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NU No More
Neville Ubeysinghe Jayawardene quote s contribution to the banking industry and his various enterprises was a hallmark in the local business community. He courted both fame and controversy during his life. rnrnStarting his career as a Junior Clerk in 1925 at the District Road Committee in Hambantota, he later moved on to become the Controller […]
Moving On
The reversal comes after the bank raised the reverse repo rate by 10 basis points on Thursday in line with the bank quote s new policy of making regular changes to its key discount rates, to make it more responsive to market developments. rnThe bank on Wednesday cut rates by 50 basis points, lowering the […]
New Paint — Budget Update 3
Finance Minister K N Choksy told parliament that the bonds will be issued in both rupee and US dollar denominations. rnrnDollar denominated bonds will be limited to non-resident Sri Lankans, while the local investors will be able to invest in the rupee bond with tax-exemptions on interest. rnrnChoksy estimated total government borrowing budgeted for 2002 […]
Waging Another Battle
Finance Minister K N Choksy plans to enact fresh legislations to lure tax evaders.The law, he said, will not place a premium on tax evasion nor is it a form of tax amnesty. rnTax dodgers can park their monies in specified development areas like agriculture, industry or utility services; or in treasury bonds or in […]
Ticked Off — Budget Update 4
The budget proposals today scrapped the 20 percent surcharge levied on corporate taxation and raised the tax exempt personal income to Rs. 240,000 per annum from Rs. 144,000.
Cutting Red Tape – Budget Update1
Finance Minister K N Choksy officially said the economy contracted by 1.3 percent during 2001. rnrnHe outlined a range of measures that the government plans to streamline in its quest for revive the economy. rnA new Commissioner General is to be appointed to contain defence expenditure, which currently accounts for 20 percent of the total […]
Thumbs Up! — Budget Update 5
ldblquote We will make our recommendations to the board within the next three days.The board will decide on the trench payment by late April dblquote , IMF Senior Representative, Dr.Nadeem Ul Haque told Lanka Business Online. rnrnThere is a possibility that the fund would combine two-tranch payments of US$ 30 mn each for the April […]
Smart Move – Budget Update 2
The Marxist party was planning to use the privatisation programme as a strategic weapon to frustrate the government quote s reform agenda, a top government source told Lanka Business Online today. rnrnldblquote The privatisation programme is going ahead as planned, with Sri Lanka Insurance Corporation and state utilities in the pipeline. We just did not […]
Fiscal Prudence
The numbers speaks for itself.Tax breaks, lower interest rates and massive reforms, all delivered with little fanfare.
Shifting Direction
The Central Bank revised its short term discount rate today by raising the reverse repurchase rate (reverse repo) to 13.6 percent, from 13.5 percent.