Category: Companies
Tax reduction allows Sri Lankan traders to import wheat flour instead of wheat grain
Dec 16, 2019 (LBO) – Sri Lanka’s government has removed the consolidated Tax of 36 rupees per kilogram of imported wheat flour and replaced it with the Special Commodity Levy (SCL) of 8 rupees per kilogram. This Special Commodity Levy will come into effect from December 14th through a special Gazette notification issued by Prime […]
Mobitel to play critical role as connectivity partner for Hatton National Bank
(PRESS RELEASE) – HNB as the communication and solutions partner. MEB offers industry-best ICT services and provide tailor made business solutions using big data, data science and advance data analytics which has consistently attracted the nation’s blue chip corporates to opt for Mobitel as their Communications Partner. We will put this expertise to strategic use […]
‘s Lanka Tile in JV with Chinese firm to export porcelain mosaic tiles
Dec 16, 2019 (LBO) – Lanka Tiles Plc has entered into a tripartite agreement with Foshan Shiwan Yulong Ceramic Ltd. of China and Benjamin Malloy of Dallas, Texas in the US with the aim of exporting porcelain mosaic tiles. The venture involves an investment of 200 million rupees where Lanka Tiles will convert its present […]
Sri Lanka to review process adopted to revise original scope of Colombo Financial City
Dec 12, 2019 (LBO) – Sri Lanka’s cabinet nod has been received to appoint an expert committee to look into the process adopted by the previous government to revise the original scope of the Colombo Financial City. With the help of external consultants and the Legal Draftsman, a Bill has already been drafted to establish […]
The new oil of the 21st century: Sri Lanka’s need for data scientists
Malitha Goonaratne In 2012, the Harvard Business Review named being a ‘data scientist’ the “The Sexiest Job of the 21st Century”. If that is not appealing enough, it is estimated that by 2020, there will be 40 trillion gigabytes (40 zettabytes) of data created. In comparison, in 2018 there were 18 trillion gigabytes (18 zettabytes) […]
Mark Mobius says Sri Lanka has foreign investors appeal for tourism, fin-tech and real estate
Dec 11, 2019 (LBO) – Emerging markets investor, Dr. Mark Mobius highlighting Sri Lanka’s strengths said he sees immense growth potential in the island as the economy has with regards to foreign investor appeal. Admitting that while Sri Lanka’s agri-based economy has always held global interest -especially with tea as its strongest brand and commodity- […]
Fiscal stimulus will boost demand in short-run but create instability in long-run: ICRA
Dec 11, 2019 (LBO) – The Government of Sri Lanka (GoSL) reduced variety of taxes substantially in an attempt to revive the economy, which could possibly cost over LKR 500 Bn according to government’s own estimates. Whilst acknowledging the potential boost to the aggregate demand and corporate profitability from the fiscal stimulus in the short-run, […]
Chinese delegation to Sri Lanka inks SME pacts, clinches many B2Bs
Dec 10, 2019 (LBO) – Facilitated by Sri Lanka’s Confederation of Micro, Small and Medium Industries (COSMI), the high powered Chinese team moved on 9 December for closer B2B and technological ties with leading Sri Lankan industrialists and SMEs by inking two landmark Cooperation Agreements with COSMI. “Our Mianyan is an important pivot city on […]
Sri Lanka aims at 6.5-pct GDP growth from 2020
Dec 09, 2019 (LBO) – Sri Lanka’s economic activity will pick up following a series of tax cuts and the expansion of economic activity will boost Gross Domestic Product growth to reach 6.5 percent from 2020 onwards, a senior official said. “Sri Lanka’s new government headed by President Gotabaya Rajapaksa in the short-term has to […]
Dushni Weerakoon highlights critical role tax policies can play to spur economic growth
Dec 06, 2019 (LBO) – Executive Director of the Institute of Policy Studies of Sri Lanka (IPS), Dr. Dushni Weerakoon this week highlighted the critical role tax policies can play in spurring economic growth of a country, specially a developing country. Addressing the 23rd Annual Oration on Taxation organized by the Institute of Chartered Accountants […]
HSBC and IUCN announce project for development of greener apparel industry
Dec 06, 2019 (LBO) – HSBC and International Union for Conservation of Nature (IUCN) Sri Lanka Country Office announced the launch of their project to crystalize a cohesive low carbon development transition strategy for the local apparel industry recently. The strategy will be developed in partnership with the Joint Apparel Association Forum of Sri Lanka […]
Central Bank to introduce new law regulating moneylenders
Dec 06, 2019 (LBO) – Sri Lanka’s Central Bank with the Ministry of Finance is currently in the process of drafting a new law for licensing, regulation and supervision of moneylenders and protection of customers. The Central Bank said in a statement that the said law is currently in the drafting process and is expected […]