Author: lbostgadmin
Apex Bodies — Budget Report
A new tea sector association will talk over the responsibility of regulating the industry finance minister K. N. Chocksy told parliament today.rnThe association will also set up standards for Sri Lankan tea and enforce them.rn rnThe apparel industry will also get a new apex body to guide the industry towards the end of the multi-fibre […]
Public Benefits – Budget Report
All new public sector employees will have to contribute towards their pensions from January 01.rn rnThe EPF style scheme envisages an 8 per cent contribution from employees and 10 per cent contribution from the state.rn rnSalaries will be adjusted to conform to this.rn rnMeanwhile the government is also planning to close down all redundant government […]
Steering Off endash Budget Report
The government is expecting to end the year with a budget deficit of 8.9 per cent of GDP, which is just 0.4 per cent off target.rn rnThis is the best any government has done in recent years, with deficit target of 1.5 per cent to 2.5 percentage points being an accepted norm.rn rnThe overall deficit […]
Mutual Benefit – Budget Report
Unit trust and mutual funds will be taxed once, and income will be tax free in the hands of the unit holders according to the latest budget proposal.rn rnMutual funds that invest in specified areas will be taxed at only 10 per cent on interest and dividend income while others will be taxed at a […]
Road Rules – Budget Report
The government hopes to set up a road fund, monies of which will go towards maintaining and developing Sri Lanka quote s road network.rn rnContributions to the road fund will come from an additional charge to be imposed on licence renewals.rn rnThe government estimates to generate up to 500 million in 2003, and will directed […]
Travel travails — Budget Report
Meanwhile tourist board approved hotels will also face a 1 per cent charge from April 01, which will be used for tourist development.rn rnThe duty free allowance of Sri Lankans working abroad for more than one year will be raised from US $ 1500 to US $ 1750.rn rnThe port and airport levy imposed on […]
Public Service
Though many government servants are looking to the budget for a salary increase analysts say any increase will be tied to a voluntary retirement scheme.rn rnThe government has already gone public with voluntary retirement packages to state enterprises such as the Ports Authority, Ceylon Petroleum and Salu Sala.rn rnMeanwhile the Treasury has already frozen employment […]
Making IT Happen
Foreseeing the opportunities Sri Lanka would miss with every postponed day, policy makers are pitting the final touches to rollout the national Information Communication and Technology (ICT) Policy before end November. Previously scheduled to follow the National Communication Policy, industry officials say delays in getting the piece of legislation off the ground prompted them to […]
Country Road
Top Central Bank and Treasury officials will hit the road next week to raise dollar funds for the government.The US$ 100 mn fund raising exercise will see a Lankan team touching Singapore, Dubai, Bahrain, London and Abu Dhabi.rn rnCentral Banks Deputy Governor, W A Wijewardene will lead the local delegation from November 11-14.rn rnLast month, […]
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 […]
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 […]
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 […]