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Economic Charge — Budget 2004
A new tax called Economic Service Charge (ESC) of one percent over turnover or assets will come into effect next year, in an attempt to net in firms not paying government taxes.ESC will be slapped as an advance collection on the final tax payable on companies, including BOI firms, with a turnover in excess of […]
Strong Rupee Policy
Finance Minister K N Choksy made the strongest statement yet that the government is committed to a strong rupee policy.ldblquote Sri Lankans have accepted with complacency and resignation the concept of a weak rupee prevailing indefinitely dblquote , Minister Choksy said, during the round up of recent economic developments presented shortly before the budget proposals.rn […]
So Far So Good
Sri Lanka enters the penultimate lap for its 2004 budget, with a great deal of apprehension as to whether Parliament will be dissolved on Tuesday midnight.Finance Minister K N Choksy by Tuesday evening was still scheduled to present the 2004 budget in parliament on Wednesday at 2.30 pm. rn rnThe air of speculation was high […]
Can or Cant?
Central Bank cut its 2004 GDP growth forecast to six percent from an earlier 6.5 per cent after factoring in current uncertainties in the peace process and the political front.Projections for 2004 however, still remain above the 2003 economic growth target of 5.5 per cent.rn rnThe Central Bank said if the political spat found a […]
Budget 2004
A Collection of Articles related to the 2004 Budget published on LBO rnrn rn rn rnChoksys Sweeteners rnrn rn17 November 2003 rnrn rnrnThe UNF government, which has been progressively clubbing the opposite camp with rnthe peace process, is getting ready to open a second front with the rnbudget…….. rn
Its Not Done
Sri Lankas parliament Wednesday ruled as illegal the presidents suspension of the assembly two weeks ago and said it will disregard any future attempt to disrupt the legislature. rnSpeaker Joseph Michael Perera said that President Chandrika Kumaratunga had no authority to suspend the parliament without the concurrence of the parliament, which is controlled by a […]
Stalemate
The much-awaited second rendezvous between the Executive and the Legislature ended on a stalemate with a committee appointed to look into their grievances.The committee is expected to spell out future working arrangements lquote under which the President and the Prime Minister can work together on national issues, a joint statement said Tuesday.rn rnTuesdays meeting between […]
Dicey Union
An impending marriage between the Marxist JVP and the main opposition Peoples Alliance Party re-surfaced on Tuesday resurrecting vibes that a snap poll was imminent. The news comes on the sidelines of a crucial meeting between President Chandrika Kumaratunga and Prime Minister Ranil Wickremesinghe scheduled for Tuesday to end a political deadlock.rn rnThe news also […]
Bond Raiser
The Board of Investment will tap into the local bond market, to raise up to Rs.2 bn to fund a new Economic Trade Zone, north of Biyagama. The second Economic Trade Zone called Biyagama II is to be rolled out in Wednesdays budget, and housed on a 300-acre stretch of land. rn rnldblquote We will […]
Pumped Up
US marine fuel supplier ChemOil signed a deal on Friday to dock at the Colombo Prot, to sell bunker fuel. Lanka Bunker Services, ChemOils BOI (Board of Investment) venture with Sri Lanka Shipping Company Limited (SLSCL) will target the South Indian industrial areas for clients together with vessels calling in at Colombo. rn rnBOI sources […]