ACCA Sri Lanka Presents Comprehensive Proposals for 2026 National Budget
Sri Lanka has witnessed a significant step towards economic reform as the Association of Chartered Certified Accountants (ACCA) Sri Lanka recently submitted its detailed proposals for the 2026 National Budget to Dr. Harshana Suriyapperuma, Secretary to the Ministry of Finance. The proposals, titled ‘Reform. Rebuild. Reshape. – Resilient Sri Lanka,’ aim to support the government’s vision of building a transparent, sustainable, and digitally empowered economy.
The initiative is built on five key pillars that are expected to enhance transparency, strengthen inclusion, and mobilize sustainable growth. These pillars include Tax Reforms, Public Transport and Infrastructure, SME and Innovation Development, Digital Transformation, and Governance & Sustainable Financing. Each component is designed to align with national efforts in fiscal prudence, private sector competitiveness, and environmental sustainability.
Key Recommendations Under Tax Reforms
Under the Tax Reforms pillar, ACCA Sri Lanka proposes a modern, equitable, and digitally enabled taxation framework that balances revenue generation with business growth and public welfare. The recommendations include targeted VAT concessions for essential sectors, leveraging Digital Public Infrastructure for better compliance, and introducing Green Taxation to promote sustainability. Additionally, the proposal includes SME tax reliefs and ESG incentives, maintaining export competitiveness through SVAT and VAT deferment, and simplifying diaspora taxation to encourage remittances and investment.
Modernizing Public Transport and Infrastructure
ACCA Sri Lanka also advocates for modernizing public transport and infrastructure to create affordable, inclusive, and sustainable systems. The focus areas include electric buses, upgraded railways, PPP-driven projects, AI-enabled smart transport, integrated SL-UDI ticketing, and urban sustainability measures. These initiatives aim to reduce emissions, ease congestion, and boost green jobs.
Enhancing SME and Innovation Development
In the realm of SME and Innovation Development, ACCA recommends a Digital One-Stop SME Hub to simplify access to finance, licensing, and export support. Additional initiatives include capacity building, Green Upgrade Loans, R&D commercialization, and diaspora investment networks to strengthen SME growth and innovation.
Advancing Digital Transformation
Digital Transformation is another critical area highlighted by ACCA. The proposals suggest full interoperability of GovPay, SL-UDI, and POS systems, a national e-procurement platform, SME digital adoption incentives, and a National Cybersecurity Framework. These measures are aimed at enhancing trust, productivity, and accountability in Sri Lanka’s digital economy.
Strengthening Governance and Sustainable Financing
Finally, ACCA calls for reforms to boost transparency, ESG investment, and SOE governance. This includes green bonds, IPSAS-aligned reporting, audits, performance-based management, and addressing customs inefficiencies to strengthen governance and mobilize sustainable financing.
Vision for a Resilient Economic Ecosystem
Nilusha Ranasinghe, Head of South Asia for ACCA Sri Lanka, emphasized the importance of creating a resilient economic ecosystem. “Our focus is on integrating transparency, digital innovation, and sustainability at its core,” she stated. “These recommendations are designed to help Sri Lanka move forward confidently on the path toward inclusive, equitable growth.”
Chaaminda Kumarasiri, ACCA Chairman, added, “These proposals are designed to strengthen Sri Lanka’s economy by promoting sustainable development, fostering inclusive growth, and accelerating digital transformation across key sectors. We aim to create a resilient economic framework that supports innovation, attracts investment, and improves the quality of life for all citizens.”