Ranil Wickremesinghe elected new president of Sri Lanka


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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".

  • Security personnel stand guard after a raid on an anti-government protest camp in Colombo early on Friday, amid Sri Lanka's economic crisis. Reuters
    Security personnel stand guard after a raid on an anti-government protest camp in Colombo early on Friday, amid Sri Lanka's economic crisis. Reuters
  • Anti-government protesters speak with members of Sri Lankan security forces. AFP
    Anti-government protesters speak with members of Sri Lankan security forces. AFP
  • A policeman walks past slogans against the newly elected Sri Lankan President Ranil Wickramasinghe in Colombo. AFP
    A policeman walks past slogans against the newly elected Sri Lankan President Ranil Wickramasinghe in Colombo. AFP
  • Ranil Wickremesinghe is sworn in as the new president of Sri Lanka by Chief Justice Jayantha Jayasuriya. Reuters
    Ranil Wickremesinghe is sworn in as the new president of Sri Lanka by Chief Justice Jayantha Jayasuriya. Reuters
  • Mr Wickremesinghe, centre, arrives at his swearing-in ceremony in Colombo. EPA
    Mr Wickremesinghe, centre, arrives at his swearing-in ceremony in Colombo. EPA
  • Ranil Wickremesinghe leaves a Buddhist temple in Colombo after he was named as Sri Lanka's eighth executive president. Reuters
    Ranil Wickremesinghe leaves a Buddhist temple in Colombo after he was named as Sri Lanka's eighth executive president. Reuters
  • Sri Lankans protest after Mr Wickremesinghe defeated Dullas Alahapperuma, a member of the breakaway faction of the ruling Sri Lanka Podujana Peramuna party, by 134 votes to 82 in a parliamentary vote to pick the next president. Getty
    Sri Lankans protest after Mr Wickremesinghe defeated Dullas Alahapperuma, a member of the breakaway faction of the ruling Sri Lanka Podujana Peramuna party, by 134 votes to 82 in a parliamentary vote to pick the next president. Getty
  • Dinesh Gunawardena, centre, leader of the House of Parliament, arrives at Gangaramaya Temple in Colombo. Getty
    Dinesh Gunawardena, centre, leader of the House of Parliament, arrives at Gangaramaya Temple in Colombo. Getty
  • Soldiers stand guard at the Presidential Secretariat after Mr Wickremesinghe was announced as Sri Lanka's new president. Getty
    Soldiers stand guard at the Presidential Secretariat after Mr Wickremesinghe was announced as Sri Lanka's new president. Getty
  • Protesters watch a live broadcast of the parliamentary vote to pick Sri Lanka's new president. EPA
    Protesters watch a live broadcast of the parliamentary vote to pick Sri Lanka's new president. EPA
  • A screen grab of Mr Wickremesinghe, bottom left, during the vote count announcement in Sri Lanka's Parliament. AFP
    A screen grab of Mr Wickremesinghe, bottom left, during the vote count announcement in Sri Lanka's Parliament. AFP
  • Mr Alahapperuma, bottom right, during the parliamentary vote in Colombo. AFP
    Mr Alahapperuma, bottom right, during the parliamentary vote in Colombo. AFP
  • A supporter celebrates in Colombo after Mr Wickremesinghe was elected as president. Reuters
    A supporter celebrates in Colombo after Mr Wickremesinghe was elected as president. Reuters
  • Mr Wickremesinghe's supporters celebrate in the capital after his election as Sri Lankan president. Getty
    Mr Wickremesinghe's supporters celebrate in the capital after his election as Sri Lankan president. Getty
  • Sri Lankans protest after the announcement of Mr Wickremesinghe as president. Getty
    Sri Lankans protest after the announcement of Mr Wickremesinghe as president. Getty
  • Demonstrators watch a public screen as voting begins in Sri Lanka's Parliament. Reuters
    Demonstrators watch a public screen as voting begins in Sri Lanka's Parliament. Reuters
  • Protesters in Colombo demand Mr Wickremesinghe's resignation as prime minister and acting president before the parliamentary vote. AP
    Protesters in Colombo demand Mr Wickremesinghe's resignation as prime minister and acting president before the parliamentary vote. AP
  • Demonstrators carry an effigy of Mr Wickremesinghe. AFP
    Demonstrators carry an effigy of Mr Wickremesinghe. AFP
  • Demonstrators take part in a procession against Mr Wickremesinghe. AFP
    Demonstrators take part in a procession against Mr Wickremesinghe. AFP
  • Demonstrators shout slogans. AFP
    Demonstrators shout slogans. AFP
  • Sri Lankan demonstrators take part in a celebration in Colombo to mark the 100th day of protests. AFP
    Sri Lankan demonstrators take part in a celebration in Colombo to mark the 100th day of protests. AFP
  • After months of street protests, Sri Lanka’s parliament will elect a new president to replace Gotabaya Rajapaksa on Wednesday. AFP
    After months of street protests, Sri Lanka’s parliament will elect a new president to replace Gotabaya Rajapaksa on Wednesday. AFP
  • The country faces its worst economic crisis in decades due to the lack of foreign reserves, resulting in severe shortages of food, fuel, medicines and imported goods. Getty
    The country faces its worst economic crisis in decades due to the lack of foreign reserves, resulting in severe shortages of food, fuel, medicines and imported goods. Getty
  • Soldiers lower the national flag at Galle Face Green in Colombo. Getty
    Soldiers lower the national flag at Galle Face Green in Colombo. Getty
  • A demonstrator writes a slogan against acting president Ranil Wickremesinghe. AFP
    A demonstrator writes a slogan against acting president Ranil Wickremesinghe. AFP
  • Mr Wickremesinghe is a top contender in the race to succeed Mr Rajapaksa. AFP
    Mr Wickremesinghe is a top contender in the race to succeed Mr Rajapaksa. AFP
  • People light candles in the capital in memory of protesters killed or wounded since the demonstrations began. EPA
    People light candles in the capital in memory of protesters killed or wounded since the demonstrations began. EPA
  • Police officers stand guard outside Parliament in Colombo. Reuters
    Police officers stand guard outside Parliament in Colombo. Reuters
  • The vandalised office of the Sri Lankan president inside his official residence in the capital. Getty
    The vandalised office of the Sri Lankan president inside his official residence in the capital. Getty
  • Police officials gather evidence at the president’s official residence after it was overrun by anti-government protesters on July 9. AFP
    Police officials gather evidence at the president’s official residence after it was overrun by anti-government protesters on July 9. AFP
  • Sri Lankan Prime Minister Ranil Wickremesinghe, right, is sworn in as acting president by Chief Justice Jayantha Jayasuriya in Colombo. EPA
    Sri Lankan Prime Minister Ranil Wickremesinghe, right, is sworn in as acting president by Chief Justice Jayantha Jayasuriya in Colombo. EPA
  • Parliamentary Speaker Mahinda Yapa Abeywardena addresses the media in Colombo. AFP
    Parliamentary Speaker Mahinda Yapa Abeywardena addresses the media in Colombo. AFP
  • People dance in Colombo as they celebrate the resignation of Mr Rajapaksa amid the country’s economic crisis. Reuters
    People dance in Colombo as they celebrate the resignation of Mr Rajapaksa amid the country’s economic crisis. Reuters
  • Demonstrators cheer after hearing news that Mr Rajapaksa had emailed his letter of resignation after fleeing months of anti-government protests. Bloomberg
    Demonstrators cheer after hearing news that Mr Rajapaksa had emailed his letter of resignation after fleeing months of anti-government protests. Bloomberg
  • Members of the media wait outside the VIP complex of Changi International Airport in Singapore for the arrival of Mr Rajapaksa, his wife and two bodyguards. Sri Lanka's president left the Maldives on July 14 aboard a Saudia Airlines plane bound for Singapore. AFP
    Members of the media wait outside the VIP complex of Changi International Airport in Singapore for the arrival of Mr Rajapaksa, his wife and two bodyguards. Sri Lanka's president left the Maldives on July 14 aboard a Saudia Airlines plane bound for Singapore. AFP
  • A Saudia Airlines plane believed to be carrying Mr Rajapaksa arrives on the tarmac at Changi Airport in Singapore. EPA
    A Saudia Airlines plane believed to be carrying Mr Rajapaksa arrives on the tarmac at Changi Airport in Singapore. EPA
  • Police officers walk outside Sri Lankan Prime Minister Ranil Wickremesinghe's office, a day after thousands of anti-government protesters stormed the building, when he was named acting president. AFP
    Police officers walk outside Sri Lankan Prime Minister Ranil Wickremesinghe's office, a day after thousands of anti-government protesters stormed the building, when he was named acting president. AFP
  • A Saudia airline Boeing 787 Dreamliner bound for Singapore and carrying Sri Lanka's fleeing president Gotabaya Rajapaksa, his wife and bodyguards prepares to take off at the Velana International airport, in the Maldives. AFP
    A Saudia airline Boeing 787 Dreamliner bound for Singapore and carrying Sri Lanka's fleeing president Gotabaya Rajapaksa, his wife and bodyguards prepares to take off at the Velana International airport, in the Maldives. AFP
  • Sri Lankan soldiers stand guard near the parliament building in Colombo, a day after thousands of anti-government protesters stormed the prime minister's office. AFP
    Sri Lankan soldiers stand guard near the parliament building in Colombo, a day after thousands of anti-government protesters stormed the prime minister's office. AFP
  • A soldier walks past a demonstrator sitting in a meeting room, at the prime minister's offices. AFP
    A soldier walks past a demonstrator sitting in a meeting room, at the prime minister's offices. AFP
  • Soldiers patrol the buildings of the prime minister's office. AFP
    Soldiers patrol the buildings of the prime minister's office. AFP
  • Troops make their way to an anti-government protest at the prime minister's office in Colombo, Sri Lanka. Bloomberg
    Troops make their way to an anti-government protest at the prime minister's office in Colombo, Sri Lanka. Bloomberg
  • Demonstrators takes pictures inside the complex housing the Sri Lankan prime minister's offices. AFP
    Demonstrators takes pictures inside the complex housing the Sri Lankan prime minister's offices. AFP
  • An injured protester lies in an ambulance after clashes with police near parliament in Colombo. AP
    An injured protester lies in an ambulance after clashes with police near parliament in Colombo. AP
  • People wait to enter the presidential palace in Colombo, Sri Lanka. AP
    People wait to enter the presidential palace in Colombo, Sri Lanka. AP
  • Protesters in Colombo hold Sri Lankan flags as they stand on top of the office of acting Prime Minister Ranil Wickremesinghe, amid the country's economic crisis. Reuters
    Protesters in Colombo hold Sri Lankan flags as they stand on top of the office of acting Prime Minister Ranil Wickremesinghe, amid the country's economic crisis. Reuters
  • Protesters demand the resignation of Mr Wickremasinghe. Bloomberg
    Protesters demand the resignation of Mr Wickremasinghe. Bloomberg
  • Police officers stand guard in Colombo. Reuters
    Police officers stand guard in Colombo. Reuters
  • Police fire tear gas to control the crowds. Reuters
    Police fire tear gas to control the crowds. Reuters
  • A protester pours water on a man as tensions soar. Reuters
    A protester pours water on a man as tensions soar. Reuters
  • Protesters throw teargas shells. AP Photo
    Protesters throw teargas shells. AP Photo
  • Protesters storm Prime Minister Ranil Wickremesinghe's office in Colombo, Sri Lanka and demand his resignation, after President Gotabaya Rajapaksa fled the economic and political crisis for the Maldives. AP
    Protesters storm Prime Minister Ranil Wickremesinghe's office in Colombo, Sri Lanka and demand his resignation, after President Gotabaya Rajapaksa fled the economic and political crisis for the Maldives. AP
  • Police use tear gas to disperse Sri Lankan protesters outside the prime minister's office. AP
    Police use tear gas to disperse Sri Lankan protesters outside the prime minister's office. AP
  • A protester sleeps on vandalised furniture inside the presidential palace in Colombo, which has been occupied by demonstrators for days. Getty Images
    A protester sleeps on vandalised furniture inside the presidential palace in Colombo, which has been occupied by demonstrators for days. Getty Images
  • A satellite image shows people gathered outside Sri Lanka's Parliament building in Colombo amid the country's economic and political crisis. AFP
    A satellite image shows people gathered outside Sri Lanka's Parliament building in Colombo amid the country's economic and political crisis. AFP
  • Youths play carrom inside the Sri Lankan prime minister's official residence, which was stormed by protesters at the weekend. Reuters
    Youths play carrom inside the Sri Lankan prime minister's official residence, which was stormed by protesters at the weekend. Reuters
  • People sit on a couch inside the prime minister's official residence. The protests against the government have simmered since May, but erupted again last Saturday. Reuters
    People sit on a couch inside the prime minister's official residence. The protests against the government have simmered since May, but erupted again last Saturday. Reuters
  • Army cadets march past people queuing to get inside Sri Lankan President Gotabaya Rajapaksa's official residence in Colombo. AFP
    Army cadets march past people queuing to get inside Sri Lankan President Gotabaya Rajapaksa's official residence in Colombo. AFP
  • People visit Mr Rajapaksa's official residence in Colombo. It was reported on Wednesday that he had fled the country for the Maldives. AFP
    People visit Mr Rajapaksa's official residence in Colombo. It was reported on Wednesday that he had fled the country for the Maldives. AFP
  • A man takes a selfie at the presidential palace. AP
    A man takes a selfie at the presidential palace. AP
  • Sri Lankans line up to take a look inside the presidential palace in Colombo. EPA
    Sri Lankans line up to take a look inside the presidential palace in Colombo. EPA
  • Crowds flock to take in the presidential palace. EPA
    Crowds flock to take in the presidential palace. EPA
  • A man takes a rest inside the prime minister's official residence in Colombo. EPA
    A man takes a rest inside the prime minister's official residence in Colombo. EPA
  • People sing songs inside the prime minister's official residence. EPA
    People sing songs inside the prime minister's official residence. EPA
  • Protesters erect a banner on the presidential palace three days after it was stormed by anti-government demonstrators in Colombo. AP
    Protesters erect a banner on the presidential palace three days after it was stormed by anti-government demonstrators in Colombo. AP
  • People wait in a queue to collect gas at a distribution point in Colombo. AFP
    People wait in a queue to collect gas at a distribution point in Colombo. AFP
  • Sri Lankans quarrel as they wait for gas at a distribution point. AFP
    Sri Lankans quarrel as they wait for gas at a distribution point. AFP
  • A driver of an autorickshaw sleeps inside his vehicle while waiting in a queue to buy petrol at a fuel station in Colombo. AP
    A driver of an autorickshaw sleeps inside his vehicle while waiting in a queue to buy petrol at a fuel station in Colombo. AP

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

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Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid

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Why seagrass matters
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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.

Updated: July 21, 2022, 3:46 AM