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SINGAPORE, Nov 17, 2006 (AFP) – US beverage giant Coca-Cola Company, in a long-term plan to diversify from soft drinks, will serve coffee and tea-making expertise from its first Asian specialty outlet, company executives said Friday. He described the concept as “pretty much a work in progress for the next six months.” – by Bernice […]
Legendary monetary economist Milton Friedman dies
WASHINGTON, Nov 16, 2006 (AFP) – Nobel prize-winning economist Milton Friedman, whose ideas helped power a conservative policy revolution in the 1980s, died Thursday at the age of 94.Friedman died of heart failure in San Francisco, California, near Stanford University where he taught most recently, friends and associates said. Friedman won the Nobel prize for […]
Sri Lanka says 18 Tigers killed in fresh skirmishes
Nov 17, 2006 (AFP) – Sri Lankan troops killed at least 18 Tamil Tiger guerrillas in three separate confrontations in a restive eastern province, the defence ministry said Friday. An upsurge in fighting in the past year in the island’s separatist conflict has claimed more than 3,300 lives. The clashes were in the district of […]
’s customs coffers to fill, despite tax breaks in budget
Nov 17 (LBO) – Sri Lanka Customs says it will shore up revenues to 240 billion rupees next year, despite a host of import duty waivers in the country’s latest budget. Full Coffers Meanwhile, the Inland Revenue Department’s tax revenue’s have also grown on improved collections and is expected to reach 260 billion rupees this […]
‘s complicated VAT system becomes more complex
November 16, 2006 (LBO) — The multiple bank value added tax system of Sri Lanka which also has a non recoverable ‘VAT’ tax on financial firms became more complicated with a five percent charge on smaller business and a range of new adjustments.Jewellery manufactures who export would have to pay a one percent ESC on […]
New tax benefits and reduction for bank deposits and retiring employees
Nov 16, 2006 (LBO) – Sri Lanka to halve the surcharge on individual deposits and hopes to increase the tax free threshold for retiring employees as well as remove tax on capital gains and benefits.President and Finance Minister Mahinda Rajapakse told Parliament the taxable interest level will be raised from 108,000 to 300,000 rupees and […]
Sri Lanka slaps higher duties on imported shoes
Nov 16, 2006 (LBO) – Sri Lanka’s leather and shoe industry is to be exempt from import taxes on raw materials and machinery, while imported shoes are to be slapped with higher duties.All materials imported for the processing and manufacture of leather and leather related products is to be exempt from import duty and Value […]
Budget reduces passport fees for locals, raises fees for foreign visitors
Nov 16, 2006 (LBO) – Sri Lanka is imposing a 10 dollar fee on tourists visiting the island, while locals opting to travel abroad will pay less when they apply for a passport.These new proposals under the citizenship act will take effect from December 1, 2006. Please click to read the Budget 2007 speech: Sri […]
Local gem, jewellery trade get tax friendly budget
Nov 16, 2006 (LBO) – Local jewellers have got a host of tax reductions in the country’s budget proposals for next year, as well as restrictions on jewellery imports.The Port and Airport Development levy on gems, jewellery and gold is to be removed and the Value Added Tax on jewellery reduced from 20 percent to […]
Unit Trusts gets tax benefits; new tax to force dividend payments by corporates
November 16, 2006 (LBO) – Sri Lanka’s government has introduced a controversial new tax to encourage dividends payment of listed companies, while giving incentives for the unit trust industry.Firms that do not distribute dividends would be subject to a penal withholding tax, according to new proposals released in the 2007 budget. “A company should try […]