ANNUAL BUDGET SEMINAR 2025
CA Sri Lanka leads discussion on fiscal reforms and national prosperity at Annual Budget Seminar 2025
The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) hosted its highly anticipated Annual Budget Seminar 2025, bringing together leading experts in finance, taxation, and policy to analyse the nation’s fiscal trajectory. Held at the CA Sri Lanka Auditorium on 18th February 2025, the event provided a platform for in-depth discussions on the government’s budget proposals and their economic implications with the keynote delivered by Dr. Harshana Suriyapperuma, Deputy Minister of Finance and Planning.
CA Sri Lanka also utilised the platform to reaffirm its commitment to supporting policymakers, businesses, and professionals in driving sustainable economic progress, while also underscoring its readiness to assist the government in key areas, including strengthening institutional governance of state-owned enterprises (SOEs).
The event commenced with a welcome address by CA Sri Lanka President, Mr. Heshana Kuruppu, who emphasised the critical role of financial governance, public sector efficiency, and regulatory improvements in shaping Sri Lanka’s economic future. Highlighting the budget’s key proposals, he called for greater institutional reforms, particularly in State-Owned Enterprises (SOEs).
“As you know, CA Sri Lanka played a pioneering role in introducing the corporate governance framework to corporates in the country and supported its voluntary adoption by many corporates well before it became law. We are ready to share our experience and expertise with SOEs to improve their governance structure, including the role of directors, the role of audit committees, improving transparency through timely reporting, and risk management. This support could be provided through organising workshops or other knowledge-sharing initiatives to support the government’s plans,” Mr. Kuruppu said.
He also underscored the need to professionalise Sri Lanka’s public sector finance management, drawing comparisons to Cyprus’ economic recovery, which saw a significant shift towards qualified professionals in financial roles. He urged the government to integrate CA Sri Lanka’s Chartered Public Finance Accountant (CPFA) qualification into public service recruitment to bridge the critical skills gap. Citing stats from the public sector wing, he said that although there are 1200 public sector accountants in Sri Lanka, only 36 are professionally qualified.
Delivering the keynote address, Dr. Suriyapperuma articulated the government’s commitment to fiscal discipline, policy continuity, and economic stabilisation. He acknowledged the historical challenges in tax compliance and stressed the need for restoring public confidence in tax governance. “The current government has made it very clear, not just by words, but through actions, that it will not waste a single tax rupee you pay. It will be put to good use, and therefore, we want everyone’s support to reach our collective destination,” he said.
Dr. Suriyapperuma outlined key budgetary measures aimed at stabilising the economy, incentivising businesses, and fostering sustainable growth. These measures include establishing a holding company for state-owned enterprises (SOEs), introducing investment protection acts, expediting insolvency legislation, and driving digital transformation, particularly through initiatives like the National Single Window, to streamline business processes and enhance economic connectivity.
“Incremental changes will only take us forward a little. So, we need to take the economy to the next level. We need out-of-the-box thinking and must work collectively as a team for Sri Lanka to get to the destination that we all deserve. This will provide hope for young professionals who are trying to leave Sri Lanka, encouraging them to stay in Sri Lanka,” he said.
He also expressed hope for support from professional bodies, such as CA Sri Lanka, as well as from professionals, investors, and the business community, emphasising that their support would be pivotal in driving progress. “It’s a journey that we must undertake together to take the country to the next level. I am sure we will receive the support from the institute, professionals, investors, and the business community as well,” Dr. Suriyapperuma added.
During the seminar, Ms. Sarah Afker, Chairperson, Faculty of Taxation, CA Sri Lanka, delivered the key highlights of the national budget, which was followed by a high-profile panel discussion featuring Ms. Thanuja Perera, Tax Policy Advisor, Ministry of Finance; Dr. Nishan De Mel, Executive Director, Verité Research; Dr. Roshan Perera, Economist; Ms. Nisreen Rehmanjee, Head of Corporate Finance & Group Tax, John Keells Group PLC; Ms. Ayesha Ashenthi, Commissioner, Department of Inland Revenue; and Ms. Afker, with the session being moderated by Mr. Saman Sri Lal, Council Member & Alternate Chair, Faculty of Taxation.
The panel discussion delved into the budget’s impact on taxation, business competitiveness, public sector efficiency, and macroeconomic stability. Experts highlighted the importance of fiscal responsibility, transparent governance, and fostering private sector confidence as critical elements for economic recovery.
