Author: lbostgadmin
Sri Lankan Airlines lose Rs15.7bn in first half 2013
Nov 22, 2013 (LBO) – State run SriLankan Airlines had lost 15.7 billion rupees (120 million US dollars) in the first half of the 2013 financial year, a finance ministry report said. In the six months to September 2013, the airlines had posted revenues of 54.4 billion rupees and burned up 70 billion rupees in […]
Software Growth
Nov 22, 2013 (LBO) – Sri Lanka’s software and knowledge services exports rose 17 percent to 248 million US dollars in the first half of 2013 from a year earlier, an economic report said.In Sri Lanka the sector started to grow especially after a state monopoly overseas telecommunications was ended. “The computer and information services […]
Sri Lanka presents budget amid slow economy
Nov 21, 2012 (LBO) – Sri Lanka is presenting at budget to the parliament for 2014 today amid tight economic conditions that has reduced tax revenues in the first half of 2013.Sri Lanka was expected to cut the budget deficit to 5.8 percent of gross domestic product in 2013 and go for a tighter target […]
Sri Lanka expects 8.0-pct growth, 5.2-pct budget deficit in 2014
Nov 21, 2013 (LBO) – Sri Lanka is expected to grow 8.0 percent in 2014 with inflation of less than 6 percent and the budget deficit is expected to be brought down to 5.2 percent of gross domestic product, the Central Bank has said.Global commodity prices have however softened in recent weeks, with coffee prices […]
Sri Lanka state carriers to get US$200mn bailout
Nov 21, 2013 (LBO) – State-run SriLankan Airlines and Mihin Lanka will be given 200 million US dollars bailout in the 2014 budget, President Mahinda Rajapaksa said.Ceylon Electricity Board has turned around and Ceylon Petroleum has cut losses. SriLankan will get 150 million US dollars and Mihin Lanka will get 50 million US dollars. Both […]
Sri Lanka offers tax breaks for R&D, royalties
Nov 21, 2013 (LBO) – To encourage research and development a tax deduction will be raised to 300 percent, and royalties will be made tax free, President Mahinda Rajapaksa said delivering the 2014 budget speech.Royalties on new patents will be made tax free for 7 years. President Rajapaksa who is also finance minister said the […]
Sri Lanka to impose 2-pct tax on banks, ups export and import taxes – Updated
Nov 21, 2013 (LBO) – A two percent nation building tax will be imposed on banks, export taxes will be charged on cinnamon and pepper and import taxes will be raised on fishing boats and fish, President Mahinda Rajapaksa said.Cess taxes will also be raised on butter, yoghurt and milk products. Wooden furniture imports will […]
Sri Lanka to tax land leased to foreigners at 15-pct
Nov 21, 2013 (LBO) – Sri Lanka will stop the freehold sale of state or private citizen’s land to foreigners and will charge a 15 percent tax on leases, President Mahinda Rajapaksa said.In that context the sale of land through leases could even be termed a relaxation of the earlier policy, analysts say. The tax […]
Sri Lanka raises telecom levy, ups taxes on foods, removes VAT exemptions
Nov 21, 2013 (LBO) – Sri Lanka has raised a tax on telecom services and imposed import taxes on a series of foods and other goods to help favoured businessmen and removed value added tax exemptions. A tax on telecom services which include voice calls has been raised to 25 percent from 20 percent, but […]
Cricket: Sri Lanka to tour Bangladesh in January
DHAKA, November 21, 2013 (AFP) – Sri Lanka will play two Tests, three one-day internationals and two Twenty20 matches on their tour of Bangladesh starting in January, the Bangladesh cricket board announced on Thursday.The two teams last met in Sri Lanka in March this year when the hosts won the two-Test series 1-0 and also […]
Sri Lanka to give tax breaks to apartments for professionals
Nov 21, 2013 (LBO) – High income earnings professionals who combine in small groups to build housing complexes for themselves will be given a 50,000 tax deduction a month for mortgage payments, the budget for 2014 said.It will apply to doctors, lawyers, engineers, architects and business executives. Profit tax on banking and financial institutions which […]
Sri Lanka gains popularity at Emirates Holidays
Nov 21, 2013 (LBO) – Sri Lanka has become one of the top 10 most popular destinations in after being included in Emirates group’s travel arm, officials said as outbound packages were also launched to customers in the island. The firm was developing more Sri Lanka tours targeted at specific markets. Emirates Holidays set up […]