussion will be Guest Speaker EY-Parthenon Senior Partner and ASEAN Energy Leader Sanjeev Gupta.

With more than three decades of experience, Gupta is a leading advisor in energy, infrastructure and transformation. He has advised governments, global energy companies, sovereign investors and private equity firms on more than 1,000 engagements representing over $ 400 billion in value. His expertise extends across conventional and emerging energy sectors, including carbon capture, hydrogen, small modular reactors, biofuels and AI-enabled transformation.

Gupta is also an Accredited Listed Companies Board Director certified by the Singapore Institute of Directors, and has extensive experience advising major corporates and their boards as a senior advisor. His executive education includes programmes at INSEAD, Harvard University and the University of Texas at Dallas.

Joining him will be an experienced panel of corporate and board leaders: Hirdaramani Group Director and Hirdaramani International Exports Managing Partner Ranil Pathirana, EY Sri Lanka former Managing Partner and Independent Non-Executive Director on several Boards Manil Jayesinghe, and Phoenix Industries Ltd., Chairman and Brandix Lanka Ltd., Group Audit Committee Chairman Nihal Fonseka.

The discussion will be moderated by Maharaja Foods PLC Chairman Imran Furkan.

Together, the speakers will explore the practical responsibilities of boards in strengthening independent oversight, risk management, management accountability, stakeholder trust and post-crisis recovery, while examining how directors can help organisations move from reactive risk management towards genuine resilience.

The forum is particularly relevant for chairpersons, executive and independent non-executive directors, CEOs and C-suite executives, audit and risk committee members, senior finance and risk professionals, company secretaries, governance professionals and emerging board leaders.

As disruption becomes increasingly difficult to predict, the strength of an organisation may ultimately depend on the preparedness, judgement and foresight of those around the boardroom table. For registrations and further information, contact SLID on +94 76 545 4279 or [email protected].

For generations, Sri Lankan artisans have transformed clay, wood, fibre, metal, textile and other indigenous materials into objects that reflect the island’s culture and identity. Yet much of this creative wealth has remained fragmented, small-scale and disconnected from the world’s major commercial markets.

The Sri Lanka Export Development Board (EDB) is taking forward Creative Sri Lanka 2030, an ambitious national program designed to turn the country’s craft heritage into globally competitive, commercially viable and recognisable brands.

The initiative builds on the foundations established during its earlier pilot phase and is now being expanded through a stronger private-sector-led ‘Umbrella Model’, linking established exporters with specialised SMEs, artisans, designers and other stakeholders. ‘The ambition is no longer simply to export crafts. It is to build Sri Lankan brands that the world recognises for design, authenticity, sustainability and quality.’

The program comes at a strategically important time. Sri Lanka’s National Export Development Plan 2026-2030 targets $ 36 billion in total exports by 2030, with export diversification, value addition and stronger integration into global value chains at its core.

Creative Sri Lanka 2030 seeks to ensure that the country’s creative and craft industries become part of that national export transformation and with that EDB was successfully launched recently this national initiative at the Export Development Board premises. The program, which represents the local giftware, handicraft and lifestyle products sectors, will be implemented over the next three years under 10 newly selected leading ‘Umbrella Brands.’

During the first phase, implemented with the support of the European Union and the British Council, and with consultancy provided by University Arts London and The Institute for Future Creations, five Sri Lankan brands were successfully connected with international designers. This collaboration resulted in the securing of export orders from international markets, including Germany, Denmark, and the United Kingdom.

Building on this success, the government has now allocated funding to take the project forward on a continuous basis, with the participation of stakeholders including the Industry and Entrepreneurship Development Ministry, the National Craft Council, the National Design Centre, the University of Moratuwa, and private sector universities.

Backed by the Government support, the program’s main objective is to enhance the global competitiveness of selected Sri Lankan creative industry brands through design development, structured training, and the building of international market linkages.

Under the current phase, the EDB plans to cluster 40-50 small and medium enterprises (SMEs) as support suppliers around the 10 selected brands, while a total of 50 SMEs will be developed as second-tier manufacturers. In addition, capacity building, design and market development programs will be conducted with the participation of local and foreign experts, along with efforts to build relationships with foreign buyers. Exporters will also be given the opportunity to take part in international trade fairs, including the Ambiente Gifts exhibition to be held in Frankfurt, Germany, in early 2027.

Delivering the welcome address at the event, EDB Chairman Mangala Wijesinghe stated that the launch of this program marks an important step towards harnessing the full potential of Sri Lanka’s creative industry to the fullest. He noted that the creative industry is one of the fastest-growing sectors of the global economy, and that its contribution to the Gross Domestic Product (GDP) of many countries continues to grow.

Explaining the way forward for the Creative Sri Lanka 2030 program, EDB Director-Industrial Products Manoja Dissanayake stated that Sri Lanka’s traditional craftsmanship, cultural diversity, and natural resources provide a strong foundation for sectors such as art, handicrafts, design, fashion, film, performing arts, heritage, architecture, and cuisine.

According to United Nations estimates, creative industries can help build more resilient and prosperous economies, reduce social and income inequalities, and encourage innovation. The sector represents a USD 2 trillion global economy, generating close to 50 million jobs worldwide, nearly half of which are held by women, with its workforce being younger than that of any other industry.

Through this initiative, the Export Development Board aims to increase export revenue from the creative industry by 10% by 2028-2029 and to generate new employment opportunities in related sectors.

DUBAI: Sri Lanka continued their winning run with a comfortable 75-run victory over Indonesia in their second Women’s Asia Cup fixture played at the Dubai International Cricket Stadium on Wednesday.

Sri Lanka made a remarkable recovery from 62-6, working their way to 124-7 largely due to Nilakshika Silva, who struck her third T20I fifty from No. 6. Then, Captain Chamari Athapaththu skittled Indonesia with an astonishing, career-best 7/5, her first five-fer in international cricket, and the best for a Sri Lankan in T20Is. It was also the best figures in the Women’s Asia Cup. She snapped up the last three wickets to hastily end the innings, securing a hat-trick.

Indonesia opted to bowl, and for the first hour, had the upper hand over Sri Lanka, their spinners reducing the defending champions to 36-4 by the eighth over.

But Nilakshika Silva held on to one end, even if it meant a prolonged boundary-less period. None came in a 43-ball stretch, but Sri Lanka managed to crawl up to 68-6. By the 17th over, they had added 21 more runs.

Silva repeatedly shuffled across the stumps to use the shorter side and opened up, using the depth of the crease to punch a couple of fours. A reverse scoop followed by a six off her pads, brought up her fifty off 34 balls (3 fours, 1 six). She fell the next ball, but Sri Lanka had enough to get to 124-7, par for the average first innings total in the event so far.

Indonesia began positively, forcing Sri Lanka to remove any close-in fielders, but the introduction of spin slowed them down. Athapaththu struck first, rattling lefty opener Pangestuti’s stumps. Sugandika targeted the stumps too and sent Dewi back in her second over. Athapaththu then tore through further, picking two in two with her nippy off spin and Wulandari was castled by Kavisha Dilhari, to leave Indonesia reeling at 29-5 after 10.

Only one boundary was scored between the second and 15th overs, as the runs dried up significantly. Then came Athapaththu’s second round of attack, more devastating than the first. She nabbed Ariani, Maypriani and Paramitha to secure the first Women’s T20I hat-trick for Sri Lanka.

Athapaththu, named Player of the Match shared her award with Nilakshika appreciating her valuable contribution with the bat when Sri Lanka were in all sorts of trouble.

Sri Lanka who top Group B with two wins out of two play Bangladesh in their final match on 6 September.

New Delhi these days is consumed by a number. India’s Statistics Ministry puts first-quarter real GDP growth at 7.8%, and the reaction has been extraordinary.

Indian Prime Minister Narendra Modi declared it proof of the nation’s collective strength and accused critics of manufacturing despair; the Opposition countered that the figure was bloated by a base-year revision, and that, measured against the old series, growth would have come in closer to 2.6%. Economists and party spokesmen are now arguing past one another over a decimal point most could not correctly define under questioning.

In the home side of the Palk Strait, 2Q GDP results are expected this month, and one hopes Sri Lankan policymakers and experts are not watching the theatrics in India with watering mouths and dreaming up smart arguments. Spare us such theatre!

Our GDP growth has been unremarkable enough to escape fractious politicisation: 4.9% in 2Q 2025, roughly 5.4% in 3Q, 4.8% in 4Q, and 5.1% in 1Q 2026, a steady, boring recovery from the 2022 default. That quiet may not survive 2Q 2026, when growth is expected to have slowed sharply on the energy price shock from the Iran conflict and the closure of the country’s sole oil refinery. When that number lands, Colombo will face a choice: re-litigate it, or read it for what it is.

It is worth being precise about what the number represents, because both camps in Delhi are arguing about something never designed to bear the weight either side is putting on it.

GDP is not observed; it is constructed. Statistical agencies build it three ways, summing value added across sectors, expenditure by households, firms and Government, and incomes earned, then reconcile figures assembled from imperfect source data: tax filings, customs records, industrial surveys, and frameworks set by the UN’s System of National Accounts and, for quarterly estimates, the International Monetary Fund’s (IMF) Quarterly National Accounts Manual.

Early estimates are provisional and get revised, sometimes materially, as fuller data arrive. A base-year update is routine, internationally standard housekeeping, not a lever pulled to manufacture a headline.

That does not mean the number cannot be selectively presented or timed for political effect; it means it is far harder to simply invent than the shouting suggests.

Outright fabrication would require coordinating tax authorities, Customs data, electricity records, corporate filings and independent surveys simultaneously, a problem larger than any ministry can quietly solve.

The institutions that treat GDP as indispensable are narrower than the debate implies, and least inclined to treat it as gospel.

Central banks use it, alongside inflation and output-gap estimates, as one input into a rate decision, not the decision itself. The IMF and rating agencies use debt-to-GDP ratios to assess solvency, but apply their own adjustments and stress tests precisely because they know the denominator is an estimate, not a fixed fact. Bond markets price sovereign risk off GDP-linked metrics, but sophisticated investors triangulate against higher-frequency proxies, electricity generation, port throughput, and tax receipts, because a quarterly print arrives with a lag and a margin of error attached. None takes the headline as final; each treats it as one imperfect signal among several.

This is the standard Sri Lanka’s own discourse would do well to hold itself to when harder quarters arrive. The country’s structural challenges, a debt burden still being worked through under an IMF program, a narrow export base, dependence on imported energy, and a tax system still rebuilding its administration capacity to keep up revenue are already legible, regardless of whether next quarter’s print reads 3.8% or 4.8%.

Litigating GDP, as India is now doing with great sound and fury, would resolve none of them. It would simply substitute an abstraction for the argument that actually matters.

Pradeep Kahawalage was re-elected as the Chairman of the Ceylon National Chamber of Industries (CNCI) at the 65th Annual General Meeting (AGM) held at the Hotel Taj Samudra, Colombo on 20 August 2026. Industry and Entrepreneurship Development Ministry Secretary Thilaka Jayasundara graced the occasion as the Chief Guest.

CEO of Richardson Engineering Ltd., Kahawalage brings over 15 years of active service to the role, having served extensively on both the Executive Council and the Committee of Management, as well as chairing the Internal Panel of Judges for the prestigious CNCI Achiever Awards for more than five consecutive years.

A Chartered Engineer by profession, he earned his Bachelor’s degree in Civil Engineering from the University of Moratuwa before completing his MBA at the Postgraduate Institute of Management (PIM), University of Sri Jayewardenepura. He is an Associate of the Institute of Certified Management Accountants of Sri Lanka, a Corporate Member of both the Institution of Engineers and the Society of Structural Engineers, and a Certified Member of the Sri Lanka Institute of Marketing. In addition, Pradeep Kahawalage serves on the Board of Directors of Ind-Expo Certification Limited and remains an active member of the PIM Alumni Association, continuing to shape industrial standards and economic growth across Sri Lanka.

The Ceylon National Chamber of Industries (CNCI) celebrates its 66th Anniversary this year, a significant milestone for the oldest Industrial Chamber in the country. This Chamber was established in 1960, and it was incorporated by a special Act of Parliament – Act No. 10 of 1969.

The Ceylon National Chamber of Industries (CNCI) continues to play a pivotal role in shaping Sri Lanka’s industrial landscape, remarked Thilaka Jayasundara during her address at the gathering. Praising the pioneer chamber for bridging critical industry gaps and driving innovation and market expansion, she lauded its consistent support for economic development in recent years. Closing her remarks, Jayasundara extended her best wishes to CNCI Chairman Pradeep Kahawalage and newly elected office bearers for their endeavors.