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No tariff increase on utility bills due to VAT revision: Finance Ministry
Nov 26, 2015 (LBO) – Sri Lanka’s water, power, telecom will be exempted from value added tax and the prices of most essential goods will also be reduce according to budget 2016, finance ministry said in a statement.The wholesale and retail trade which was previously taxed at 11 percent has been exempt from VAT in […]
Budget flawed, no confidence motion against Fin Min: Balasuriya
Nov 26, 2015 (LBO) – Sri Lanka’s budget for 2016 proposed by the government is flawed and a no confidence motion will be brought against the finance minister, opposition member of Parliament Tharaka Balasuriya said.Among areas of concern include liberalization of tea imports, absence of support for rubber planters, the proposed merger of ETF and […]
Blanket guarantee for Finance Companies questionable: Theagarajah
Nov 25, 2015 (LBO) – Sri Lanka’s Finance Ministry is to provide a blanket guarantee for finance companies which needs to be reconsidered, Chief Executive Officer of NDB, Rajendra Theagarajah said.Finance minister delivering the budget speech said the Central Bank will provide a 100 percent guarantee on all deposits for all registered finance companies by […]
Interest rates unchanged after monetary policy meeting
Nov 24, 2015 (LBO) – Sri Lanka’s Monetary Board held interest rates unchanged after a monthly policy meeting citing low inflation and a lack of necessity to change rates given loose monetary policy in the region. The Standing Deposit Facility Rate (SDFR) was held at 6.00 percent, the Standing Lending Facility Rate (SLFR) at 7.50 […]
How Budget impact Sri Lanka’s real estate sector?
Last week, Sri Lanka’s Finance Minister announced plans to remove the 15 percent land leasing tax for foreign investors, and reduce the approval period for foreign direct investment requests. The foreigner-friendly budget for 2016 is expected to have great impact on the country’s real estate market. The removal of land lease tax for foreigners is […]
Sri Lanka Budget lacks consolidation but reforms positive: Fitch
Nov 24, 2015 (LBO) – Sri Lanka’s 2016 budget, released on 20 November, provides no clear plan for fiscal consolidation over the medium term, Fitch Ratings said in a statement.The statement is reproduced below. Fitch Ratings Hong Kong/Singapore 24 November 2015: Sri Lanka’s 2016 budget, released on 20 November, provides no clear plan for fiscal consolidation over the medium […]
PTL Watch: Buying interest seen in 2016, 2017 bonds
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Major thrust of budget is formalizing economy: Ravi K
Nov 24, 2015 (LBO) – A major thrust of Sri Lanka’s budget for 2016 is formalizing the economy to bring in sectors that do not use formal banking channels, the finance minister said. “What we want to ensure is that the economy is made more formal,” Finance Minister Ravi Karunanayake said speaking at a post-budget […]
Sri Lanka to abolish vehicle permit schemes, Rs40bn loss per year: Ravi K
Nov 24, 2015 (LBO) – Sri Lanka’s Finance Minister Ravi Karunanayake has proposed to end the tax-free vehicles given to state workers and elected ruling class as it has generated a 40 billion revenue loss per year to the government. Public servants and government officials were offered tax cuts to purchase vehicles of their choice, […]