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The International Chamber of Commerce Sri Lanka (ICCSL) has urged the Government to adopt reforms to strengthen awareness and compliance under the Taxpayer Charter.

In a policy paper handed to the Department of Fiscal Policy, the ICCSL set out proposals to close gaps in taxpayer knowledge and trust identified through a national survey.

Key recommendations include comprehensive education programs using digital platforms, community outreach and workshops, as well as tailored communication frameworks that simplify tax obligations for the public while offering detailed guidance for professionals.

The paper also calls for stronger data privacy protections, including cybersecurity measures, and the establishment of a Charter Monitoring Unit within the Inland Revenue Department to evaluate communication tools, feedback mechanisms and revisions of the Charter.

ICCSL Chairman Shanil Fernando said: ‘This paper reflects the collective voice of taxpayers and the need for greater clarity, balance, and trust in our tax system.’ He added that the chamber remains committed to further research on effective tax practices to support Sri Lanka’s economic growth.

Accepting the paper, Department of Fiscal Policy Director General Dr. Kapila Senanayake said: ‘These are timely, practical, and necessary reforms that deserve immediate attention.’ He added that several recommendations would be seriously considered for inclusion in the upcoming budget.

People’s Bank has partnered with Toyota Lanka Ltd., to launch an exclusive Auto Loan Facility, providing Sri Lankans with an enhanced opportunity to realise their dream of vehicle ownership.

The Memorandum of Understanding (MoU) for this partnership was signed recently at Toyota Plaza, Wattala. The event was attended by People’s Bank Chief Executive Officer/General Manager Clive Fonseka, Deputy General Manager – SME Development and Micro Finance Wickrama Narayana, Deputy General Manager – Retail Banking and Overseas Customer Services Aruni Liyanagunawardana, along with other officials. Representing Toyota Lanka were Head/Project Manager – Value Chain and Mobility Solutions Naotaka Takeda, Chief Operating Officer Mathisha Samaranayake, Chief Financial Officer Gayan Karunarathne, Chief Human Resource Officer Demetrious Perera, General Manager – Sales Ravi Opatha, General Manager – Auto Value Enhancement Vipul Bandara, and Deputy Manager – Core Marketing Division Suren De Silva.

This initiative introduces a dedicated loan facility for the purchase of brand-new vehicles, representing a significant step forward in both retail banking and automobile financing.

For many Sri Lankans, buying a vehicle is a lifelong aspiration. People’s Bank Auto Loan offers a customer-focused financing solution that extends beyond conventional facilities, providing unmatched flexibility and long-term value. With a range of repayment options available, customers can benefit from a monthly instalment as low as Rs. 1,499 per Rs. 100,000 for a five-year tenure, with up to 30% capital deferment. After five years, the deferred amount can be either settled in full or converted into a new loan, providing greater financial flexibility.

The People’s Auto Loan provides greater value than other traditional financing methods, offering highly competitive interest rates, no early settlement fees, and exclusive discounts on Letter of Credit (LC) openings for vehicle imports. Moreover, this facility enables customers to gain full ownership while enjoying a seamless and affordable path to owning either a brand-new or a pre-owned vehicle.

Toyota Lanka, the sole authorised distributor for Toyota vehicles in Sri Lanka, is renowned for its quality, safety, and innovation. Through this collaboration, customers benefit from the combined credibility of two trusted brands-People’s Bank’s financial expertise and Toyota’s global reputation for excellence.

Together, the two organisations are set to transform auto financing in Sri Lanka, making the aspiration of driving a brand-new Toyota a reality for many.

President Anura Kumara Disanayake yesterday enticed Japanese companies to invest in stable and high-potential Sri Lanka in a bid to tap the giant South Asian market.

He had a closed-door meeting in Tokyo with several top Japanese companies, and later addressed a packed open Business Forum on the sidelines of his State visit, pushing for greater bilateral ties.

At the open forum, the President listed economic and political stability, transparent, corruption-free, and good governance, and strategic geographic location among key reasons for Japanese firms to locate in Sri Lanka and tap the giant South Asian market with 2.5 billion people.

He also described Sri Lanka as one of the most stable democracies in the region and, given the country’s competitive and comparative advantages, including a skilled talent pool and Free Trade Agreements (FTAs), Sri Lanka was ideal for Japanese companies keen to diversify supply chain options.

‘Sri Lanka can be your strategic partner to enter South Asia,’ the President told Japanese investors gathered at the headquarters of the Japan External Trade Organisation (JETRO).

Disanayake said that his Government was favourable to the idea of a dedicated Industrial Zone for Japanese manufacturers, and also assured that an Investor Protection Bill will be presented to Parliament to enhance the conducive environment.

Having briefly highlighted some of the salient achievements since he took office as President, Disanayake said Sri Lanka is poised to achieve higher sustainable socio-economic growth via progressive policies.

‘By 2027, our economy will be worth $ 107 billion, which is 20% above the baseline projection made by the International Monetary Fund (IMF),’ Disanayake said, adding that logistics, financial services, manufacturing, and technology are some of the high-potential sectors for Japanese companies.

Speaking at the forum soon after meeting Japanese Prime Minister Shigeru Ishiba, Disanayake acknowledged that Japan has been a strong development partner for Sri Lanka, and with stability and good governance back in Sri Lanka, bilateral ties can be elevated to a new high.

Representing the Japanese Government at the forum, Japanese Economy, Trade and Industry State Minister Dr. Ogushi Masaki referred to his country’s proposal to set up an export-oriented industrial corridor for Japanese firms to tap the Indian market via Sri Lanka. He said the move is mutually beneficial to all the countries in South Asia.

The forum was organised by the JETRO, Ministry of Economy, Trade and Industry (METI), Sri Lanka Embassy in Japan, the Japan-Sri Lanka Business Cooperation Committee, and the Board of Investment (BOI). It was supported by the Japan International Cooperation Agency (JICA).

Others who spoke at the forum were JETRO Chairman and CEO Ishiguro Norihiko, Japan-Sri Lanka Business Cooperation Committee Chairman Kobayashi Fumihiko, President’s Chief Adviser on Digital Economy Dr. Hans Wijayasuriya, METI Director for Southwest Asia Region – Trade Policy Bureau Shimano Toshiyuki, Ito Spring Co., CEO Kawashima Miwako, Tos Lanka Factory Manager Tanaka Nobuyuki, BOI Assistant Director – Desk Officer for Japan Arunya De Silva and The Ceylon Chamber of Commerce (CCC) Chairperson Krishan Balendra.

The forum in Tokyo was the final event under the public-private sector joint initiative to boost greater economic and business cooperation between Sri Lanka and Japan, buttressing the State visit by President Disanayake. Prior to Tokyo, a similar business forum was held in Osaka apart from President Disanayake officiating at the Sri Lanka Day at Expo 2025 in Osaka.

The private sector delegation was led by the Sri Lanka-Japan Business Council (SLJBC) under the aegis of The CCC. The delegation of over 20 personnel/companies has interests in manufacturing, exports, services, tourism, logistics, and IT.

The delegation was led by The CCC and John Keells Holdings Chairperson Krishan Balendra, and comprised SLJBC Vice President and Spear International Ltd., Chairman and Managing Director Shamil Mendis; SLJBC Treasurer and MendisOne Chairman Rohitha Mendis; SLJBC Immediate Past President and Andrew the Travel Company Managing Director Mahen Kariyawasan; BOV Capital Managing Partner Prajeeth Balasubramaniam; Celestia International CEO Chandana Silva; Connaissance De Ceylan CEO Chamin Wickramasinghe; EW Information Systems Chairman Sanjeewa Wickramanayake; Hayleys PLC Director Sarath Ganegoda; hSenid Group Chairman Dinesh Saparamadu; Lanka Harness Executive President Rohan Pallewatta; MAC Holdings Chairman and President Otani San; MAC Holdings Managing Director Andre Fernando; MendisOne Managing Director Rishantha Mendis; Microsoft Sri Lanka and Maldives Country Manager Harsha Randeny; Tomo Wold Ceylon Chairman Nishantha Perera; Adamjee Lukmanjee and Sons Business Partner – Exports Hashini Kalansuriya; Jayalanka Suppliers Managing Director Ganidhu Ishara; Transfood Lanka Director Sajahan Pasie, NCINGA Group Managing Director Vajira Wijesinghe, and The CCC Assistant Secretary General Dinithi Dias.

Apart from being one of the leading development partners for Sri Lanka and top investors, Japan is Sri Lanka’s 15th largest export market at $ 170 million and Sri Lanka’s 16th biggest source for imports at $ 250 million as per 2024 data. Japan is also the 16th biggest source market for tourists at 25,000 in the first eight months of 2025.

The Bar Association of Sri Lanka (BASL) has written to the Inspector General of Police to clarify the position on lawyers’ car passes, following recent public debate on the issue.

In its letter, the Association said that attempts to invalidate or remove the passes on the basis of a Gazette Notification would be unlawful, since the order does not extend to the use of BASL-issued vehicle passes.

The Association argued that the passes, displayed on windscreens, do not contravene the Motor Traffic Act.

The BASL expressed confidence that the existing system of issuing passes would continue unchanged, emphasising their role in day-to-day legal practice and security arrangements.

It noted that the passes allow attorneys-at-law to be identified when entering courts, tribunals and other institutions linked to the administration of justice, and are also used by law enforcement as verification that a vehicle belongs to a lawyer.

The Association highlighted that it has issued these annual passes since 1997, making it a 28-year practice. In the aftermath of the Easter Sunday attacks in 2019, an additional identification mechanism was introduced for vehicles at the request of security authorities, underscoring the importance of the system as a safeguard.

‘We are surprised to see such reports. You would no doubt appreciate the requirement for a lawyers’ car pass, and we are confident that no steps will be taken to alter the present status quo,’ the Association said in the letter, signed by BASL President Rajeev Amarasuriya and Secretary Chathura Galhena.

The Ministry of Health and Mass Media, with financial support from the Asian Development Bank (ADB) and the Health System Enhancement Project (HSEP), received seven double cabs worth Rs. 22 million.

Prime Minister Dr. Harini Amarasuriya yesterday called on newly appointed Sri Lanka Administrative Service (SLAS) officers to contribute to building a dedicated and efficient public service free from political interference and malpractice.

Addressing 1,890 newly appointed Grade III SLAS officers, she said the Government’s goal is to establish an independent public service that properly serves the people.

‘You are not joining a traditional public service. You are not entering the inefficient, politically-influenced public service that has prevailed for years, but rather an independent service that stands on behalf of the people,’ she said at the ceremony held to award appointments to those officers who were selected from the open competitive examination and subsequent interviews for recruitment to Grade III of the SLAS.

Dr. Amarasuriya noted that the examination, originally scheduled for November 2020, had been delayed for four years due to restrictions on open recruitment and with around 5,000 vacancies in the Administrative Service, the Cabinet has approved the filling of 2,223 posts, of which nearly 1,890 officers are now being appointed.

‘Recruitment was conducted strictly according to district quotas based on the 2020 population ratio, and candidates were selected purely on merit and were interviewed by the Ministry of Public Administration, Provincial Councils, and Local Government with complete transparency,’ she explained.

Dr. Amarasuriya also stressed the Government’s commitment to digitising public services to deliver them more swiftly and ensure a people-centred administration while public officers now have greater independence.

But the Prime Minister warned that fraud, corruption and irregularities would not be tolerated saying that if such incidents were reported, the Government would take the maximum possible action.

‘As honest officials and citizens, you have the right to stand against such fraud, corruption, and irregularities,’ she said, inviting the newly appointed officers to commit themselves fully to the country and people.

Public Administration, Provincial Councils and Local Government Minister Chandana Abeyratne, also addressing the event, said the recruitment had been entirely free of political influence or personal connections. ‘After four years, you represent the largest intake of public service. When you retire, may you have the satisfaction that you helped elevate the public service to a higher standard,’ he said.

‘We are striving for an independent and efficient public service and your contribution is highly appreciated. You might have negative experiences from the public service. Ensure that such bitter experiences are not repeated through your service. Instead, work responsibly to deliver services to the public efficiently,’ he noted.

DFCC Bank has launched Sri Lanka’s first-ever Blue Bond, a Rs. 3 billion issuance dedicated to financing projects that protect and sustain the country’s ocean resources.

The Blue Bond, carrying an expected rating of ‘A(EXP)(lka)’ from Fitch Ratings, will support projects in clean drinking water infrastructure, sustainable marine fisheries and aquaculture, marine renewable energy, eco-friendly coastal tourism, wastewater management, climate adaptation for coastal communities, and clean marine transportation.

It adheres to the International Capital Market Association’s (ICMA) Green, Social, and Sustainability Bond Principles and emerging Blue Bond guidelines, with transparency, a clearly defined use of proceeds, and measurable outcomes at its core.

For Sri Lanka, where nearly 30% of the population lives in coastal districts and livelihoods are tied to fisheries, tourism, and trade, the Blue Bond represents more than capital mobilisation.

It is a commitment to aligning financial markets with environmental realities, safeguarding livelihoods, ecosystems, and long-term resilience, the bank said in a statement.

Follows launch of country’s first Green Bond in 2024

Rs. 3 b Blue Bond to finance projects sustaining maritime resources

SL joins select band of capital markets Seychelles, Fiji, Ecuador, and Indonesia

The initiative builds on DFCC Bank’s legacy of sustainable finance and national firsts. Since financing the country’s first grid-connected mini-hydro project in 1996, the Bank has backed renewable energy projects across wind, solar, and waste-to-energy.

In 2024, DFCC Bank issued Sri Lanka’s first Green Bond, listed on the Colombo Stock Exchange, the Luxembourg Green Exchange, and the NSE International Exchange at GIFT City in India.

The Blue Bond extends this trajectory, directing financial innovation towards the seas and reinforcing the Bank’s 70-year history of driving development with sustainability at its core.

DFCC Bank CEO Thimal Perera said: ‘Each step has been about proving that Sri Lanka can meet the highest international standards. The Blue Bond continues that journey, this time by bringing focus to our oceans, waterways, and the communities that depend on them’.

He added: ‘Finance can change the course of a nation. With its first Blue Bond, DFCC Bank is proving that it can also change the course of its oceans.’

With this issuance, Sri Lanka joins a small but growing circle of nations leveraging capital markets to protect marine ecosystems, alongside the Seychelles, Fiji, Ecuador, and Indonesia.

For DFCC Bank, now in its 70th year, the Blue Bond underscores that development and environmental stewardship are not competing goals but complementary imperatives, the bank said.

Sri Lanka and Japan yesterday exchanged notes for two projects under Japan’s Official Security Assistance (OSA) Program and the Project for the Enhancement of Productivity in the Dairy Sector.

The agreements were signed by Japan’s Ambassador to Sri Lanka Akio Isomata and Foreign Affairs, Foreign Employment, and Tourism Minister Vijitha Herath in the presence of Japan’s Prime Minister Shigeru Ishiba, and President Anura Kumara Disanayake during the latter’s official visit to Japan.

The Japanese Embassy in Colombo said the first OSA for Sri Lanka signifies that bilateral cooperation in security has entered a new phase.

Launched in 2023, OSA is a new grant aid cooperation framework of Japan to strengthen the security and deterrence capabilities of like-minded countries. OSA enables armed forces to be a recipient, differently from Official Development Assistance (ODA), which is for the economic and social development of developing countries.

Under this OSA Program in the amount of ¥ 500 million (approximately Rs. 1 billion), two types of state-of-the-art Japanese-made Unmanned Aerial Vehicles UAVs for monitoring, surveillance and disaster relief will be provided to the Sri Lanka Navy. The project is expected to contribute to enhancing security of Sri Lanka, maintaining and strengthening regional stability.

Under the Grant Aid Project for the Enhancement of Productivity in the Dairy Sector, in the amount of ¥ 463 million (approximately Rs. 945 million), equipment such as real-time Polymerase Chain Reaction (PCR) equipment, sperm motility analyser system and four-wheel tractor as well as technical support will be provided to livestock facilities in Central Province, Northern Province, Eastern Province, North Central Province and North West Province.

The Project aims to improve milk productivity, and thereby contribute to inclusive economic development through improved livelihoods of small-scale dairy farmers in Sri Lanka.

‘These milestone projects not only demonstrate Japan’s unwavering commitment to support Sri Lanka but also contribute to further developing bilateral relationship between Japan and Sri Lanka,’ the Japanese Embassy said.

The International Chamber of Commerce of Sri Lanka (ICC) inaugurated the Arbitration and Mediation Hearing Centre in South Asia on 10 September in Colombo 3. The Centre was officially declared open by ICC Dispute Resolution Services Singapore Director – Arbitration and ADR, South Asia Tejus Chauhan on the invitation of ICC Sri Lanka and ICC Sri Lanka Arbitration and Mediation Hearing Centre Chairman and Attorney-at-Law Shanil Fernando, marking a historic milestone for the region.

The ICC Sri Lanka Arbitration and Mediation Hearing Centre was established through the ICC Sri Lanka Chapter. The Centre will serve as a hub for commercial arbitration and mediation proceedings under ICC rules, offering businesses a reliable platform to resolve disputes efficiently. Speaking at the opening, Fernando noted that the Centre will also function as an educational platform to promote learning in arbitration and mediation practices.

Chauhan also met officials at the Colombo Stock Exchange, Board of Investment of Sri Lanka, Colombo Port City Economic Commission, CHEC Port City Colombo Ltd., and developers of Port City Colombo. Further high-level executive meetings were convened with officials from topmost banking, finance, insurance sectors and law firms to emphasise the importance of alternative dispute resolution mechanism, Arbitration and Mediation based on ICC rules.

Coinciding with the inauguration, the International ICC Arbitration and Mediation Conference was held on 11 September at Shangri-La Colombo in a hybrid form.

With over 250 participants and attended by corporate leaders and the Board of Directors of ICC Sri Lanka the opening remarks were delivered by Shanil Fernando. The Conference brought together a distinguished lineup of local and international speakers. The keynote speech was delivered by Justice Yasantha Kodagoda, while Justice Dilip Nawaz attended as a panellist. Both are Judges of the Supreme Court of Sri Lanka.

The President’s Counsels included Dr. Harsha Cabral, Harsha Fernando, Geoffrey Alagarathnam, Niel Unamboowe, Uditha Egalahewa, Shanaka Ranasinghe, Dr. Shivaji Felix, Sumathi Dharmawardhane and Susantha Balapatabendi from the Attorney Generals Department, Sri Lanka Law College Principal Prashanthalal De Alwis and Chamantha Unamboowe.

The international speakers included Tejus Chauhan, International Arbitrator Dato Jude Benny, Drew and Napier Director Abhinav Bhushan (all from Singapore), PSL Advocates and Solicitors, India Managing Partner Sameer Jain, Steven Thiru Advocates and Solicitors, Malaysia Partner Jeremiah Rais.

Eminent speakers and panellists who joined virtually are International Mediator and Arbitrator Anil Changaroth, Rajah and Tann Arbitrator and Partner Lau Kok Keng (both from Singapore), Advocate India Anand Majmudar, Professor Huala Adolf from Indonesia, S.K. Ling and Tan Advocates, Sarawak Malaysia Managing Partner and Arbitrator Tan Kee Heng, and Dr. Djamel El Akra of Cambodia who contributed to the discussions that are set to shape the future of arbitration and mediation in Sri Lanka and the SAARC region.

The full-day event featured panel discussions and expert sessions on key topics such as the effectiveness of arbitration, commercial mediation, drafting dispute resolution clauses, and the role of mediation in construction disputes.

Sri Lanka scored a major breakthrough in digital education yesterday with the announcement of a landmark partnership with Google, which will provide free access to advanced Artificial Intelligence (AI) tools for students across the country.

Digital Economy Deputy Minister Eng. Eranga Weeraratne revealed the news at the inaugural National AI Expo and Conference 2025, calling it ‘a monumental achievement for the country and AI capacity building development.’

‘After months of collaboration between our Ministry and Google, I am excited to announce the news that I received just this morning. Google has agreed to provide their student offer with Gemini, with advanced features and other benefits, for Sri Lankan students free-of-cost,’ he told a packed audience of industry leaders, academics, students and policymakers.

He described the partnership as a ‘game changer’ that would democratise access to cutting-edge AI resources. ‘Across our nation, every student will soon have free access to powerful world-class AI tools, platforms and learning resources. This will level the playing field and put our students on par with anyone, anywhere in the world,’ he stressed.

The Deputy Minister insisted that the initiative goes beyond mere adoption of AI, aiming instead to nurture mastery among the next generation. ‘We don’t just need to use AI. We want every single one of you to master it,’ he said.

But he also urged caution, underscoring the ethical responsibility that comes with such access. ‘With access to such powerful tools comes great responsibility. Use them to build, to innovate, and to solve the greatest challenges of our time. But always use them wisely, ethically, and for the benefit of all Sri Lankans and the world,’ he emphasised.

Eng. Weeraratne believes the initiative is expected to accelerate the Government’s broader vision of creating a smarter, more prosperous and inclusive digital economy. ‘We must work together with passion and purpose to build a smarter, more prosperous and a more compassionate Sri Lanka,’ he said.