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VAT refund scheme to boost tourism in Sri Lankas: Fin Min
Sept 12, 2018 (LBO) – The tourist VAT refund scheme (TVRS) will enable Sri Lankan goods to have greater exposure to the global market, bringing with it several positive economic spill overs, the Finance Minister said. “The TVRS has a particular importance for enhancing the attraction of Colombo as a destination,” Mangala Samaraweera, minister of Finance and […]
‘s tyre and service centre in Sri Lanka
Sept 12, 2018 (LBO) – Tyre & Service Centre (T&S) is the latest offering in Sri Lanka from MRF – one of the leading global brands.This outlet provides fully-fledged tyre services such as wheel alignment, wheel balancing and automatic tyre fitment using the latest imported machinery. In addition,tubeless tyre repair is also offered at the […]
CBSL still waiting for Nomura to correct report slamming the LKR
September 11, 2018 (LBO) – Global investment bank Nomura shocked the Sri Lankan financial community yesterday by publishing a report that said Sri Lanka was the number one country in the world most at risk of a currency crisis.The Central Bank of Sri Lanka (CBSL) as well as finance ministry officials have pointed out that […]
Sri Lanka Fin Min hikes fuel price: Petrol Rs.149 and Diesel Rs.123
Sept 11, 2018 (LBO) – Sri Lanka’s Finance Ministry has raised the petrol price to 149 rupees a litre from 145 rupees with effect from midnight September 10 and diesel to 123 rupees from 118 rupees. The Retail Prices of Auto Fuel is as follows: Type of Fuel Present Price Revised Price (Rs.) Petrol 92 […]
Sri Lanka to open VAT refund counter for tourists at Bandaranaike Airport
Sept 10, 2018 (LBO) – Sri Lanka’s Finance Ministry is to open a special counter at the Bandaranaike International Airport to implement the new VAT refund system for foreign tourists.When foreign tourists purchase goods that are tax deductible, they are able to claim 15 percent VAT charged on such goods as a refund through this […]
SriLankan Catering posts 3.9 billion rupees net profit in 2017/18
SriLankan Catering Ltd. has recorded a steady financial performance for the financial year ended 31st March 2018 with a 26% year-on-year growth in operating profits from Rs. 3.03 billion to Rs. 3.81 billion. Its unaudited financial statements also showed that the operating profit ratio which stood at 42% in the last year improved to 44% […]
”’: Report
Sept 10, 2018 (LBO) – Palo Alto-based venture capital firm Social Capital is “imploding,” according to a report in Axios by the venture capital reporter Dan Primack. The firm raised more than 1 billion US dollars and has invested in unicorn startups like Slack, SureyMonkey and now-public Box. The report, however, says partners are deeply […]
Jack Ma releases letter on retirement/transition from Alibaba
September 10, 2018 (LBO) – Alibaba Executive Chairman Jack Ma released a letter to shareholders announcing his planed transition, and eventual exit from the company. He will retire as Chairman in 2019, and from the Board entirely in 2020. Jack Ma is a global icon and China’s richest person. He has said he intends to […]
Recommendations for positioning Sri Lanka as attractive FDI destination: AMCHAM/STAX
Sept 10, 2018 (LBO) – AMCHAM, in collaboration with STAX, recently launched the 2018 whitepaper ‘FDI Landscape and Investor Sentiment in Sri Lanka’ at a gathering of business and government leaders including Malik Samarawickrama, minister of Development Strategies and International Trade. In addition to providing a definitive view of FDI statistics, the whitepaper interweaves expert insights […]
Sri Lanka PM leaves to attend World Economic Forum of ASEAN in Hanoi
Sept 10, 2018 (LBO) – Prime Minister Ranil Wickremesinghe left for Hanoi, Vietnam on a three-day official to attend the World Economic Forum on the Association of Southeast Asian Nations (WEF ASEAN). The World Economic Forum on the Association of Southeast Asian Nations will be held from Sept.11-13 and 1,000 delegates from 43 countries and regions […]
Impact of imposition of VAT on condominium sales: JLL report
Sept 10, 2018 (LBO) – In the wake of continuing uncertainty with regard to the effective date on the reintroduction of Value Added Tax (VAT) on residential condominiums, real-estate consulting agency, Jones Lang LaSalle (JLL) released a new report analyzing the likely impact of impending policy changes on the Sri Lankan real estate sector. Following the […]
Cigarette smuggling still booming, fuelling criminality: report
Smuggled market share is around 14 to 18% for cigarettes, which translate to 500 to 700 million sticks. A 40-foot container of smuggled cigarettes can add up to a profit of between Rs. 250-400 million. The loss of tax revenue from illicit tobacco is equivalent to 27 to 40% of the annual Samurdhi spending in […]