Opposition MP Harsha de Silva has claimed that while the Government maintains VAT is 18%, the actual tax burden borne by consumers is closer to 22% due to the cascading impact of the Social Security Contribution Levy (SSCL).
Speaking on the issue, de Silva said SSCL is applied at multiple stages of the supply chain, including manufacturing, distribution, logistics and retail, resulting in higher costs being passed on to consumers.
He also criticised the Government over what he described as a delay in bringing online casinos and betting applications into the tax net, alleging that such operators continue to generate significant revenue while paying no taxes. De Silva said he would closely monitor the June 30 deadline set for their inclusion under the tax framework.
The MP argued that current tax policies place a disproportionate burden on consumers and small and medium-sized enterprises while allowing certain sectors to remain outside the tax net. (Newswire)
The Govt says VAT is 18%. But ask any consumer buying even a bar of soap, the real tax burden is closer to 22%.
Why? Because SSCL is a cascading tax. It hits at manufacturing, distribution, logistics, retail, every stage of the supply chain. By the time it reaches you, it's not 18%. It's 22%.
Meanwhile, online casinos and betting apps, generating millions, pay zero. The deadline to bring them into the tax net was June 30. Two weeks away. I'll be watching.
You're squeezing SMEs and consumers. You're letting online gambling and others walk free. That's not tax policy. That's a choice.
📹 Full exchange: https://t.co/97KMQbarIM
#SriLanka #COPF #VAT #SSCL #TaxPolicy #SMEs #LKA
Sri Lanka to increase VAT on financial services to 20.5% from July 1, 2026, under proposed tax reforms—up from the current 18%, impacting banks and the wider financial sector.
15th April, 2026 will be marked as a red letter day in the history of Indian Chess. Today in Cyprus, Grandmaster Vaishali Rameshbabu became the Champion of FIDE Women's Candidates 2026 scoring 8.5/14 points! Vaishali will challenge the reigning Women's World Champion Ju Wenjun in the upcoming FIDE Women's World Championship match.
Going into the final round, Vaishali had a score of 7.5/14 points - same as Bibisara Assaubayeva. Divya Deshmukh drew against Bibisara in a wild game, and Vaishali scored a dominating win over Kateryna Lagno - with this win, she became the Champion!
Vaishali played some incredible Chess throughout the tournament. She scored 5 wins, had 7 draws, and conceded only 2 losses!
A huge congratulations to Vaishali, her family, and her team for this incredible result. 15 years ago, Koneru Humpy played against Hou Yifan in the Women's World Championship match in November 2011 - and now Vaishali will play against Ju Wenjun!
Graphic: Anmol Bhargav
#chess #ChessBaseIndia #Candidates #vaishali
Congratulations @chessvaishali . She showed excellent preparation and resilience. Took the blows & delivered the punches. A proud moment for Indian chess with two Indians to cheer for in the World Championships. Personally proud that our @WacaChess mentee will now have a shot at the world title. Being from Chennai is just another flex !
Fuel prices increased in Sri Lanka
The Ceylon Petroleum Corporation has revised fuel prices with effect from midnight today (9).
Accordingly, the price of a litre of Octane 92 petrol has been increased by Rs. 24 to Rs. 317, while Octane 95 petrol has been raised by Rs. 25 to Rs. 365.
The price of Auto Diesel has been increased by Rs. 22 to Rs. 303, while Super Diesel has been increased by Rs. 24 to Rs. 353.
Meanwhile, the price of kerosene has been increased by Rs. 13 to Rs. 195 per litre.
Invisible by design, engineered for authenticity. See how the award-nominated visual effects team brought #F1TheMovie to life.
#F1TheMovie — Now Streaming
Hannah on the decision to pit early under SC: "On that inlap, we're hearing 'Oh- McLaren are staying out' and everyone is like 'are you sure?? are you sure you want to pit?' and I was like 'yeahhh, I really do"
"I thought, no, thats definitely the right thing to do."