Acting President Ranil Wickremesinghe was elected Sri Lanka’s new head of state by MPs on Wednesday, replacing ousted leader Gotabaya Rajapaksa.
Mr Wickremesinghe, 73, beat Dullas Alahapperuma, a candidate who had the support of a faction within the ruling party, and left-leaning lawmaker Anura Kumara Dissanayake from the opposition Janatha Vimukthi Peramuna party.
The new president secured 134 of the votes cast in the 225-seat Sri Lanka Parliament.
Mr Wickremesinghe described the victory as an honour and a privilege when he addressed Parliament.
"Our divisions are now over," Mr Wickremesinghe said, inviting Mr Alahapperuma "to join me and work together to bring the country out of the crisis we are facing".
Sri Lankan authorities ringed the Parliament building with heavy security as MPs prepared to choose from the three candidates, hoping the new leader can pull the island out of an economic and political crisis.
The response of protesters was broadly muted, with just about 100 people gathered on the steps of the presidential secretariat, but some vowed to turn their focus to dislodging Wickremesinghe.
"We're shocked. He's a person handling things in a very cunning way," protester Damitha Abeyrathne said of the leader. "He will start controlling us in a different way. As protesters, we will start our struggle again."
“If Ranil comes [into power], we cannot have stability,” Duminda Nagamuwa, who organised protests in Colombo after the nominations were finalised, said before the vote.
Other protesters have said he is an ally of the powerful Rajapaksa family, who they blame for the economic crisis. The Rajapaksas' Sri Lanka Podujana Peramuna (SLPP) party, the largest in parliament, backed Wickremesinghe for the presidency.
Mr Wickremesinghe, a six-time prime minister, became acting president last week, after Mr Rajapaksa fled to Singapore.
Hundreds of thousands of people had come out on to the streets to protest against his administration and occupied his official residence and office in Colombo.
Protesters also burnt down Mr Wickremesinghe's home and stormed his office.
Mr Wickremesinghe has pledged to crack down hard if protesters take to the streets and hundreds of heavily armed troops and police stood guard outside the parliament, but there were no signs of demonstrators.
As acting president, Mr Wickremesinghe extended a state of emergency that gives police and security forces sweeping powers, and last week ordered troops to evict protesters from state buildings they had occupied.
On Wednesday he vowed to take tough action against anyone resorting to what he called the undemocratic means that led to his predecessor's ouster.
"If you try to topple the government, occupy the president's office and the prime minister's office, that is not democracy and we will deal with them firmly," Mr Wickremesinghe said hours after he was elected.
Opposition MP Dharmalingam Sithadthan said ahead of the vote that Mr Wickremesinghe's hardline stance against demonstrators had gone down well with MPs who had been at the receiving end of mob violence, describing him as the "law-and-order candidate".
Political analyst Kusal Perera said he had "regained the acceptance of the urban middle classes by restoring some of the supplies like gas and he has already cleared government buildings showing his firmness".
Outside the presidential secretariat, where protesters camped for months to demand Rajapaksa step down, civil enginer Nuzly Hameem said he was "disappointed" by the result.
"We expected more from our parliamentarians," he told AFP.
The protests would "obviously" continue, he said, but added "We are burnt out. It's been four months."
Born into a wealthy, politically active family whose fortune was made in timber and the media, Mr Wickremesinghe has served as a lawmaker for 45 years. His reputation suffered during a previous stint as prime minister in a difficult power-sharing arrangement with then-President Maithripala Sirisena. A communication breakdown between them was blamed for intelligence lapses that led to a terror attack in 2019 that devastated tourism even before the catastrophic blow from the pandemic.
He earned a law degree from the University of Colombo and practiced as a lawyer before entering politics in 1977, becoming the youngest lawmaker at the time. He was first appointed prime minister in 1993 and also was an opposition leader for more than a decade.
Wickremesinghe has generally kept details of his private life under wraps. He is married to Maitree Wickremesinghe, a professor and expert on gender and women’s studies.
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
Section 375
Cast: Akshaye Khanna, Richa Chadha, Meera Chopra & Rahul Bhat
Director: Ajay Bahl
Producers: Kumar Mangat Pathak, Abhishek Pathak & SCIPL
Rating: 3.5/5
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7.30pm: Wathba Stallions Cup (PA) Handicap Dh70,000 1,200m.
Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Fasset%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2019%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Mohammad%20Raafi%20Hossain%2C%20Daniel%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%3C%2Fstrong%3E%20%242.45%20million%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2086%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Pre-series%20B%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Investcorp%2C%20Liberty%20City%20Ventures%2C%20Fatima%20Gobi%20Ventures%2C%20Primal%20Capital%2C%20Wealthwell%20Ventures%2C%20FHS%20Capital%2C%20VN2%20Capital%2C%20local%20family%20offices%3C%2Fp%3E%0A
Why seagrass matters
- Carbon sink: Seagrass sequesters carbon up to 35X faster than tropical rainforests
- Marine nursery: Crucial habitat for juvenile fish, crustations, and invertebrates
- Biodiversity: Support species like sea turtles, dugongs, and seabirds
- Coastal protection: Reduce erosion and improve water quality
Company Profile
Founder: Omar Onsi
Launched: 2018
Employees: 35
Financing stage: Seed round ($12 million)
Investors: B&Y, Phoenician Funds, M1 Group, Shorooq Partners
What drives subscription retailing?
Once the domain of newspaper home deliveries, subscription model retailing has combined with e-commerce to permeate myriad products and services.
The concept has grown tremendously around the world and is forecast to thrive further, according to UnivDatos Market Insights’ report on recent and predicted trends in the sector.
The global subscription e-commerce market was valued at $13.2 billion (Dh48.5bn) in 2018. It is forecast to touch $478.2bn in 2025, and include the entertainment, fitness, food, cosmetics, baby care and fashion sectors.
The report says subscription-based services currently constitute “a small trend within e-commerce”. The US hosts almost 70 per cent of recurring plan firms, including leaders Dollar Shave Club, Hello Fresh and Netflix. Walmart and Sephora are among longer established retailers entering the space.
UnivDatos cites younger and affluent urbanites as prime subscription targets, with women currently the largest share of end-users.
That’s expected to remain unchanged until 2025, when women will represent a $246.6bn market share, owing to increasing numbers of start-ups targeting women.
Personal care and beauty occupy the largest chunk of the worldwide subscription e-commerce market, with changing lifestyles, work schedules, customisation and convenience among the chief future drivers.