Levies

June 26, 2012 (LBO) – Sri Lanka’s state banks, two insurers and a state airport agency are among the top contributors to the budget by levies and dividends a finance ministry report showed. State-run National Savings Bank paid 4,560 million as levies, the Peoples’ Bank 4,500 million rupees and Bank of Ceylon 4,500 million rupees.

Sri Lanka’s National Insurance Trust Fund has paid 3,495 million rupees.

A state-run power utility Ceylon Electricity Board has also paid 2.0 billion rupees in a levy. The CEB however receives large subsidies including a debt moratorium and subsidized fuel from a state petroleum distributor.

State Timber Corporation has paid 75 million rupees and State Pharmaceutical Manufacturing Corporation 59 million rupees. The state corporations have paid a total of 19.6 billion rupees.

Several companies in which the state wholly owns or has minority stakes have also paid dividends.

Airport and Aviation Services Ltd, which runs airports has 2,406 million rupees, Sri Lanka Insurance Corporation 1,750 million rupees, Sri Lanka Telecom 536 million rupees, Lanka Mineral Sands Ltd 500 million and privatized plantations firms 212 million rupees.

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