Minister of Trade, Commerce, Food Security and Cooperative Development, Wasantha Samarasinghe says businesses conducted through online platforms must be properly regulated to ensure fairness and accountability.
Speaking at the 9th Annual General Meeting of the Sri Lanka Retailers’ Association, the Minister warned that many internet‑based ventures operate without proper registration or tax compliance, creating serious difficulties for entrepreneurs who pay taxes legally.
He noted that observations show nearly USD 780 million has flowed out of the country in recent times through such informal methods.
According to the Minister, while around 65,000 businesses are registered nationally, representatives and distributors of some large companies exceed 200,000. He highlighted that from small village retail shops to national‑level B2C enterprises, many remain unregistered.
He further said that retail trade is a key sector contributing more than 20% to the Gross Domestic Product and generating employment for nearly two million people. Ensuring proper regulation of online businesses, he said, is vital to protect legitimate traders and strengthen the economy. (Newswire)