Business and Economics
SL ozone level in lower atmosphere improves

The natural amount of Ozone in the lower atmosphere (ground level) in Sri Lanka has shown a significant improvement during the last few months due to the less use of motor vehicles and limit in the release of industrial emissions by major industries, Central Environmental Authority (CEA), Chairman Siripala Amarasinghe said.

The currently existing island wide curfew has been the main reason for the reduction of motor vehicle usage and limited operation of major industries of the country. Speaking to Daily News Business, Chairman Amarasinghe said that there are two types of Ozone, namely Stratosphere Ozone and Ground Level Ozone.

Amarasinghe also said that the Stratosphere Ozone Layer is being protected by the actions undertaken by the member countries of the Montreal Protocol and Sri Lanka is also member country of this convention.


Iconic Galaxy wins big at Asia Pacific Property Awards 2020- 21

Iconic Galaxy, the latest high-end self-contained luxury apartment complex by leading South Asian Property Developer Iconic Developments was recognised in the residential high-rise development category for Sri Lanka at the Asia Pacific Property Awards 2020-21.

The prestigious property awards focusing on design, quality, service, innovation, originality and commitment to sustainability is judged by an independent panel of over 80 industry experts lead by Lord Caithness, Lord Best and Lord Waverly of the House of Lords of the UK parliament.

“Iconic Galaxy achieved many firsts in Sri Lanka,

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IRD introduces online payment and advanced personal income tax systems

Partner – Tax Services BDO Sarah Afker said that the Inland Revenue Department had opened the Alternative Tax Payment System for the collection of taxes.

Afker was speaking to the Chartered Accountants of Sri Lanka. Afker also outlined the framework for the Advanced Personal Income Tax which will be applicable for 2020/21.

Afker said that the alternative tax payment system was now operational with the participation of major banks. Taxpayers are now able to remit taxes owed to the Inland Revenue through the system. The Inland Revenue Department has also created E-Services for the obtaining of a Tax Identification Number. The Advanced Personal Income Tax system was also outlined which allows employees to give or withdraw consent for the payment of their income taxes through their employer.

The new system will view this as the employer facilitating the employee paying income tax. The new government has increased the threshold for taxation to Rs 750,000 per quarter or Rs 3 million per year. Relief has also been given for payments up to Rs 1.2 million for health, local education, housing loan interest, pension, and share market expenditures.

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