Author: lbostgadmin
Government seeks to collect Rs 140bn from Social Security Contribution
Aiming to rebuild Sri Lanka’s economy affected by the Covid pandemic, a “Social Security Contribution” has been proposed by the Finance Minister. This contribution will be charged at 2.5 percent on the annual threshold turnover exceeding Rupees 120 million. Rupees 140 billion is expected as revenue through this contribution. This will be effective from 01 […]
Finance Minister proposes one-time tax for big companies & financial institutions
Finance Minister Basil Rajapaksa proposed to impose a one-time tax surcharge of 25 percent on persons or companies with taxable income over Rupees 2,000 million for the year of assessment 2020/2021. Rupees 100 billion is expected to be earned through this tax. VAT on banks and financial service providers under supply of financial services by […]
Budget 2022: Download Full Budget Speech
Budget Speech 2022: DOWNLOAD Budget Speech 2022 (Annexures): DOWNLOAD
Sri Lanka Budget 2022 – LIVE Coverage
The Minister of Finance Basil Rajapaksa is delivering the Second Reading of the Appropriation Bill for the financial year 2022 in Parliament. Finance Minister presenting the budget said “We are presenting the budget amid five global challenges and many countries are focussing on internal problems, there are climate problems, inflation and Coronavirus crises has disrupted […]
Reliance Industries acquires amanté from MAS Holdings
MAS Holdings announced that one of its subsidiaries, MAS Brands, which owns and operates the retail lingerie business under the brand amanté, was acquired by Reliance Retail Ventures Limited, a subsidiary of the Ambani-owned Reliance Industries. The amanté business, which was established by MAS in 2007/8, engages in the retail and wholesale distribution of premium […]
PwC evaluates potential economic impact of Port City Colombo
PwC, on Tuesday, presented their latest assessment of the Port City’s economic impact to the Economic Commission. The assessment evaluates the potential impact of the Port City Colombo across five key macroeconomic variables: Employment, Gross Domestic Product, Foreign Direct Investment, Balance of Payments, and Government Revenue. Having initiated the original report in early 2020, the […]
Is wealth tax the solution to Sri Lanka’s low tax revenue collection?
By Sathya Karunarathne IntroductionSuccessive governments have run fiscal deficits. Inadequate revenue collection and unrestrained government expenditure have worsened the country’s fiscal position. Tax revenue which averaged over 20% of GDP in 1990 has declined to under 10% of GDP inAd hoc tax policy changes have significantly eroded the tax base. Weak tax administration has also […]
New rules to convert export proceeds have no impact on Sri Lankans working abroad: CBSL
Sri Lanka’s Central Bank emphasizes that inward remittances by Sri Lankan expatriates, which are not considered as services exports, will not be subjected to new export proceeds conversion rules. Under the new rules issued on 28 October 2021, the minimum mandatory conversion rate of 25 percent has been relaxed, and instead, exporters have been provided […]
Emirates unveils more “Early Bird” fares in Colombo starting at just Rs 59,300
Valid for tickets purchased between 9 and 21 November, for travel between 1st December 2021 and 31 March 2022 As restrictions continue to ease regionally and globally, Emirates is inviting Sri Lankans to be the “early birds” in fulfilling their long-suppressed yearnings to travel, with another special fare promotion exclusive to the island’s residents. Applicable […]
CA Sri Lanka submits budget proposals to Finance Minister Basil Rajapaksa
In its standing as the National Body of Accountants, officials of the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) recently met with the Minister of Finance, Basil Rajapaksa, and the Secretary to the Treasury, S R Attygalle, to discuss the upcoming National Budget for 2022. During two separate meetings, the Chairman of the CA […]
EDB creates platform to develop bilateral trade between Sri Lanka & Bangladesh
A multi-party meeting on enhancing bilateral trade between Sri Lanka and Bangladesh was held at the Export Development Board (EDB) on 3 November, 2021, under the patronage of the Trade Minister Bandula Gunawardena and High Commissioner of Bangladesh to Sri Lanka Tareq Md Ariful Islam with the participation of companies that export products to Bangladesh. […]