Ceylon Exchange Mentoring

Sri Lanka is expected to receive nearly US$ 1 billion in foreign funding inflows in the near future, according to Central Bank Governor Nandalal Weerasinghe. The expected inflows include around US$ 700 million in IMF-related support, along with nearly US$ 300 million from the World Bank and Asian Development Bank (ADB).

A look at how banking sector investments performed over the past year 📊

Market movements, growth potential, and the power of long term investing, all in one breakdown.

The international ridesharing platform Uber has announced the launch of hybrid subscriptions for motorbike and tuk-tuk drivers in Sri Lanka.

The new ‘earn first, pay later’ model will grant drivers greater flexibility by allowing them to start earning on the platform without upfront payments. Drivers will continue to benefit from the 0% commission on trips, allowing them to keep their earnings while paying the subscription fee separately.

With the hybrid subscriptions, drivers can choose a model that works best for their driving patterns, making it easier for both full-time and part-time drivers to access trips and earn on Uber. Flexibility and earning potential remain key priorities for drivers across Sri Lanka’s two-wheeler and three-wheeler ecosystem. The new model gives drivers greater control of how they interact with the platform and structure their earnings. While the time-based subscription is ideal for full-time drivers, the earning-based subscription is perfect for part-time drivers.

Kaushalya Gunaratne, Country Manager - Mobility, Uber Sri Lanka, commented on the launch, stating, “Drivers are at the heart of everything we do. We were among the first to introduce subscription models for moto and tuk drivers in Sri Lanka, and with hybrid subscriptions, we’re taking it further – giving drivers the benefit of zero commissions and the flexibility to choose what works best for them.

Yesterday (19th May 2026), Parliament passed the controversial Inland Revenue (Amendment) Bill after the government refused to withdraw penal provisions criminalizing certain tax compliance failures. The refusal came with strong criticism from the Opposition and interventions by the Supreme Court on key clauses.

The amendment bill was introduced as a part of the government's broader revenue administration reforms under the IMF-supported fiscal consolidation plan. Under the amendments, failure to file annual income tax returns, failure to register for a Tax Identification Number (TIN), and failure to appear before the IRD when summoned may attract fines of up to Rs. 400,000, six months' imprisonment, or both. However. Criminal proceedings can only proceed after taxpayers are formally notified and given 30 days to comply, following safeguards mandated by the Supreme Court.

Opening the debate for the opposition, Samagi Jana Balawegaya MP Kabir Hashim said that "a successful tax system is not based on oppression and abuse of power. A successful tax system is based on trust, fairness, and a strong social contract.” He argued that Sri Lanka’s historically stronger tax-to-GDP ratios have been achieved without resorting to punitive enforcement against ordinary citizens and SMEs.

President’s Counsel and Opposition MP Faiszer Musthapha also criticized the amendments, warning that administrative non-compliance, which was once a civil matter, would now be considered a criminal offense. Musthapha also criticized the reduction of the VAT threshold, arguing that measures could pressure smaller retailers and businesses operating under narrow margins.

Responding on behalf of the government, Minister Chathuranga Abeysinghe commented, “The only ones who need to worry are willful tax evaders.” Minister Dr. Anil Jayantha Fernando also weighed in, stating, “This government has a responsibility to the people of the country to lay the foundations for a prosperous nation, and one aspect of that is a trustworthy, transparent, fair, and seamless tax administration.”