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Lanka tea traders say Pakistan’s move to reduce duties on its side by 10 per cent on tea imports is not effective enough to curb smuggling into the Islamic nation.
Lanka tea traders say Pakistan’s move to reduce duties on its side by 10 per cent on tea imports is not effective enough to curb smuggling into the Islamic nation. Lanka tea traders say Pakistan’s move to reduce duties on its side by 10 per cent on tea imports is not effective enough to curb […]
Tussle With Tuskers
Companies are paying more attention to the effect of their operations on stakeholders besides their owners. Although not regulated, businesses take the environment and other social concerns in to account because they think being accountable to the public is in their long-term interest.The Pelwatte sugar plantation is a popular spot for hungry elephants from the […]
Racket Busting
Treasury Secretary Dr. P B Jayasundera says the government is formulating new laws to stop international racketeers from using local financial markets to launder funds collected through illegal means.The new money laundering law would be one of the pieces of draft legislation coming under the financial sector reform cell of the newly created National Committee […]
Govt. Inc.
The government is going to expand its role in the economy with more spending on infrastructure and subsidies.Unveiling the governments economic policy the finance minister also said the government would push for growth in the agriculture sector to bridge the disparity in regional GDP and to achieve self-sufficiency in food. rn rnRuling UPFA government economic […]
Thinking of U
A new government sponsored agency under the Presidents control and headed by a top bureaucrat has been put in charge of policy formulation and implementation. The National Council for Economic Development (NCED), manned by a team of professionals from the private and public sector will seek wide participation in policy formulation. Experts say getting the […]
KillerQuest
Unidentified gunmen failed in a late-night quest this week, to kill the top customs official who is heading the revenue fraud investigation in the import of GoldQuest medallions.Unidentified gunmen failed in a late-night quest this week, to kill the top customs official who is heading the revenue fraud investigation in the import of GoldQuest medallions. […]
Live Injection
The Aitken Spence Group secured an AA (sri) rating for its upcoming Rs. 1 bn five-year unlisted debenture issue from Fitch Ratings Lanka. The group needs the cash to fund its 100 MW power plant in Embilipitya and feed some of its ongoing capital expenditure programmes.rn rnFitch also confirmed an AA (sri) rating for Aitken […]
Heavy Load
The Treasury says it has forked out Rs. 6 bn todate to subsidise essential items like petroleum, wheat, flour, fertilizer and sugar.The lion share of the subsidies is channeled towards petroleum imports, Treasury Secretary, Dr. P B Jayasundara said.rn rnSri Lanka imports all its oil needs, buying 2.0 mn MT of crude and 1.5 mn […]
Acting Fast
The Finance Minister has won the Cabinet nod to go ahead to enact five amendments to tax related acts to seal up its revenue lines and increase collection. rnrnThe list of changes like re-imposition of the land tax also includes a change to the tax amnesty act.rn rnThe controversial tax amnesty and delays in implementing […]
Soft Pillow
The government says it is working on US styled Chapter 11 bankruptcy laws to resuscitate ailing firms.The fresh laws will cover sole traders and partnerships, in addition to limited liability companies.rn rnUnveiling its new economic policy, the government says such laws will come under a dedicated agency to speed up the restructuring process.rn rn”Sri Lanka […]