The National Chamber of Exporters of Sri Lanka (NCE) has reinforced its long-standing strategic partnership with Ernst & Young (EY), reaffirming a shared commitment to helping Sri Lankan exporters strengthen their global competitiveness, resilience, and readiness to meet evolving international trade demands.
The partnership, which has grown steadily over the years, was recently renewed through the signing of a Memorandum of Understanding (MoU), underscoring the continued confidence between the two organizations and their shared vision of delivering greater value to Sri Lanka’s export sector.
Following the MoU renewal, an NCE delegation led by President Indhra Kaushal Rajapaksa, together with Secretary General and Chief Executive Officer Shiham Marikar and Executive – Operations Enuri Gurusinghe, met with Gayathri Manatunga, Country Managing Partner of EY Sri Lanka and the Maldives, to discuss expanding collaboration in response to emerging global trade opportunities and challenges.
Over the years, EY has played a pivotal role as the NCE’s Strategic Knowledge Partner, providing expertise in financial management, taxation, corporate governance, risk management, regulatory compliance, and business advisory services. The partnership has also been strengthened through EY’s active representation on the NCE Management Committee, where a senior EY representative serves as Honorary Treasurer, offering financial oversight, strategic direction, and governance support that has contributed to the Chamber’s continued institutional and financial strength.
During the discussions, both organizations agreed to further harness EY’s extensive international expertise to help Sri Lankan exporters navigate increasingly complex global trade requirements. Particular attention was given to the growing challenges surrounding tariff regulations, market access conditions, and compliance obligations imposed by key export destinations.
The discussions highlighted recent developments relating to U.S. tariffs on Sri Lankan exports, including additional compliance measures covering supply chain traceability, transparency, regulatory compliance, and the prevention of forced labour. As the United States remains Sri Lanka’s largest single export market, generating approximately US$3 billion in annual export earnings—driven largely by the apparel sector—maintaining and expanding access to this market will require exporters to continuously strengthen their compliance frameworks and align with evolving international standards. The European Union was also identified as a critical export destination for Sri Lanka, particularly for industries such as apparel, fisheries, food products, and other value-added exports. With the EU introducing increasingly rigorous regulations on sustainability, environmental performance, due diligence, carbon reporting, ethical sourcing, supply chain transparency, and product traceability, compliance has become an essential factor in maintaining competitiveness and securing long-term market access.
Colombo Mayor Announces Entertainment Tax Reduction to Make Public Events More Affordable
The Colombo Municipal Council (CMC) has officially reduced its Entertainment Tax, including lowering the tax on local concerts from 12% to 7%, in a move designed to support Sri Lanka’s creative industry while making entertainment events more affordable for the public.
Colombo Mayor Vraie Cally Balthazaar announced that the tax reduction, approved under the CMC’s 2026 Budget, has now come into effect following the publication of the relevant Gazette notification.
The revised tax structure applies across all entertainment tax categories, with the reduction for local concerts expected to provide significant relief to artists, event organisers, and the wider creative sector.
Mayor Balthazaar said the initiative is aimed at strengthening Sri Lanka’s creative economy while encouraging greater public participation in cultural and entertainment events. She also urged event organisers to pass on the benefits of the lower tax by reducing ticket prices wherever possible, making concerts and other live events more accessible to a wider audience.
According to the Mayor, the decision follows repeated public requests to create more opportunities for people in Colombo to enjoy music, theatre, sports, and cultural activities.
She emphasized that a truly vibrant city is built not only through physical infrastructure but also through thriving arts, entertainment, and shared cultural experiences, expressing confidence that the tax reduction will help transform Colombo into a more dynamic and inclusive destination for residents and visitors alike.
National Chamber of Exporters Deepens Strategic Partnership with Ernst & Young to Empower Sri Lanka’s Export Sector
