Sri Lanka launches ‘National Tax Week’ to boost state revenue

Monday July 6, 2026 6:42 pm ECONOMYNEXT – Sri Lanka launched its inaugural National Tax Week on Monday (06) with the objective of strengthening State revenue generation and accelerating the country’s future development process, the President’s office said. The National Tax Week…

Monday July 6, 2026 6:42 pm

ECONOMYNEXT – Sri Lanka launched its inaugural National Tax Week on Monday (06) with the objective of strengthening State revenue generation and accelerating the country’s future development process, the President’s office said. The National Tax Week aims to transform the negative public perception of taxation into a positive one while fostering a culture of voluntary tax compliance. The Week will be observed across the island from 6 to 10 July. “The Government recognises its responsibility to ensure that tax revenue collected fairly is managed prudently and utilised for the benefit of society,” Deputy Finance Minister Anil Jayantha said while addressing the event. “If the Government fails to demonstrate sound financial discipline, people will lose confidence and become reluctant to pay taxes. This was evident in the past.” The government this year has aimed for a record tax revenue of Rs. 4,910 billion and revenue collection authorities are expanding the tax net while increasing the compliance rate. Critics say the number of direct taxpayers is still low, though 12 million tax identification numbers (TINs) have already been provided. “We will not tolerate fraud, corruption or waste. If we are to rebuild this country, every citizen must contribute willingly and with a sense of national responsibility,” the Deputy Minister said. “This should not be driven solely by legal obligation. We are confident that the people of Sri Lanka will fulfil this responsibility.” (Colombo/July 06/2026)

Monday July 6, 2026 5:49 pm

ECONOMYNEXT – Sri Lanka’s rupee closed at 334.90/335.00 to the US dollar in the spot market on Monday, from 335.20/35 the previous day, while bond yields closed broadly steady, dealers said. The telegraphic transfer rate for Sri Lanka’s rupee against the US dollar was 330.75 buying, 339.75 selling; the euro was 375.4943 selling, 389.4113 buying; and the pound was 440.2150 buying, 454.2606 selling. A bond maturing on 15.09.2027 closed flat at 10.35/45 percent. A bond maturing on 15.12.2029 closed flat at 10.95/11.00 percent. A bond maturing on 01.08.2030 closed at 11.23/30 percent, up from 11.23/25 percent. A bond maturing on 15.10.2030 closed at 11.26/30 percent, up from 11.25/30 percent. A bond maturing on 15.12.2032 closed at 11.55/60 percent, up from 11.50/60 percent. A bond maturing on 01.11.2033 closed flat at 11.60/70 percent. A bond maturing on 15.06.2034 closed flat at 11.65/72 percent. (Colombo/Jul6/2026)

Monday July 6, 2026 2:56 pm

ECONOMYNEXT – Sri Lanka’s Colombo Stock Exchange closed down on Monday, CSE data showed. The All Share Price Index closed down 0.38 percent, or 85.22 points, at 22,093.51; while the S&P SL20 ended down 0.32 percent, or 19.53 points, at 6,174.69. Market turnover was 1.35 billion rupees. Negative contributors to the ASPI were HNB (down 3.25 rupees at 396.75), R I L Property (down 1 rupee at 25.90) and Dialog Axiata (down 40 cents at 45.50 rupees). Top positive contributors were Lion Brewery (up 83 rupees at 1,834), Haycarb (up 3 rupees at 160.50), and Industrial Asphalts (up 10 cents at 60 cents). (Colombo/Jul6/2026)

Monday July 6, 2026 2:35 pm

ECONOMYNEXT – At least 25 people are confirmed dead, including 5 prison officials and 20 prison inmates, as a clash which started on Sunday continues at Sri Lanka’s Negombo Prison, with over 100 injured according to Negombo Hospital sources. The death toll escalated sharply on Monday following violent confrontations within the prison premises, according to reports by private tv channel, Ada Derana. According to Prisons Media Spokesperson A.C. Gajanayake, the situation intensified on Monday morning when prison officers entered the premises to distribute breakfast and two groups of inmates clashed once again. He stated that while prison officers attempted to intervene and restore order, they were assaulted by the inmates. The unrest reportedly escalated further later in the morning at around 10 AM. when a group of inmates attempted to break through the prison’s main front gate, requiring an extensive effort by the security forces to contain the inmates. To prevent a mass breakout and bring the situation under control, authorities deployed the Police Special Task Force (STF) alongside regular police units. The Airforce also assisted, deploying a Bell helicopter, drones, and personnel. A Prisons Department official told Economynext that they were unable to give a statement on the evolving situation at the moment as signals were jammed around the area. Reporters said periodic gunshots were heard from within the premises. The sound of gunfire triggered panic outside the walls, where a large crowd of inmates’ kith and kin gathered for information of their loved ones. The crowd has been protesting, compounding the security challenge and forcing law enforcement to exert significant effort to manage the crowd outside the gates. Steps are being taken to transfer inmates from the Negombo prison to other prisons in order to diffuse the situation, reporters said. Sri Lanka’s prisons have historically faced severe overcrowding, leading to periodic volatility and violent unrest. According to earlier reports, the Negombo prison was also facing a Dengue outbreak. (Colombo/July 06/2026)

Monday July 6, 2026 1:40 pm

ECONOMYNEXT – Members of Sri Lanka’s Parliament have been briefed on emerging trends in human trafficking, and its associated legal, policy and development dimensions, with the aim of strengthening the legislative process in addressing the issue. Trafficking in persons has evolved over time and is increasingly linked to organized transnational criminal networks, Ministry of Defence Secretary and Chairman of the National Anti-Human Trafficking Task Force, Sampath Thuyacontha was quoted in a Parliament statement. He “pointed out that deceptive overseas employment opportunities, fraudulent recruitment practices, technology-enabled recruitment, forced labour, sexual exploitation, and, in certain instances, the use of victims for forced criminal activities have emerged as major challenges requiring a coordinated national response.” “Special attention was also drawn to emerging trends in human trafficking, particularly technology-based recruitment, deceptive migration practices, labour exploitation, and forced criminal activities.” The programme was conducted by resource persons from the Attorney General’s Department, and organized by the National Anti-Human Trafficking Task Force of the Ministry of Defence and the Parliament of Sri Lanka. Additional Solicitor General, President’s Counsel Haripriya Jayasundara, and State Counsel Sajith Bandara served as the resource persons. The legislators were also briefed on the National Strategic Action Plan on Combating Human Trafficking (2026–2030) of the National Anti-Human Trafficking Task Force. (Colombo/Jul6/2026)

Monday July 6, 2026 1:03 pm

ECONOMYNEXT – Sri Lanka’s Export Development Board (EDB) and Germany’s Import Promotion Desk (IPD) have signed an agreement to continue their partnership to increase market access for the island nation’s export-oriented SMEs. The collaboration has been ongoing since 2019. The MoU establishes a renewed framework for cooperation in trade promotion services, exporter development, institutional and staff capacity building, business matchmaking, and development of export oriented women entrepreneurship. Under this agreement, IPD will continue to provide technical expertise, training programmes, consultancy support, and market access facilitation, while the EDB will support export oriented SME engagement and coordinate joint export development initiatives. Julia Bellinghausen, Head of IPD, Marcus Schwenke, Director International Markets, Federation of Wholesale Foreign Trade and Services (BGA), Stephanie Weber, and other representatives of IPD signed the agreement. IPD is committed to continuing supporting Sri Lankan exporters through technical expertise, capacity building initiatives, and stronger connections with European markets, Bellinghausen was quoted as saying in an EDB statement. She “highlighted the importance of building long-term, sustainable partnerships that enable SMEs to meet international market requirements and establish lasting commercial relationships”. Sri Lanka export-oriented SMEs, particularly in the natural ingredients sector, have benefited from capacity building programmes, market intelligence, buyer linkages, and participation in international trade fairs. A key feature of the collaboration has been the empowerment of women entrepreneurs. “Through targeted support initiatives, women led enterprises have been provided with enhanced opportunities to participate in international trade and expand their presence in global markets,” the EDB said. (Colombo/Jul6/2026)

Monday July 6, 2026 11:02 am

ECONOMYNEXT – Sri Lanka’s bourse was trending down in intraday trading, data on its site showed. The All Share Price Index was down 0.10 percent, or 21.57 points, at 22,157.16; while the S&P SL20 was down 0.11 percent, or 6.54 points, at 6,187.68. Market turnover was 667 million rupees. Leading positive contributors to the ASPI were Royal Ceramics (up 2 rupees at 45.90), Industrial Asphalts (up 10 cents at 60), and Haycarb (up 2.50 rupees at 160). Top negative contributors were Dialog Axiata (down 30 cents at 45.60 rupees), R I L Property (down 50 cents at 26.40 rupees) and Hayleys (down 1.25 rupees at 237.75) Aitken Spence Plc said P Englisch had stepped down from its board effective July 2, and M R Mihular was reappointed independent director. The stock was down 25 cents at 150 rupees. (Colombo/Jul6/2026)