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Sri Lanka offers tax-free zone at new airport
MATTALA, Sri Lanka (AFP) – Sri Lanka is turning its newest international airport opening Monday into a tax-free zone to attract aviation-related industries, a top official said.Mattala was initially planned as an expansion of the small Wirawila military airstrip, but Wickremasuriya said they shifted the location 25 kilometres (16 miles) away to ensure no disruption […]
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Mar 16, 2013 (LBO) – Retaining the confidence of external portfolio investors in key to maintaining stability in the exchange rate and balance of payments, Mood’s Investors Services has said. In 2012 central bank also transferred its year-end profit to the Treasury not as rupee liquidity but as a book entry against maturing Treasuries, again […]
Sri Lanka casino tax cut under fire
Mar 16, 2013 (LBO) – A proposal to lift a series of taxes from casinos and impose only a five percent tax has drawn fire from Sri Lanka’s main opposition, as basic goods including foods are taxed at much higher rates.Such firms get income tax holidays, relief from economic services charge, port and airport levy […]
Mobile Banking
May 15, 2013 (LBO) – Sri Lanka’s Hatton National Bank, which has more than two million customers, has launched a mobile banking platform to which it is planning to draw 300,000 users in the next three years, officials said.Rodrigo said from next month the service will allow transfers to accounts in other banks. Jonathan Alles, […]
Sri Lanka state airlines to operate 11 frequencies from Mattala
Mar 15, 2013 (LBO) – State-run SriLankan Airlines said it will operate nine flights a week out of Sri Lanka’s second international airport in Mattala, which is opening next week while its sister budget carrier will operate two flights. SriLankan Airlines will fly twice a week to Riyadh, four times to Male, twice to Beijing […]
How to think about Sri Lanka electricity tariffs
Mar 15, 2013 (LBO) – Suddenly, electricity is on everyone’s minds. I watched vox pop segments on a TV show (people on the street speaking to a camera). They were very upset. One even said that all that is left is to commit suicide. Perspective So I thought it would good to gain some perspective. […]
Sri Lanka GDP grew 6.4-pct in 2012: census dept
Mar 15, 2013 (LBO) – Sri Lanka’s gross domestic product grew 6.4 percent in 2012, slowing from 8.2 percent in 2011, with industry growing 10.3 percent, agriculture 5.8 percent and services 4.6 percent, the state statistics office said.In the December quarter the economy was estimated to have grown 6.3 percent from a year earlier, against […]
Sri Lanka legislative change would promote fiscal irresponsibility: legislator
Mar 15, 2013 (LBO) – Proposed changes to law aimed at restraining excessive spending by Sri Lanka’s rulers will promote fiscal irresponsibility and also understate the actual budget deficit, a legislator has warned. Disclosures made under the fiscal responsibility law showed that 83 billion rupees in new guarantees or about 1.1 percent of GDP had […]
Ship Arrest
Mar 14, 2013 (LBO) – Vinalines Glory, a Vietnam flagged oil products tanker had been ordered to be arrested by a court in Sri Lanka in a dispute over a cargo of contaminated diesel which was refused by the importer.The vessel carried a cargo of 26,000 metric tonnes of petrol and 5,000 tonnes of diesel […]
Visitors to Sri Lanka should feel safe, rule of law upheld: UK High Commissioner
Mar 14, 2013 (LBO) – UK High Commissioner to Sri Lanka John Rankin said visitors to Sri Lanka should uphold rule of law to make the island safe for visitors, following delays in bringing killers of a British tourist to justice.Khuraim Shaikh, a Red Cross worker who was holidaying in Sri Lanka’s coastal resort of […]
Outlook Meeting
Mar 14, 2013 (LBO) – Sri Lanka – Canada Business Council of the Ceylon Chamber of Commerce will meet senior minister for international monetary co-operation Sarath Amunugama on March 20.The luncheon meeting will be on the topic ‘Today™s Economic Outlook of Sri Lanka. The organizers could be reached at www.srilankacanadabiz.lk or anisha@chamber.lk. .
Payment Outsourcing
Mar 14, 2013 (LBO) – Paycorp International, an Australia based firm will set up an outsourcing unit in Sri Lanka employing 100 persons, the state investment promotion agency said.Paycorp will invest 4.4 million US dollars in the project, the Board of Investment of Sri Lanka, which give tax breaks for foreign investments said. “Culturally and […]