Sri Lanka’s Human Rights Commission (HRCSL) recently (18) launched the country’s first national Guidelines and Recommendations on Business and Human Rights, aimed at promoting responsible business conduct and embedding human rights principles into corporate policies and practices.

Issuing a statement, the HRCSL said the initiative was developed by the HRCSL’s Thematic Sub‑Committee on Business and Human Rights, with the initial concept paper prepared by its Research and Monitoring Division.

Anchored in the United Nations Guiding Principles on Business and Human Rights, the guidelines provide a practical framework for businesses to respect human rights and prevent, mitigate, and address adverse impacts arising from business activities.

Technical assistance came under the EU‑funded project Just Business: Promoting the Adoption of Business and Human Rights in Sri Lanka and the Maldives, implemented by the Max Planck Foundation for International Peace and the Rule of Law and the Centre for a Smart Future. 

Following extensive consultations with stakeholders, including the private sector, the guidelines were reviewed by HRCSL’s Business and Human Rights Sub‑Committee and the Economic, Social and Cultural Rights Sub‑Committee before publication.

At the launch, HRCSL Chairperson Justice L.T.B. Dehideniya emphasized that the guidelines “are not meant to hinder investment or economic growth but to support a responsible, sustainable business environment attractive to investors who value strong environmental, social and governance standards.” 

Commissioner Dr. Gehan Gunatilleke added that regulators and state actors should also use the guidelines as a reference in policymaking and litigation.

Representing the private sector, Rathika de Silva, Executive Director of UN Global Compact Network Sri Lanka, said the initiative was a strategic move: “For Sri Lanka, this is not just an opportunity, but a necessity… to show that ‘made in Sri Lanka’ means not just quality, but quality and human rights.”

As global expectations for responsible business evolve, the guidelines are expected to serve as a reference point for companies, state‑owned enterprises, regulators, and civil society, supporting inclusive and sustainable economic growth that respects human rights. (Newswire)

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Sri Lanka positioned itself as a trusted and reliable investment partner during a high‑level virtual roundtable chaired by Presidential Special Envoy for Foreign Investment and Western Province Governor Hanif Yusoof.

Representatives from major U.S. corporations, including SpaceX, Apple, Coca‑Cola, Mastercard, Visa, Boeing, Chevron, Corteva, Meta, Google, and Airbnb, joined the discussions. 

In a statement on ‘X’, Hanif Yusoof said that, during the discussion, he highlighted Sri Lanka’s potential not only as a standalone market but also as a strategic platform to serve the wider South Asian region.

He further stressed his commitment to advancing President Anura Dissanayake’s investment agenda, aiming to attract global business leaders and secure long‑term partnerships. 

The session was facilitated by U.S. Ambassador Atul Keshap and the U.S. Chamber of Commerce. (Newswire)

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The Inland Revenue Department (IRD) has reopened registration for authorized retailers under the Tourist VAT Refund Scheme (TVRS), enabling eligible businesses to offer VAT refunds to foreign tourists.

Under Section 58A of the Value Added Tax Act, retailers registered for VAT and displaying eligible goods at their business premises can now apply for TVRS authorization.

Application forms are available on the IRD web portal. Submissions must be made to the Large Taxpayer Refund Unit in Colombo.

For further assistance, the IRD Call Centre can be contacted via 011 213 4192 or 011 213 5435. (Newswire)

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The Central Bank of Sri Lanka (CBSL) has issued a notice on the risks of using personal bank accounts for business operations.

The CBSL warned of the misuse of personal accounts for illegal activities.

The bank advised the public involved in businesses to use separate bank accounts for their business transactions.

“Commingling funds can lead to legal and tax complications, making it difficult to track and manage business finances effectively,” the CBSL added. (NewsWire) 

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The Presidential Secretariat has organized 54 institutions that provide investor facilitation services under seven Task Forces in a bid to create a business-friendly environment in the country.

The President’s Media Division (PMD) stated that the Presidential Secretariat has established the Task Forces to simplify business processes on the directives of President Ranil Wickremesinghe. 

The aim is to simplify the processes involved, reduce the time taken, and make information readily available to increase efficiency.  Task Forces have been given clear deliverables and have made concrete commitments to deliver them. 

The first review was held on the Task Force on Registering a Business, which focuses on legal reforms and operational improvements to facilitate business entry at the Registrar of Companies. The Task Force has committed to delivering key outputs such as developing a digital signature system, incorporating ultimate beneficiary ownership into the Companies Act, and simplifying existing forms used by the Registrar of Companies (RoC).

The second review focused on the ‘Registering Property’ Task Force, which aims to improve the steps involved in land registration, required certificates, and related payments. The Task Force is composed of seven institutions, including the Surveyor General’s Department, Colombo Municipal Council, Western Province Revenue Department, and Information & Communication Technology Agency. The Task Force is committed to implementing the e-Land System to minimize the time, cost, and procedures involved in dealing with title searches, registering e-deeds, and obtaining building/street line certificates.

The Task Force has decided to initially concentrate on improving the Colombo area and has committed to establishing an online facility for title search and issuing folio extracts, establishing a system for online stamp duty opinions, developing a system to facilitate deed registration, preparing the Cadastral Plan and web publishing, and digitizing scanned old survey plans. The land parcel-based information web service for the Western Province has already been launched.

The Task Force has given its commitment to deliver outputs such as an online system for a title search at the Colombo Land Registry, an automated stamp duty calculation system at the Western Province Revenue Department, and an automated system for deed registration at the Colombo Land Registry by the end of 2023. 

The PMD added that the Ministry of Technology will address inter-agency connectivity and digitalization issues to facilitate the Task Force in meeting its targets. (NewsWire)

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