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Last updateTue, 17 Dec 2019 9am

Business News

The price of diesel will not be increased due to tax revisions on diesel products.



The government has decided to increase the manufacturing tax on a diesel litre to ten rupees from the current 3 rupees.

The Ministry of Finance reiterates that this tax revision will not lead to an increase in the price of diesel. The main objective of the tax amendment is to gain the advantage of the declining crude oil prices in the world market to the government.

Sri Lanka participates in prestigious New York Trade Fair

The Sri Lanka pavilion at the ‘Artisan Resource at NY NOW 2016’ trade fair was declared open by Dr. Rohan Perera, Ambassador & Permanent Representative of Sri Lanka to the United Nations, New York on 21st August 2016 at the Jacob Javits Center, New York.

 Seven Sri Lankan companies participated at the Trade Fair through the Sri Lanka Exports Development Board . These companies were able to display Giftware & Lifestyle products manufactured in Sri Lanka. This is Sri Lanka’s first ever participation at this popular trade fair in New York.  

Senarath Attanayake Member of Provincial Council, A. S. Khan, Deputy Permanent Representative, Ms. Upeka Samaratunga, Minister (Commercial) of the Sri Lanka Embassy in Washington, Ms. Thejani De Alwis, Deputy Director of EDB and representatives of the participating companies and the trade fair organizers were present at the occasion.  The trade fair is held from 21st to 24th August 2016.

Hambantota Port will be developed as an industrial port.

Prime Minister Ranil Wickremasinghe said the Hambantota Port will be developed as an industrial port in future. Accordingly, the infrastructures of the port will be upgraded. The relevant lands extension will be utilized under the long term lease agreement. The Chinese and Thai companies have shown their interest in this regard. 


Importation of Areca nut related products to be banned

Importation of Areca nut related products such as 'Babul' are to be banned. Minister Dr. Rajitha Senerathne says a memorandum in this regard will be presented to the cabinet soon. This decision has been taken with the objective of preventing oral cancer. The disease is being spread rapidly in many parts of the country.


State income has increased by 23 percent


Minister Ravi Karunanayake says that the state income has marked a growth of 23 percent during the first 7 months of this year. The minister attributed this development to this efficient programme implemented by the government to collect taxes. Inland Revenue Department, Excise Department and the Customs Department have earned a sum of 769.7 billion rupees. The amount in the same period last year was at 625.5 billion rupees.

The government is to enact new measures to reactivate packaging laws on food processing oils.

Director of the Consumer Authority Mrs. Chandra Thilakarathna says steps will be taken to reactivate legislation pertaining to packaging laws on food processing oils. A survey reveals that many oils unsuitable for human consumption are in the local market.


A boat manufacturing yard will be set up in the North.

The Ministry of Fisheries and Aquatic resources Development has decided to set up a boat manufacturing yard in the Northern province. This boats yard will be established in Karainagar area at a cost 285 million rupees. The construction work will be started on Monday under the patronage of Minister Mahinda Amaraweera.


2000 fruit villages will be set up this year.

Minister of Agriculture Duminda Dissanayake says 2000 fruit villages will be set up this year. At a ceremony held in Waters Edge Hotel in Battaramulla today the minister said fruits produced by the farmers under this project will be exported. A programme titled "good agricultural practices" was launched at this ceremony. Under this programme good international market will be created for Sri Lanka's fruits and vegetables. 25,000 female farmer associations will also be established in the country. Director General of Agriculture Department Rohana Wijekonne were also present at this ceremony.

Best entrepreneurs of the export sector are honored with Presidential awards.

Best entrepreneurs of the export sector for 2014 and 2015 are honored with Presidential awards. The awarding ceremony was held at the BMICH this evening under the patronage of President Maithripala Sirisena. Brandix Apparel Company Limited was honored as the best exporter of the year.


Embilipitiya special economic centre will be completely modernized.


Minister P. Harrison says that Embilipitiya special economic centre will be completely modernized. At a meeting with the businessmen in the area held at the Embilipitiya Divisional Secretariat office he said infrastructure facilities of the special economic


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