No major income from exporting cannabis: ADIC

Published

2 years ago

June 26, 2023

editor

There is no truth in the reports that large economic benefits can be generated from exporting cannabis, the Alcohol and Drug Information Centre (ADIC) said.

It said that various efforts are being made to legalize the use of cannabis in Sri Lanka and a committee has been appointed to investigate the feasibility of exporting cannabis.

The minister in charge of the subject had recently announced that permission would be given in this regard as a special project under the Board of Investment (BOI).

However, the ADIC said the audit records of the cannabis companies had revealed that there is no truth in the claims that there are economic benefits from exporting cannabis.

It expressed these views by issuing a statement in view of the International Day against Drug Abuse and Illicit Trafficking, or World Drug Day, today.

They pointed out that parties with vested interests hope to promote cannabis in the guise of the economic crisis.

The Centre noted that the current positive ideologies of cannabis will help increase its popularity.

The ADIC further said the use of other drugs would also increase when harmful drugs such as cannabis are popularized.

It said that about 100 people die daily due to smoking and alcohol use and that tobacco and alcohol companies earn about Rs.1,000 million from Sri Lankans.

Energy Ministry to sell luxury SUVs & utility vehicles

Published

2 hours ago

July 7, 2025

editor

The Ministry of Energy has issued a public Tender notice for the sale of 14 luxury and decommissioned vehicles currently owned by the ministry.

The list includes high-end SUVs such as Toyota Land Cruisers, BMW X5, Mercedes-Benz E200 CGI, and several other utility vehicles.

Interested bidders must submit a separate application and bid for each vehicle. Application forms can be obtained by paying a non-refundable fee of Rs. 5,000 per vehicle at the Ministry’s Accounts Division on the 3rd Floor, No. 437, Galle Road, Colombo 03, until July 15, 2025, during working hours.

The Tender notice made by the ministry is as follows :

BIZ

Sri Lanka targets digital income with new 18% VAT

Published

2 hours ago

July 7, 2025

editor

The government has announced that Value Added Tax (VAT) at 18% will be imposed on income earned through online services provided by foreign individuals and platforms to users in Sri Lanka, effective Oct. 01.

This move follows the issuance of an extraordinary gazette notification by the Commissioner General of Inland Revenue, Rukdevi Himali Fernando, aimed at regulating and taxing the growing sector of cross-border digital services.
Under the new regulation, the VAT will apply to a wide range of services, including but not limited to:

Software as a Service (SaaS)
Online stores and marketplaces
Digital advertising and marketing
Cybersecurity and IT support services
Video, music, and live-streaming platforms
Online banking and financial tech services
Social media and on-demand platforms
Hotel booking and ticket reservation apps
Online gaming platforms

The regulation also clarifies that any other digital service provided via an electronic platform from outside Sri Lanka to individuals residing in the country will be subject to VAT, even if not explicitly listed.

Foreign service providers are required to register for VAT if their supply of services exceeds Rs. 60 million annually or Rs. 15 million in the past three months. Prior to registration, such non-residents must also obtain a Taxpayer Identification Number (TIN).

This development comes amid growing debate over taxing foreign exchange earners and aims to expand the country’s tax base in the digital economy.

(dailynews.lk)

(Except for the headline, this story, originally published by dailynews.lk has not been edited by SLM staff)

News

SL squad announced for T20I series against B’desh

Published

4 hours ago

July 7, 2025

editor

Sri Lanka Cricket has announced a 17-member squad for the upcoming three-match T20I series against Bangladesh, set to begin on July 10.

The squad will be led by Charith Asalanka, with notable inclusions such as Kusal Mendis, Dinesh Chandimal, Wanindu Hasaranga, and the return of experienced all-rounders Dasun Shanaka and Chamika Karunaratne.

Match Schedule:

1st T20I on July 10th – PICS, Kandy

2nd T20I on July 13th – RDICS Dambulla

3rd T20I on July 16th – RPICS Colombo

The T20I squad is as follows :