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VIDEO: What is Cloud Computing
Cloud computing is the on-demand delivery of IT resources such as compute, databases, and storage via the Internet with pay-as-you-go pricing. Instead of buying, owning, and maintaining physical data centers and servers, you can access a wide range of technology services on an as-needed basis from a cloud provider. Organizations of every type, size, and […]
Sri Lanka democracy index slightly improved in 2019
Jan 22, 2020 (LBO) – Sri Lanka’s democracy as measured by the Economist Intelligence Unit’s Democracy Index has been slightly improved to 6.27 (overall score on a 0-10 scale) in 2019 against 6.19 reported in the previous year. According to their latest report, Sri Lanka’s global rank is 69 with a regional rank of 13 […]
Tax changes included in proposed Inland Revenue Amendment Bill
Jan 22, 2020 (LBO) – Sri Lanka’s Finance Ministry announced the list of tax changes introduced in the proposed Inland Revenue Amendment Bill which is to be presented to Parliament for approval. Related: Cabinet nod to amend Inland Revenue Act The complete list of proposed tax amendments: (i). Interest Income (a) Interest paid up to […]
Viraj Dayaratne appointed as Chairman of SEC
Jan 22, 2020 (LBO) – Additional Solicitor General Viraj Dayaratne PC has been appointed as the Chairman of the Securities and Exchange Commission of Sri Lanka (SEC). The appointment was done by the Prime Minister and Minister of Finance Mahinda Rajapaksa. Other new members of the SEC appointed are Ernst & Young former Country Managing […]
‘s inflation increased to 6.2-pct in December
Jan 22, 2020 (LBO) – Sri Lanka’s headline inflation as measured by the year-on-year change in the National Consumer Price Index increased to 6.2 percent in December 2019 from 4.1 percent in November 2019. According to the Central Bank, this was driven by monthly increase of prices of items in the Food category along with […]
Sands Active to manufacture pharmaceutical products under new BOI deal
The Board of Investment of Sri Lanka signed an Agreement with Sands Active (Private) Limited to set up a project for the manufacture of pharmaceutical products for the local market to meet the current National requirement of imports substitution of medicinal drugs. The agreement was signed on behalf of the BOI by Mr. Susantha Ratnayake, […]
Five forensic audits completed at a cost of Rs275mn: Central Bank
Jan 21, 2020 (LBO) – Sri Lanka’s Central Bank says that out of the six forensic audits initiated, five forensic audits have been completed so far at a cost of 275 million rupees. Issuing a statement, the Central Bank said the procurement process of the sixth forensic audit is currently underway. The procurement of the […]
‘s forensic audit report
Jan 21, 2020 (LBO) – Speaker of the Parliament of Sri Lanka, Karu Jayasuriya has decided that it is appropriate to table the forensic audit report on the issue of Treasury Bonds issued by the Central Bank. Making a statement, the Speaker said that it will also address the fundamental right of access to information […]
Cabinet nod to amend Inland Revenue Act; to be presented to Parliament
Jan 21, 2020 (LBO) – Sri Lanka’s Cabinet of Ministers have approved the proposal to amend the Inland Revenue Act to reflect new tax proposals introduced by the government. The proposal has been made by Prime Minister Mahinda Rajapaksa in his capacity as the Finance Minister to fulfill a promise made by the government to […]
Trans Asia Hotels (TRAN) revenue down 6%, results show tourism bouncing back
January 21, 2020 (LBO) – December quarter results from Colombo Stock Exchange listed Trans Asia Hotels (TRAN) were buoyant, showing signs that Sri Lanka’s tourism industry recovery is well under way after 2019’s Easter Sunday terror attacks. TRAN reported revenue of Rs753mn, down just 6% year over year.Profits came in at Rs107mn, down just 5% […]