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SLT Mobile
Investing US$ 70 million over the next two years to put in place a 2.5 G GSM core network, Mobitel intends to expand its coverage into the all major cities including the north and east.rn rnGoing according to schedule, a fully functional 2.5G GSM network is expected by mid 2003.rn rnOfficials say the selected 2.5G […]
Call Complete
The long overdue national communications policy got cabinet approval earlier in the week, with plans now afoot to hasten its rollout.Secretary to the Ministry of Mass Communication, Kumar Abeyasinghe told Lanka Business Online that the policy was approved by cabinet and was now looking at implementing it as soon as possible.rn rnMeanwhile, stringent laws strengthened […]
Travel travails — Budget Report
Meanwhile tourist board approved hotels will also face a 1 per cent charge from April 01, which will be used for tourist development.rn rnThe duty free allowance of Sri Lankans working abroad for more than one year will be raised from US $ 1500 to US $ 1750.rn rnThe port and airport levy imposed on […]
Road Rules – Budget Report
The government hopes to set up a road fund, monies of which will go towards maintaining and developing Sri Lanka quote s road network.rn rnContributions to the road fund will come from an additional charge to be imposed on licence renewals.rn rnThe government estimates to generate up to 500 million in 2003, and will directed […]
Mutual Benefit – Budget Report
Unit trust and mutual funds will be taxed once, and income will be tax free in the hands of the unit holders according to the latest budget proposal.rn rnMutual funds that invest in specified areas will be taxed at only 10 per cent on interest and dividend income while others will be taxed at a […]
Steering Off endash Budget Report
The government is expecting to end the year with a budget deficit of 8.9 per cent of GDP, which is just 0.4 per cent off target.rn rnThis is the best any government has done in recent years, with deficit target of 1.5 per cent to 2.5 percentage points being an accepted norm.rn rnThe overall deficit […]
Public Benefits – Budget Report
All new public sector employees will have to contribute towards their pensions from January 01.rn rnThe EPF style scheme envisages an 8 per cent contribution from employees and 10 per cent contribution from the state.rn rnSalaries will be adjusted to conform to this.rn rnMeanwhile the government is also planning to close down all redundant government […]
Apex Bodies — Budget Report
A new tea sector association will talk over the responsibility of regulating the industry finance minister K. N. Chocksy told parliament today.rnThe association will also set up standards for Sri Lankan tea and enforce them.rn rnThe apparel industry will also get a new apex body to guide the industry towards the end of the multi-fibre […]
As Promised endash Budget Report
Government stuck to its word reducing corporation tax rates to 30 percent as promised in its 2002 budget.rn rnCompanies with a taxable income of over Rs. 5 million a year will qualify for the new tax rate.rn rnCompanies with taxable income of less than Rs. 5 Mn will continue to be taxed at 20 per […]
Taxing the Banks – Budget Report
In a potentially controversial move a 10 per cent VAT would be slapped on banks from January 2003.rn rnFinance Minister Choksy said no input credit will be permitted but VAT will not be charged on gross income but on a base composed of net profits and employee emoluments in a bid to prevent a rise […]