All Blogs
Opening Gates
Investments in and out of the country will get a boost with the relaxation of exchange control laws soon.rn rnExchange controllers say the liberalization will help government efforts to increase investments by local and foreign companies.rn rnldblquote Until the legislation comes through, as a temporary measure we are trying to liberalize some items under existing […]
Easing Capital
Government plans to ease restrictions on capital transactions to increase private investments by local companies.rn rnSweeping exchange liberalizations including allowing non-nationals to invest in government and corporate debt will be announced within days.rn rnAmendments to the Exchange Control Act are expected to be announced in the budget followed by an official gazette notification.rn rnThe planned […]
What Next?
Venture capital funds going out of steam.rn rnThe government made the Venture capital industry almost overnight.rnInvestment relief under the Inland Revenue Act in 1990 brought in seven companies who set up venture capital funds.rn rnldblquote Investors in this Venture Capital fund would get investment relief. That is certain part of their investment is tax deductible.rn […]
Tax Break
Tax breaks are not something the fiscal planners are willing to consider just yet.rn rnBut when some of the biggest businesses groups in the country make the request its hard to ignore.rn rnThe big business groups in the island want the government to move towards group taxation when taxing conglomerates.rn rnGroup taxation allows trading losses […]
Cleaning Fingerprints
The Treasury on Friday announced a series of amnesties as part of its efforts to encourage locals to open up tax files.rn rnThe Inland Revenue Dept is amending its Special Provisions Act No: 7 of 2002, to dispense with tax, duties, levies and exchange control offences, says P Guruge, Tax Advisor to the Treasury.rn rnldblquote […]
Six In One Blow
Six cluster bus companies made it thorough the stock exchange as scheduled on Thursday, all picked up by the British led consortium of IBIS Transport Consultants, with technical collaboration from Transbus International. The partial sale fetched Rs. 1.41 billion to the governments for the 39 per cent stake and management control of the six bus […]
Streaming Medics
Sri Lankas first quoted tech firm has stepped up its distribution network as it speeds ahead to become a local health portal.A Rs. 70 mn joint venture between Millennium Information Technologies and Ayojana Fund Management, eChannelling Ltd, allows patients to channell doctors at Colombos top private hospitals through the Internet.rn rnAs an e-commerce start-up, eChannelling […]
Fly Over
Czech Airlines made their formal entry into Sri Lanka today – the new air bridge linking Colombo and Prague via Dubai with a window into Europe and the Far East.Two flights a week will service the route with Airline officials adding that most of the flight has already been sold out.rn rnThe entry of Czech […]
Dialing Out
Sri Lanka Telecom is set to open its share issue on November 12, with the listing dated scheduled for November 25. A circular to stockbrokers from the issue managers DFCC says 225 million shares or 12.5 per cent of SLT would be offered to the public.rn rnThe main board listed shares will be priced between […]
Further In Debt
Withholding tax would be slapped on corporate debt from the first of November, a treasury public notice said. rn rnSecondary market trading in debt securities is still very limited in Sri Lanka and analysts warn that this may be the final blow to any hopes of a take off in trading.rn rnWithholding tax makes secondary […]