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Major League
US President George Bush has called on the United States Senate for its lquote advice and consent on amending its legislation for avoiding double taxation and the prevention of fiscal evasion with Sri Lanka. The amendments are sought for the convention between the US and Sri Lanka ldblquote for the Avoidance of Double Taxation and […]
First Blood
The Attorney General told the Appeal Court on Wednesday that the government would not go ahead and recruit a Chief Executive Officer to head the upcoming Revenue Authority of Sri Lanka.The AGs statement follows a petition filed by the Customs Superintendents Union against the Finance Minister and Treasury Secretary, to stop the respondents from recruiting […]
Holding Hands
The Comprehensive Economic Partnership Agreement (CEPA) now being negotiated with the islands giant neighbour could see Sri Lankas e-government policies tilting in line with Indias already prevalent citizen services and trade facilitating systems.The partnership seeks to remove trade, services movement and investment barriers between the two economies, creating a familiar environment for businesses and professionals […]
Your Attention Please
The Ceylon Chamber of Commerce say the government must introduce lquote group taxation dblquote as an incentive for further investment in Sri Lanka. rnThe Chamber says if a committee goes to work on the framework, scope and regulatory provisions relating to the implementation of Group Taxation, a workable model should be ready for implementation by […]
Zipped Up
The Commercial Bank of Ceylon has pumped in Rs. 100 mn to upgraded its IT infrastructure and processes, with one of the latest retail banking solutions in the world, to underpin future growth and expansion initiatives.The bank has installed the ICBS (International Comprehensive Banking System) Version 7.2 developed by Fiserv, which has been designed to […]
Big House
A US$ 1 billion housing project is being cemented to construct 100,000 homes, with the three locations already short listed for development. Amona Peace Development Private Limited, the BOI joint venture between Amona Sdn Bhd., and a Lankan entrepreneur will initially develop a 720 unit apartment complex at an estimated cost of US $ 10 […]
Safe House
The Labour Ministry will tap into a pool of Rs. 6.5 bn in dormant EPF monies, for seed capital to set up an Unemployment Insurance Fund for retrenched workers.ldblquote The Rs.3 bn fund will be topped up with an employer contribution of 0.15 percent and employee contribution of 0.1 percent on the last drawn salary […]
No Kidding
Mobile phones arent the only things Nokia is into, the cell phone giant is now gearing to wire up Sri Lankas telco industry. On Tuesday Nokia said it had signed up with Sri Lankas diversified giant John Keells (JKH) to push its range of GSM and other next generation cellular network infrastructure solutions here and […]
Round II
Seylan Bank is raising over a billion rupees in debt, to meet its capital adequacy requirements.The bank said a billion rupees will be raised through a five-year debenture, with the option of raising a further Rs. 500 mn in the event of an oversubscription.rn rnThe issue carries a monthly fixed rate of 9 percent, 10 […]
Sticky Situation
The Appeal Court on Monday threw out the governments tax amnesty law, saying it lacked legal teeth to become enforceable.Under the present Constitution, once parliament endorses a legislative amendment, it has to be endorsed by the Speaker.rn rnPetitioner Nihal Sri Ameresekera, a Chartered Accountant and Business Consultant says, the Speaker had not certified the Inland […]