News and insights
17 July 2026
EโALERT: RECENT AMENDMENTS TO THE SPECIAL IMPORT LICENCE AND PAYMENT REGULATIONS NO. 1 OF 2011
On 18 June 2026, Extraordinary Gazette No. 2493/39 was published under the Imports and Exports (Control) Act, No. 1 of 1969 (as amended) of Sri Lanka, introducing the Imports and Exports (Control) Regulations No. 06 of 2026 and thereby amending the Special Import Licence and Payment Regulations No. 1 of 2011. The amendments introduce new controls on import transactions by imposing reporting obligations on commercial banks, requiring importers to be registered with the Sri Lanka Customs Department prior to effecting advance payments for imports, and preventing commercial banks from processing such advance payments unless the relevant importer is duly registered. Read our latest e-alert, prepared by Dushyantha Perera (Partner - Head of Corporate & Commercial Law) and Lakna Ukwatta (Senior Associate), for a brief overview of these amendments and their implications for importers and commercial banks in SL.
21 May 2026
BRIEFING NOTE: INTRODUCTION OF A MANDATORY UBO DISCLOSURE FRAMEWORK IN SRI LANKA PRACTICAL COMPLIANCE GUIDE
๐ฆ๐ฟ๐ถ๐๐ฎ๐ป๐ธ๐ฎ's ๐บ๐ฎ๐ป๐ฑ๐ฎ๐๐ผ๐ฟ๐ '๐จ๐น๐๐ถ๐บ๐ฎ๐๐ฒ ๐๐ฒ๐ป๐ฒ๐ณ๐ถ๐ฐ๐ถ๐ฎ๐น ๐ข๐๐ป๐ฒ๐ฟ๐๐ต๐ถ๐ฝ' (๐จ๐๐ข) ๐ฑ๐ถ๐๐ฐ๐น๐ผ๐๐๐ฟ๐ฒ ๐ณ๐ฟ๐ฎ๐บ๐ฒ๐๐ผ๐ฟ๐ธ ๐ณ๐ผ๐ฟ ๐ฐ๐ผ๐บ๐ฝ๐ฎ๐ป๐ถ๐ฒ๐ ๐ถ๐ ๐ป๐ผ๐ ๐ผ๐ฝ๐ฒ๐ฟ๐ฎ๐๐ถ๐ผ๐ป๐ฎ๐น, marking a significant development in the countryโs corporate transparency and compliance landscape. Our latest briefing note, prepared by Minidi Gamalath (Partner/Head Company Secretary) and Anuji Jayatillake (Senior Associate) of SPA Corporate Services (Pvt) Ltd, provides a practical and detailed guide to the new UBO disclosure requirements, key filing deadlines, and immediate compliance steps for companies operating in SL. For further information, please contact Minidi, Anuji, your usual contact at Sudath Perera Associates, or SPA Corporate Services (Pvt) Ltd.
24 June 2026
EโALERT: RE-ACTIVATION OF THE STRATEGIC DEVELOPMENT PROJECTS ACT 2008, AND THE 2026 PROJECT ELIGIBILITY CRITERIA & TAX CONCESSIONS REGULATIONS
On 8 February 2026, the Extraordinary Gazette No. 2474/66 was published under the Strategic Development Projects Act, No. 14 of 2008 (as amended), introducing the 2026 project eligibility criteria & tax concessions regulations and formally re-activating the 'Strategic Development Projects' ("SDPs") incentive regime in SriLanka. The regulations, together with the Strategic Development Projects (Amendment) Act No. 26 of 2025, introduce a more structured framework for identifying SDPs, including sector-specific eligibility criteria, minimum investment and employment thresholds, enhanced BOI oversight, and standardised fiscal incentives, including CIT holidays and exemptions from customs duties, VAT, PAL and CESS. Read our latest e-alert, prepared by Dushyantha Perera (Partner - Head of Corporate & Commercial Law) and Pamodi Pathirage (Associate), for an overview of these developments and their implications for investors and businesses in SL.
26 June 2026
EโALERT: RESTRICTIONS ON OUTWARD REMITTANCES FOR CAPITAL TRANSACTIONS
On 18 December 2025, the Minister of Finance issued a new Order under Section 22 of the Foreign Exchange Act, No. 12 of 2017, continuing restrictions on outward remittances for capital transactions by persons resident in SriLanka. The Order maintains restrictions on remittances through Outward Investment Accounts (OIA), while revising limits for overseas investments and increasing thresholds for remittances through Business Foreign Currency Accounts (BFCA) and Personal Foreign Currency Accounts (PFCA). Read our latest e-alert, prepared by Hafsa Ifthikar (Partner - Corporate & Commercial Law) and Sithma Emmanuel (Associate - Corporate & Commercial Law), for a brief overview of these developments and their implications for investors and businesses in SL. For further details, please refer to the full e-alert:
22 April 2026
Marking World IP Day 2026 | IP and Sports: Ready. Set. Innovate.
Marking World IP Day 2026 | IP and Sports: Ready. Set. Innovate.
28 March 2026
EโALERT: RECENT AMENDMENTS TO THE COLOMBO PORT CITY LEGAL AND REGULATORY FRAMEWORK
On 20 January 2026, the Colombo Port City Economic Commission (Amendment) Act, No. 01 of 2026 was enacted, introducing significant changes to the legal and regulatory framework governing the ColomboPortCity Special Economic Zone. The amendments, together with the 2025 BSI Regulations and newly issued Community Rules, recalibrate the Port City incentives regime, narrowing tax exemptions, introducing tiered and quantifiable thresholds for 'Businesses of Strategic Importance' (BSIs), strengthening performance monitoring and fiscal oversight, and aligning offshorebanking activities more closely with CentralBank (CBSL) supervision and SriLankaโs broader hashtag#exchangecontrol framework. Read our latest e-alert, prepared by Dushyantha Perera (Partner - Head of Corporate & Commercial Law), Chenelle Fernando (Associate) and Pamodi Pathirage (Associate), for a detailed and critical analysis of these changes and their implications for investors and businesses operating in and from the Port City SEZ. Refer to our website (https://lnkd.in/gjn6N45A) for the firmโs other briefing notes and e-alerts on the evolving Colombo Port City framework.
04 March 2026
E-ALERT: REVISIONS TO THE REGULATORY FRAMEWORK FOR NIGHT-TIME EMPLOYMENT FOR CERTAIN FEMALE SERVICE SECTOR EMPLOYEES
Sri Lankaโs regulatory framework on night-time employment for certain female service-sector employees has been updated through recent amendments to the Shop and Office Employees (Regulation of Employment and Remuneration) Regulations. Read our latest e-alert, prepared by Thidas Herath and Anjalie Fonseka from the firm's Labour & Employment Relations Department, for a concise overview of the amendments and their practical implications for employers.
30 December 2025
Sri Lankaโs data protection framework has undergone further refinement with the enactment of the Personal Data Protection (Amendment) Act, No. 22 of 2025.
Sri Lankaโs data protection framework has undergone further refinement with the enactment of the Personal Data Protection (Amendment) Act, No. 22 of 2025. While the substantive provisions of the PDPA are still to become operative, the Amendment Act introduces adjustments intended to clarify several key areas, including commencement timelines, data subject rights, Data Protection Officer appointments, Personal Data Protection Impact Assessments, and cross-border data transfers. Read our latest e-alert, prepared by Dushyantha Perera (Partner/Head of Corporate and Commercial Law), Vashni E. (Senior Legal Assistant/ Corporate and Commercial Law), and Nishadhi Thilakaratne (Legal Assistant/ Corporate and Commercial Law), for a detailed overview of the amendments and their implications for controllers and processors.
02 September 2026
Nipuni Samarasekara, Partner in the firmโs Corporate & Commercial Law Department, will be attending the 39th LAWASIA (The Law Association for Asia and the Pacific) Conference 2026 in Seoul, SouthKorea, from 14th to 16th September.
Nipuni Samarasekara, Partner in the firmโs Corporate & Commercial Law Department, will be attending the 39th LAWASIA (The Law Association for Asia and the Pacific) Conference 2026 in Seoul, SouthKorea, from 14th to 16th September. She will also be a speaker on the panel for the session 'Corporate Securities and Investment', on 15th September. Please e-mail nipuni@sudathpereraassociates.com, ccldepartment@sudathpereraassociates.com, or DM her, to arrange a meeting.
28 July 2026
Home Landsโ โPentaraโ project cleared by Court of Appeal
Following proceedings before the Court of Appeal, the Home Lands Group has successfully defended legal challenges brought against the statutory approvals granted for its landmark Pentara Residencies development in Colombo 05. By a majority decision, the Court dismissed the writ applications without issuing formal notice, holding that the approvals granted for the project were in compliance with the applicable Development Plan and regulations. The Court also held that the Petitioners had failed to discharge their duty of uberrima fides (utmost good faith) owed to the Court. The Home Lands Group was represented by President's Counsel Kushan De Alwis, President's Counsel M.U.M. Ali Sabry, President's Counsel Eraj De Silva, together with Attorneys-at-Law Shanaka Cooray, Rajiv Wijesinghe, Naamiq Nafath, Shamith Fernando, Akalanka Ukwatte, Daminda Wijayaratne and Sanjana Mapatuna, instructed by SudathPereraAssociates. For more information: https://www.ft.lk/front-page/Home-Lands-Pentara-project-cleared-by-Court-of-Appeal/44-795221