The Government has incurred a loss of Rs. 3 billion as the Customs Department had levied less customs duties intended for singles cabs when the Toyota Hilux Smart Cabs were imported by the Customs.

The government is contemplating on introducing a system to regulate the online trading platforms and bring some of them under its tax regime, Trade Minister Bandula Gunawardena told Parliament yesterday.

Tax amnesties have the potential to encourage corruption and money laundering. They could weaken law enforcement in such grey areas, as income tax officers are prohibited to investigate the perpetrators of white-collar crimes who benefit fro...

Sri Lanka’s ‘Caa1’ sovereign rating has been place on review for downgrade by Moody’s citing weak external position and decreasing institutional strength.