Category:
Helping The Little
An agreement for technical assistance for the SME sector was officially closed between the government and the ADB on March 27rn rnThe aid is being funded as a grant by the Japan Special Fund and is a component of the ADB-financed lquote Small and Medium Enterprise Sector Development Program quote loan of US$86 million.rn rnThe […]
Looking South
As part of its efforts to deepen the debt market, Ceylinco Shriram Securities Ltd opened its sixth regional office in Matara today. rn rnThe firm is targeting entrepreneurs as well as handicraftsmen based at the Hambantota export village to promote gilt-edge securities. rnrnldblquote It quote s a huge market, specially deep south, dblquote notes Hiran […]
Top Gear
The 100 percent Capital Allowance for a company quote s IT investments and Capital Allowance to buy up existing commercial property, are identified as key concessions to boost operating leases. rnrnEarlier, Capital Allowances were only available for newly constructed commercial property and approved condominiums. rnrnIn the new tax regime, operating leases offer twin tax benefits […]
Picking Up
The bank said the deficit in January had shrunk to US$ 131 mn from US$ 228 mn in the same month a year ago. rnPresenting its growth-oriented budget last week, the government said its expects the deficit to expand slightly for the whole of 2002, to US$ 1.25 bn from US$ 1.16 bn in 2001. […]
Squeezing Out
In a letter to the Central Bank, the Primary Dealers Association says the killer tax of 0.1 percent is threatening money market and gilt-edge securities transactions, despite the budget unveiling numerous measures to boost the financial sector. rnrnThe Association quote s President, Ajantha Madurapperuma identified the killer tax on financial transactions as ldblquote an apparent […]
Forging Ahead
The firm also opened a Colombo office today, as part of its efforts to strengthen its presence in Sri Lanka. rnrnThe Networking Academies will proliferate networking education and skills in Sri Lanka. Cisco has partnered with UNDP Asia pacific Development Information Programme (APDIP) for this NA expansion initiative. rnrnAPDIP, in turn, will recruit a UN […]
NU No More
Neville Ubeysinghe Jayawardene quote s contribution to the banking industry and his various enterprises was a hallmark in the local business community. He courted both fame and controversy during his life. rnrnStarting his career as a Junior Clerk in 1925 at the District Road Committee in Hambantota, he later moved on to become the Controller […]
Moving On
The reversal comes after the bank raised the reverse repo rate by 10 basis points on Thursday in line with the bank quote s new policy of making regular changes to its key discount rates, to make it more responsive to market developments. rnThe bank on Wednesday cut rates by 50 basis points, lowering the […]
New Paint — Budget Update 3
Finance Minister K N Choksy told parliament that the bonds will be issued in both rupee and US dollar denominations. rnrnDollar denominated bonds will be limited to non-resident Sri Lankans, while the local investors will be able to invest in the rupee bond with tax-exemptions on interest. rnrnChoksy estimated total government borrowing budgeted for 2002 […]
Waging Another Battle
Finance Minister K N Choksy plans to enact fresh legislations to lure tax evaders.The law, he said, will not place a premium on tax evasion nor is it a form of tax amnesty. rnTax dodgers can park their monies in specified development areas like agriculture, industry or utility services; or in treasury bonds or in […]
Ticked Off — Budget Update 4
The budget proposals today scrapped the 20 percent surcharge levied on corporate taxation and raised the tax exempt personal income to Rs. 240,000 per annum from Rs. 144,000.
Cutting Red Tape – Budget Update1
Finance Minister K N Choksy officially said the economy contracted by 1.3 percent during 2001. rnrnHe outlined a range of measures that the government plans to streamline in its quest for revive the economy. rnA new Commissioner General is to be appointed to contain defence expenditure, which currently accounts for 20 percent of the total […]