Tourism stakeholders said Sri Lanka now has the highest visa costs in Asia, creating a significant barrier for tourists compared to competing destinations like Thailand, Vietnam and many others that offer free visas or charge much lower fees.

Sri Lanka’s Foreign Minister Ali Sabry and Saudi Arabia’s Minister of Investment Khalid Al Falih have signed a Memorandum of Understanding (MoU) on Investment Promotion between the two countries.

A leading Sri Lankan businessman, through his company Supreme Global Holdings, has entered the race to acquire the national carrier, SriLankan Airlines.

As per the recently issued gazette notification, the income tax payments can only be made using thre methods.

Sri Lanka’s apparel industry saw its revenue cross the US$ 1 billion mark in the first quarter (1Q24) with exports expanding by 7.7 percent in March.

Having encountered “some setbacks” in the first round of sovereign bond restructuring talks in London last week, the Steering Committee of the Ad Hoc Group of Bondholders and the Sri Lankan official negotiators have pledged to continue the dialogue to arrive at a consensus within a few weeks, Finance Ministry sources confirmed.

The Sri Lanka Inland Revenue Department (IRD) has been back-tracking the implementation of reforms leading to a revenue collection shortfall this year although it has exceeded the 2024 first quarter target by 13 per cent.

Oriflame, a global beauty company, has announced its decision to withdraw from the Sri Lankan market effective 15 May 2024, citing a range of economic challenges that have made its operations unsustainable.

Sri Lanka has been recognised as the 5th best country to visit in your lifetime, according to CEOWORLD Magazine’s prestigious rankings for 2024.