All Blogs
VAT an Act!
The government is expected to amend the Value Added Tax Act to legalize the introduction single tax rate despite opposition to the amendments on political platforms. The combined rate for VAT has been effective since the beginning of the year but the amendments to the Act are yet to be approved by parliament.rn rnExperts say […]
Growing Pains
Central Bank says the economy will grow at 5.5 percent this year if fiscal discipline is maintained.rnrn Governor A.S.Jayawardene said that ceasefire and strict fiscal discipline helped boost growth to 5.9 percent in 2003 while other economic indicators also improved.rn rnInitially predicted GDP growth rate for 2004 was six percent. However the Central Bank has […]
Reverse Gear
The Finance Minister toned down talk of increased spending and a bigger budget deficit, as financial market players expressed concern about the possible economic fall out. rnThe minister pledged policy continuity and said he will keep a close eye on the deficit while emphasizing the need to meet the government revenue targets.rn rnExperts say the […]
Freedom Day
Police raided a Tamil journalists home in Colombo Monday night, asrnjournalists around the world celebrated World Press Freedom Day.rnrnThe journalist, Sivaram Dharmeratnam writes the popular lquote Taraki, Tamil affairs column for The Daily Mirror, and also contributes to several Tamil publications. At the time of the raid, only his wife and children were in the […]
African Roots
rnThe Sri Lankan business community will take lessons from its South African counterparts on how the sector can contribute towards national economic growth while improving social standards. rnA 15-member business delegation will visit South Africa on May 1st on a study tour to examine the South African Business Trust.rnrn rnThe South African Business Trust is […]
Good Job
Early last year, the government had forecasted a 5.5 percent economic growth. The 5.9 percent year on growth for 2003, is the highest since 2000, when the economy expanded by 6.0 percent.rn rnAfter contracting by 1.5 percent in 2001, the government is forecasting gross domestic product to touch 5.5 percent in 2004.rn rnBut private sector […]
Reality Check
Treasury Bond yields touched 8.06 percent at this weeks auction for paper maturing in 316 days.The yield is slightly above one-year treasury bill notes which slipped to 7.71 percent at Wednesdays auction.rn rnThe Central Bank said it accepted bids for Rs. 1.5 bn though receiving offers for Rs. 3,160 mn.rn rnThursdays short-term issue carries a […]
Road Blocks
The ADB is to help package road development into a shelf of projects complete with backward clearances in place, making it easier for investors to step in. A US$ 15 mn Asian Development Bank technical assistance grant is in the works to change over from ad-hoc development to a more planned project lending process.rn rnldblquote […]
Low Leaf
Asia Siyaka Commodity Brokers said that buyers at the Colombo Tea Auction are concerned by the quality of future low grown teas on offer, driven by the surge in production associated with Sri Lankas famous long holidays. “Many traders seem to have taken the position that they would need to stock up on the superior […]
Hanging Up
The telecom watchdog ended its standoff with Mobitel (Pvt) Ltd on Thursday, withdrawing its case with the Fort Magistrate after the two parties reached a settlement. Mobitel agreed to pay Rs. 2 mn to cover the Telecommunication Regulatory Commissions legal costs and re-affirm the regulators authority over the telco industry.rn rnThe settlement comes after months […]