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Port City duty-free business: Minimum investment laid down

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Investors wishing to start duty-free retail business operations and duty-free shopping mall operations at Colombo Port City will be required to bring in a minimum investment of USD 5 million and USD 7 million, respectively.

This is in terms of new regulations gazetted by the Colombo Port City Economic Commission (CPCEC).

In addition to an investment of USD 5 million, investors looking to start a duty-free retail business will also be required to satisfy the CPCEC that they have access to a range of high-quality luxury retail brand products.

Prospective business investors will have three years to fulfil the requirements needed for them to be given tax exemptions lasting up to 20 years.

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Vote on Account for first four months of 2025 passed in Parliament

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The resolution for the Vote on Account, ensuring government operations and debt servicing for the initial four months of 2025, was passed in Parliament yesterday (6) without a vote. 

The debate on the resolution, initially presented on 3 December, spanned two days.

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US delegation discusses economic and governance reforms with foreign minister

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A U.S. delegation led by Assistant Secretary Donald Lu met with Foreign Minister Vijitha Herath to congratulate Sri Lanka’s new administration. Discussions focused on shared priorities, including economic and governance reforms, with plans for tailored programs, capacity-building, and technical assistance to benefit the Sri Lankan people.

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CAA seizes bottled water stock in Hemmatagama over violations

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The Consumer Affairs Authority (CAA) raided a factory in Hemmatagama, Mawanella, seizing over 3,000 bottles of drinking water prepared for distribution.

Investigations revealed that the factory’s Health Ministry registration certificate had expired and was obtained using false information. The seized stock included bottles of varying sizes from 500 ml to 19 liters.

The CAA emphasized that falsely claiming standards or endorsements violates the CAA Act, and legal action will be taken against the violators. Regular raids are conducted to prevent consumer deception.

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