At a post Budget discussion organised by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) its President, Heshana Kuruppu underscored the need to professionalise Sri Lanka’s public sector finance management, drawing comparisons to Cyprus’ economic recovery, which made a significant shift towards qualified professionals in financial roles.
Heshana Kuruppu delivering the welcome address
He called on 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.
“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,” he said.
CA Sri Lanka hosted its 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 February 18, the event provided a platform for in-depth discussions on the Government’s budget proposals and their economic implications with the keynote delivered by Deputy Minister of Finance and Planning, Dr. Harshana Suriyapperuma.
CA Sri Lanka also used 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). 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 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. 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, Chairperson, Faculty of Taxation, CA Sri Lanka, Sarah Afker, outlined the key highlights of the national budget, which was followed by a panel discussion featuring, Tax Policy Advisor, Ministry of Finance, Thanuja Perera, Executive Director, Verité Research, Dr. Nishan De Mel, Economist Dr. Roshan Perera, Head of Corporate Finance and Group Tax, John Keells Group, Nisreen Rehmanjee, Commissioner, Department of Inland Revenue, Ayesha Ashenthi and Sarah Afker.
The session was moderated by Council Member and Alternate Chair, Faculty of Taxation, Saman Sri Lal.
