The global price of gold has surged to an all-time high, with the price of an ounce reaching USD 3,345 as of today (17).

Indika Bandara, Assistant Director of the Precious Metals Analysis Bureau at the National Gem and Jewellery Authority, attributed the spike to several global economic factors, including a weakening US dollar, increased investor demand for safe-haven assets, and escalating trade tensions between the United States and China. He also noted that a recent tariff announcement by former US President Donald Trump further contributed to the price surge.

Reflecting the global trend, gold prices in Sri Lanka have also hit record highs. According to GOLD Ceylon Gold News Network, the Sea Street gold market recorded the following prices this morning:

• 22K gold: Rs. 242,000 per pound
• 24K gold: Rs. 262,000 per pound

This marks a notable increase from yesterday (16), when the prices stood at Rs. 238,300 for 22K and Rs. 259,000 for 24K gold.

The continued rise in gold prices highlights the growing global economic uncertainty and shifting investor behavior toward more stable assets.

(dailynews.lk)

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

The Inland Revenue Department (IRD) has announced that locally produced liquid milk and yogurt are now exempt from Value Added Tax (VAT), following the enactment of the Value Added Tax (Amendment) Bill.

In a statement issued this week, the IRD clarified that the VAT exemption took effect on April 11, the day Speaker Dr. Jagath Wickramaratne endorsed the certificate on the Value Added Tax (Amendment) Bill in Parliament. The Bill was passed in Parliament on April 09.

The IRD emphasized that, to qualify for the exemption, liquid milk products must contain at least 50% fresh milk.

In addition, VAT was also removed on naphtha supplied by the Ceylon Petroleum Corporation (CPC) to the Ceylon Electricity Board (CEB) for electricity generation.

New tax obligations
Meanwhile, the amendment introduces new tax obligations for the digital economy. From October 01, VAT will be imposed on digital services provided by non-resident entities to consumers in Sri Lanka through electronic platforms. This move aligns with global trends in taxing cross-border digital services.

Further, the department announced that all individuals and entities engaged in the commercial import or export of goods are now required to register under the updated VAT framework.

Several branches of the state owned Bank of Ceylon (BoC) had closed their counters today (April 10) earlier than usual, inconveniencing customers, reports say.
Counters at certain BoC branches had closed at 12.30pm today, due to a result of a Trade Union action, reports add.

The BoC Board of Directors had previously approved an incentive for its employees based on the profit of the year 2024, and it is said that a delay in securing the Ministry of Finance’s approval for this had led to this situation.

‘Sri Lanka Mirror’ reached out to the Ceylon Bank Employees Union (CBEU) Chairman – Channa Dissanayake in this regard and was told that no bank branches were closed earlier than usual.

When we had insisted that certain branches had indeed closed their counters after 12.30pm and mentioned photographic evidence, Mr. Dissanayake’s phone line went dead.

BoC has been in the centre of controversy recently, after providing a hefty loan to Nawaloka Group which is already in deep debt.

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