Author: lbostgadmin
EPF & ETF will not be subjected to Surcharge Tax: Finance Minister Basil Rajapaksa
Finance Minister Basil Rajapaksa has informed the Cabinet of Ministers that the Employees Provident Fund and the Employees Trust Fund are not included in the 2022 budget proposal regarding the imposition of a 25% surcharge tax on individuals and companies with a net profit of over Rs. 2000 million for the year 2021. Finance Minister […]
Aitken Spence reports its highest ever Q3 PBT of Rs. 3 Bn
The leading blue-chip conglomerate, Aitken Spence PLC reported its best ever third quarter (Q3) performance with a Profit-Before-Tax (PBT) of Rs. 3 Bn in Q3 2021-22, a significant turnaround from the third quarter Q3 of the previous year. The Group’s businesses including the tourism sector is showing positive momentum. Across all sectors, the Group’s earnings […]
Ceylon Chamber of Commerce requests Government to reconsider Surcharge Tax Bill
The Ceylon Chamber of Commerce earnestly requests the Government to reconsider some of these provisions before it is submitted for approval by Parliament and extends its support to develop alternative proposals to ensure the revenue targets are met. Full Statement The membership of the Ceylon Chamber of Commerce notes serious concerns on the provisions of […]
Pro-Poor Tourism: Can it Reduce Poverty in Sri Lanka?
By Kimuthu Kiringoda: “Tourism has been described as the world’s largest transfer of resources from rich to poor, dwarfing international aid.” – Salli Felton, CEO, Travel Foundation The tourism industry’s performance was hampered first by the Easter Sunday bomb explosions in 2019 and then the COVID-19 pandemic. Sri Lanka saw a decline in tourist arrivals from […]
We stand ready to discuss options if Sri Lanka requests financial support: IMF
The International Monetary Fund (IMF) reiterates that they are standing ready to discuss options if Sri Lanka requests financial support. Speaking to journalists at Washington DC headquarters, Gerry Rice of the Communication Department confirmed that they have not yet received a request for financial support from the Government of Sri Lanka. “We have not received […]
24 Sri Lankan companies honoured at 25th SAFA
A total of 24 Sri Lankan companies were honoured for their excellent annual reporting and for also promoting transparency, accountability, and governance in financial reporting at the 25 th Best Presented Annual Report Awards of the South Asian Federation of Accountants (SAFA).The prestigious South Asian awards ceremony was hosted by the Institute of Chartered Accountants […]
Opinion: Sri Lanka needs GSP+ now more than ever
By Felix Fernando Much has been said of the potential economic costs to Sri Lanka, of losing the Generalised Scheme of Preferences (GSP) Plus trade concessions to the European Union (EU). While these costs will be high, the social and human costs are likely to be even greater. Considering official statistics for 2021, available up […]
”; Outlook evolving
Fitch Ratings has downgraded Abans Finance PLC’s National Long-Term Rating to ‘A-(lka)’ from ‘A(lka)’. The Outlook is evolving, a statement said. The rating agency has also downgraded the company’s proposed senior unsecured debt to ‘A- (EXP)(lka)’, from ‘A(EXP)(lka)’. KEY RATING DRIVERS The downgrade follows the downgrade of the National Long-Term Rating of Abans Finance’s parent […]
Central Bank launches National Remittance Mobile App
The Central Bank initiated a National Remittance Mobile Application branded as “Lanka Remit” providing Sri Lankans working abroad direct access to the existing remittance channels, as well as facilitate their ability to choose more convenient and cost-effective remittance channels to send money to Sri Lanka. Bank of Ceylon, People’s Bank, Sampath Bank, Hatton National Bank, […]
Aitken Spence Travels facilitates first Charter Flight from Uzbekistan
Aitken Spence Travels, the leading DMC in Sri Lanka together with their Uzbekistan agent Asia Luxe welcomed the country’s first charter flight from Uzbekistan on Wednesday 9th February 2022. There will be a weekly flight operating every Wednesday until the end of March 2022. The charter airline operation is partnered with this leading tour operator of Uzbekistan […]
Opposition SJB opposes imposing 25-pct tax on EPF funds, says Eran
The Opposition is totally opposed to levying a 25% tax on the EPF Fund, said Parliamentarian Eran Wickramaratne at a press conference held at the Opposition Leader’s Office yesterday. “This Government has decided in an unprecedented manner to impose a 25% surcharge on the income of the Employees Provident Fund. EPF has never been taxed […]
European Union urges Sri Lanka to continue reducing use of PTA
The European Union (EU) has urged Sri Lanka to continue reducing the use of the Prevention of Terrorism Act (PTA) and to undertake further practical and administrative steps to release on bail those detained under the PTA without charges. At the EU-Sri Lanka Joint Commission held on 8 February 2022 in Brussels, Sri Lanka has […]