Author: Buzzer Editorial

The government has agreed to introduce a nationwide property tax in the first half of 2027, according to the latest staff report issued by the International Monetary Fund (IMF).According to the undertaking given to the IMF, the government is continuing to build the data infrastructure to facilitate the introduction of the property tax.The government is projected to collect Rs. 56 billion in 2027 through the property tax while the projected revenue through the property tax in 2028 is Rs. 122 billion.The initiative forms part of the government’s broader revenue mobilization strategy, and is expected to enhance tax equity and improve…

Top economist Dhananath Fernando states that the country’s foreign exchange reserves are not used to facilitate the import of motor vehicles.When importing any goods to the country, foreign reserves are not used and instead money earned through exports are utilied, Fernando noted.Speaking during a media briefing, economist Dhananath Fernando noted If imports were to be made using the reserves, Sri Lanka’s reserve volume would never be sufficient.He said the country’s reserves are roughly around USD 6.6 billion, but Sri Lanka imports goods worth over USD 20 billion annually. Therefore, imports cannot happen through the reserves, Dhananath Fernando asserted.He added vehicles…

The Election Commission of Sri Lanka has issued a Gazette notification confirming that Ushettige Don Nishantha Jayaweera has been elected as a Member of Parliament through the National List of the National People’s Power (NPP).This appointment has been made to fill the parliamentary vacancy created by the recent resignation of Harshana Sooriyapperuma, the Election Commission said.The Secretary of the National People’s Power submitted Jayaweera’s name to the Election Commission, and accordingly, the Commission has taken steps to officially gazette his appointment to the vacant National List seat in parliament.Dr. Harshana Suriyapperuma, who previously served as the Deputy Minister of Finance…

No decision has been made to restrict vehicle imports, the Central Bank of Sri Lanka (CBSL) has emphasised.A senior official of the Central Bank stated that, contrary to certain media reports, there has been no exchange of letters or communication between the Central Bank and the Treasury regarding the restriction of vehicle imports.With the country’s economy, which was in a crisis, beginning to recover, the import of vehicles for private use was allowed as of the beginning of February this year, after a lapse of five years.Since then, up until the end of June, approximately 18,000 vehicles have been imported…

South Africa’s stand-in captain Wiaan Mulder on Monday (July 7) decided not to chase West Indies legend Brian Lara’s long-standing record Test score of 400 as he declared the innings with him unbeaten on 367 (334 balls, 49×4, 4×6).Mulder, the 27-year-old right-hander on captaincy debut, could have become only the second batter in Test history to score a quadruple century.But he declared the South African innings at 626/5 in 114 overs against Zimbabwe.The surprising declaration came at lunch break during the second day of the second Test against the hosts in Bulawayo.He scored his triple century in 297 balls, the…

The government will introduce an 18% Value Added Tax (VAT) on digital services provided by non-resident companies to local consumers, effective October 1, 2025.Accordingly, foreign service providers are required to register for VAT in Sri Lanka and collect the tax on their services.The VAT law was updated through the VAT (Amendment) Act No. 4 of 2025, which implemented VAT on digital services.The Inland Revenue Department has also published detailed guidelines through the Gazette Notification 2443/30, on this new digital tax.Accordingly, the new VAT rules define terms such as “electronic platform” and “non-resident person,” and impose obligations on foreign digital service…

President Donald Trump has threatened new tariffs on any nation supporting “anti-American” policies of the BRICS group of emerging economies, as he announced tariff letters would be sent out to scores of countries from Monday, ahead of a key deadline.In a Truth Social post on Sunday, Trump said the US would impose an additional 10% tariff on “any country aligning themselves with the Anti-American policies of BRICS” with “no exceptions,” though it was not immediately clear which policies Trump was referring to.The BRICS group, an acronym of founding members Brazil, Russia, India, China and South Africa, has long stood as…

Attorneys representing both petitioners and the respondents in the Fundamental Rights petition filed by a group of students—seeking an interim injunction to prevent the implementation of a decision not to admit local students to study for a medical degree at the General Sir John Kotelawala Defence University (KDU)—informed the Supreme Court today (07) that the case could be settled amicably.The petition was heard today before a three-judge bench of the Supreme Court, comprising Chief Justice Murdu Fernando, and Justices Mahinda Samayawardhena and Menaka Wijesundera.Attorney-at-law Hafil Faris, appearing on behalf of the petitioners, told the bench that there is potential for…

All e-services of the National Election Commission have been suspended until further notice.Issuing a statement, the Election Commission stated that the services have been temporarily suspended from today (07) due to essential maintenance work.Accordingly, all e-services—including voter list information checks, online registration, obtaining voter declarations, and extracting information related to other districts—have been suspended until further notice.