The Central Bank of Sri Lanka (CBSL) has initiated resolution action against Nation Lanka Finance PLC (NLFP), effective from today (July 04) due to continuous violations of the Finance Business Act No. 42 of 2011 and related regulatory directives. 

The company has been facing a deteriorating financial position marked by capital deficiencies, poor asset quality, ongoing losses, and failure to repay depositors.

A dedicated VAT refund facility for tourists was officially launched today (July 04) at the Bandaranaike International Airport (BIA) by Minister of Industries and Entrepreneurship Development – Sunil Handunneththi and Minister of Labour and Deputy Finance Minister – Anil Jayantha.

This new service, established by the Inland Revenue Department, allows eligible foreign tourists to claim back the Value Added Tax (VAT) paid on purchases made during their stay in Sri Lanka. 

It stems from a policy proposal submitted to the President on March 14, 2025, by officials of the Gem and Jewellery Authority and the Ministry of Industries.
To qualify for a refund, tourists must have spent over 90 days in Sri Lanka and paid VAT exceeding Rs. 50,000.

The move aims to incentivize the purchase of Sri Lankan products by international visitors and improve the efficiency of tax collection. Officials highlighted that this step is expected to boost both the local retail sector and tourism.

Gem and Jewellery Authority Chairman Navin Suriyarachchi and representatives from the Inland Revenue Department were also present at the launch. A media briefing will soon be held to raise awareness among local businesses and tourism stakeholders.

The management of City of Dreams Sri Lanka has urged the public to be aware of unauthorized tickets being circulated for its Grand Opening event, which is scheduled to take place on August 02.

In an official statement, the organizers emphasized that the event is strictly by invitation only and that no third parties have been permitted to sell, distribute, or issue tickets for the occasion.

“We have received reports of counterfeit tickets being offered via unofficial sources. We strongly advise the public to remain vigilant and avoid engaging with such offers,” the announcement stated.
For any inquiries or clarifications, the management encourages individuals to use the official communication channels of City of Dreams Sri Lanka to obtain accurate information.