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New Probe
Customs is investigating how GoldQuest Tracking Centre Owners (TCOs), who popularise the scheme, paid only Rs. 3,000 in taxes and duty for the Rs.80,000 plus priced gold coins purchased from the companys website.rn rnThe inquiry has found that some consignments were cleared on an endorsement from the Department of Import and Export Control.rn rnPreviously, a […]
New Brooms
President Chandrika Kumaratunga promised to overhaul the countrys messy tax system, introduce laws to help sick companies and inject policies to achieve a six to eight percent growth in the medium term.rnOver the last two-years, she said that the national debt steadily rose to 106 percent of GDP from 103 percent, though the previous government […]
Looking Pretty
The governments bond issue to raise US$ 91.5 mn opens next week, with initial reports indicating that the issue would be oversubscribed.Dealers expect the Central Bank to take up the oversubscription provided the interest rates hover around two basis points over the six months LIBOR.rn rnThe Central Bank is rolling over US$ 91.5 mn worth […]
Lets Roll
Sri Lanka and Thailand have agreed to liberalise their air services by giving each other lquote fifth freedom rights for their respective designated carriers.Fifth freedom rights allows the designated carrier to land in a second country, pick up passengers, cargo and mail destined for a third country.rn rnldblquote Both sides agreed to give unlimited number […]
Smoke Screen
Sri Lanka was considering bringing back heavy taxes to discourage foreign ownership of land amid a surge in the sale of beach property to non-nationals, a senior government minister said Friday.The cabinet on Wednesday decided to reconsider imposing a 100 percent tax on foreigners buying land, cabinet spokesman Mangala Samaraweera said adding that a committee […]
Lost In Translation
For instance, a simple and direct translation in Sinhalese for ldblquote save dblquote means rescue, while there is no commonly used local term for mouse.rn rnMicrosoft Corp., recently setup local office is booting up for a nationwide campaign to compile a glossary of terms and phrases used in daily computing.rn rnThe proposed open process will […]
Load Of Gas
Concerns are rising among apartment developers that the proposed transfer tax on land may hit the industry.The Ministry of Lands announced a Cabinet decision to re-introduce the 100 percent tax on land purchased by foreigners on Thursday.rn rnIn the late nineties the tax was relaxed to allow the upper floors of an apartment block to […]
Street Hawkers
Sri Lankas corporates are jostling each other to come out into the sunshine thanks to the digital revolution jumping the local advertising industry. Its not a small budget, small business thing anymore; outdoor advertising is climbing the social ladder in Sri Lanka.rn rnWhether its the corporate blue bloods or the village petti kade (box shop), […]
Red Alert
Sri Lankas police and customs have been ordered to seize Buddha Bar music and bikinis with Buddha images, officials said Thursday.rnState Attorney Nihal Jayawardene asked for strict enforcement of laws that prohibit the commercial use of religious symbols and said Buddha Bar music and the bikinis would fall under the measures.rn rn His order was […]
Long Beep
Fixed line operator Suntel plans to infuse US$ 20 mn this year, to roll out its network islandwide.The wireless local loop operator has sought the telecom watchdogs approval to get a slot in the 800 Mhz bandwidth.rn rnSuntel officials say they applied for approval mid last year, but are yet to receive the regulators consent. […]
Inside Lanka
Chipmaker Intel setup shop here this week, apart from the obvious reason of taping into the sales potential in the island, to standardize wireless technologies WiFi and WiMax. The local office will help identify corporate businesses and rural infrastructure rollout projects that will use wireless technologies.rnrnThe wireless standardization process is in line with Intels current […]
Top Brass
The government has appointed top private sector businessmen to drive its economic agenda, the Presidential Secretariat said.Treasury Secretary Dr. P B Jayasundara, will be the Secretary General of the newly formed National Council for Economic Development or NCED, which will translate the United Peoples Freedom Alliances election manifesto into a six-year economic plan.rn rnOther top […]