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Underscoring its firm commitment to youth empowerment, skill enhancement and creation of sustainable career opportunities for Sri Lanka’s next generation of professionals, Citizens Development Business Finance PLC (CDB) recently signed a Memorandum of Understanding (MoU) with the National Apprentice and Industrial Training Authority (NAITA) to execute the STEP – School to Employment Programme. STEP is a structured apprenticeship initiative designed to provide school leavers and young entrants with practical corporate exposure, professional development opportunities and nationally recognised NVQ qualifications.
Through this partnership, CDB gives opportunities to those who have completed their A/Level examinations, offering them a pathway to gain hands-on corporate experience while building an understanding of workplace culture. The programme is designed to attract and retain young talent, establish an entry-level talent pipeline and integrate successful trainees into the workforce.
Reaffirming CDB’s overarching focus on professionalising the inherent talent of the younger generations, Chief Support Services Officer Nayanthi Kodagoda said, “At CDB, we believe in nurturing fresh talent and creating meaningful pathways for young people to step confidently into the corporate world. The STEP Apprenticeship Programme, in collaboration with NAITA, is more than just training – it is about empowering youth with practical exposure, professional development, and nationally recognised qualifications that will shape their future careers. This initiative reflects our long-term commitment to building a sustainable talent pipeline while contributing to Sri Lanka’s socio-economic progress.”
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Delivering his administration’s third national budget – Sri Lanka’s 81st – in Parliament yesterday, President Anura Kumara Dissanayake, in his capacity as Minister of Finance, unveiled a Rs. 4,992.77 billion spending blueprint designed to pivot the economy from post-crisis stabilisation to structural transformation.
Addressing mounting public expectations for cost-of-living relief, the 2027 Budget introduces substantial Pay-As-You-Earn (PAYE) personal income tax concessions, widens tax brackets for middle- and high-income earners, and rolls out targeted subsidies to ease household energy expenses. Simultaneously, the government has earmarked a record Rs. 2,000 billion (Rs. 2 trillion) for public capital expenditure while holding the borrowing ceiling steady at Rs. 3.8 trillion despite a 12.6 percent rise in overall outlay.
“The sacrifices made by the people will not last forever. It is the government’s responsibility to translate economic stability into tangible benefits by creating new jobs, increasing national revenue, improving the quality of public services, and delivering better opportunities for all,” President Dissanayake told the House, noting that Cabinet had granted approval for the proposals earlier this morning.
Personal Tax Relief and Household Savings
In a direct move to ease the tax burden on salaried professionals and middle-income households, the President announced an upward revision of the PAYE tax-free threshold:
Higher Tax-Free Allowance: The monthly personal income tax-free threshold increases from Rs. 150,000 to Rs. 162,500, raising the annual tax-free ceiling from Rs. 1.8 million to Rs. 1.95 million.
Widened Tax Brackets: Progressive tax slabs have been restructured to include a new 12 percent tier replacing the previous 18 percent rate at that level, establishing rates across 6%, 12%, 18%, 24%, 30%, and 36%. The monthly threshold for the top 36 percent bracket has been raised from Rs. 358,000 to Rs. 433,000, delivering monthly tax savings ranging from Rs. 750 to Rs. 15,750.
Rooftop Solar & Battery Incentives: To lower household electricity costs, the government will abolish the 10 percent Port and Airport Development Levy (PAL) on imported solar batteries – reducing the cost of a 1kW battery by roughly Rs. 4,000. Additionally, a Rs. 3.5 billion relief package will provide new domestic rooftop solar users with a Rs. 25,000 subsidy per 1kW of battery storage installed (up to 10kW, or a maximum benefit of Rs. 250,000).
Fiscal Discipline, Post-IMF Roadmap, and State-Owned Enterprises
With the four-year International Monetary Fund (IMF) Extended Fund Facility (EFF) scheduled to conclude in March 2027, President Dissanayake reaffirmed the government’s commitment to completing the programme while disclosing that a dedicated committee has been appointed to evaluate whether Sri Lanka should pursue a successor IMF arrangement.
Highlighting stronger-than-projected fiscal consolidation, the President noted that findings from the IMF’s Sixth Review indicate Sri Lanka’s public debt could decline to 87 percent of GDP by 2032, outperforming the initial programme target of 95 percent.
On state enterprise reform, the President flagged the staggering Rs. 528 billion cumulative loss incurred by SriLankan Airlines between 2008 and 2026, revealing that Cabinet has appointed a special committee to explore debt-reduction pathways for the national carrier and urging bipartisan parliamentary backing. He also cautioned against complacency in the public sector, stating that “remaining for long periods at the lower levels of the public service should not be viewed as a pathway to securing top positions,” as traditional state structures cannot drive modern economic transformation.
Meanwhile, addressing foreign exchange outflows, the President noted that USD 1.6 billion was spent on vehicle imports in 2025, with Letters of Credit (LCs) already opened exceeding USD 1.5 billion – bringing total two-year vehicle import commitments to nearly USD 3 billion.
Record Rs. 2 Trillion Capital Push and Energy Security
Deputy Minister of Finance and Planning Dr. Anil Jayantha Fernando framed the shift toward production-led growth as the central objective of the 2027 proposals, backed by heavy infrastructure and energy allocations.
Further energy and aviation initiatives include constructing a dedicated domestic flight terminal at Bandaranaike International Airport (BIA) and awarding four investor contracts for oil and gas exploration in the Northwestern Mannar Basin shortly after the February 2, 2027 bid deadline. Rural telecommunications tower expansion will also receive state grants alongside a five-year tax holiday.
Trade Expansion and Institutional Modernisation
To boost exports and attract foreign direct investment (FDI), the budget allocates Rs. 1,990 million to establish a National Single Trade Window and Rs. 100 million for a National Single Investment Window, complemented by streamlined state land allocation procedures and a special investor relief package.
On the trade diplomacy front, the government has appointed a committee to expand the existing Free Trade Agreement (FTA) with India, is exploring a new FTA with China, and plans to enter expanded economic partnership agreements with the United Arab Emirates (UAE) and Oman.
Concluding his policy framework, President Dissanayake pledged sweeping legislative and institutional overhauls—noting that laws over a century old and obsolete institutions will be reformed. Forthcoming legislation includes a new State Assets Management Act, a National Statistics Act, updates to the Gambling Regulatory Authority Act, and a modernised national accounting and auditing framework, with every state investment, tax concession, and welfare programme subjected to strict socio-economic benefit evaluations.
Continue Reading Business Control Union Sri Lanka Lab meets the global standard for pesticide residue testing Published
Control Union Sri Lanka’s laboratory has received ISO/IEC 17025:2017 accreditation from the Sri Lanka Accreditation Board (SLAB) for pesticide residue analysis, giving producers, buyers and regulators independent proof that its results can be relied on. It is the first of four SLAB accreditations the laboratory is working toward.
A single failed pesticide test can hold up an entire shipment or pull a product off the shelf. Buyers in Europe and other regulated markets enforce strict maximum residue levels, and a consignment that fails can be rejected, delayed or returned at heavy financial cost. Results from an accredited laboratory carry more weight with buyers and regulators, which helps Sri Lankan producers settle questions quickly and avoid repeat testing in other countries.
That weight comes from who grants the accreditation. SLAB is Sri Lanka’s national accreditation authority and is internationally recognised through mutual recognition arrangements with the International Accreditation Forum (IAF), the International Laboratory Accreditation Cooperation (ILAC) and the Asia Pacific Accreditation Cooperation (APAC). Since January 2026, that global recognition has been consolidated under Global Accreditation Cooperation Incorporated (Global ACI), which ensures international acceptance of accredited test reports and certificates within their recognised scopes.
Diversified conglomerate CIC Holdings PLC (CSE: CIC) reported a consolidated revenue of Rs. 42.91 billion for the first half of the financial year 2026/27 (HIFY27). The Group maintained steady top-line growth of 3.06% and achieved a strong bottom-line expansion, with Profit After Tax (PAT) increasing by 16.72% to Rs. 3.79 billion. This is compared to Rs. 3.25 billion in the corresponding period of the previous year, notwithstanding Agri cluster movements shifting from the second quarter to the third quarter of the financial year. The Group’s performance was supported by strong operational execution, margin expansion, and enhanced earnings contributions from equity-accounted investees.
Operating profit (EBIT) strengthened to Rs. 5.86 billion, recording a 2.65% YoY growth, while profit before tax (PBT) rose to Rs. 5.35 billion (up 8.26% YoY). During the period under review, Agri Solutions remained the Group’s largest revenue contributor, accounting for approximately 40.18% of total gross segment revenue. Livestock Solutions and Health & Personal Care contributed around 24.29% and 23.08% respectively, while the Industrial Solutions segment accounted for 12.45% of total gross segment revenue.
Gross profit increased to Rs. 11.69 billion, representing a 4.36% year-on-year growth, supported by disciplined pricing and operational efficiencies. Gross profit margin improved to 27.25%, demonstrating strong profitability resilience. Importantly, this solid performance was recorded during the Group’s off-peak second quarter, despite the delayed rains pushing back the Agri season, underscoring CIC’s operational consistency and diversified earnings base.
During the period under review, key core operating sectors delivered strong results. Industrial Solutions delivered the strongest top-line expansion, with revenue surging 34.91% to Rs. 5.43 billion. Livestock Solutions recorded an 11.87% revenue growth to reach Rs. 10.59 billion, while Health and Personal Care revenue expanded by 6.40% to Rs. 10.05 billion. Agri Solutions contributed Rs. 17.51 billion to segment revenue.
In terms of profitability, Livestock Solutions recorded strong segmental profit growth of 30.86% to Rs. 1.52 billion, while Industrial Solutions expanded its segmental profit by 47.37% to Rs. 1.02 billion. The Health & Personal Care sector achieved a 10.02% increase in segmental profit to Rs. 1.43 billion, while Agri Solutions generated Rs. 1.63 billion in segment results. Overall, the Group’s core business sectors generated Rs. 5.60 billion in total segment results, representing a 3.85% year-on-year increase and reinforcing broad-based earnings resilience across key operating verticals.
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