Category: Companies
Tax reforms at a glance: To be introduced in the immediate & near term
Cabinet nod has been received to instruct the legal draftsmen to prepare necessary bills to amend the following Acts with a view to increasing government revenue. Inland Revenue Act, No. 24 of 2017 Value Added Tax Act, No. 14 of 2002 Telecommunication Levy Act No21 of 2011 Betting and Gaming Levy Act, No.40 of […]
SL CB reassures commitment to ensuring the availability of forex banking system for essential foods
The Ministry of Finance issued Import Control Regulations on Payment Terms No.07 of 2022, dated 06 May 2022, and to be effective from 20 May 2022, by restricting the use of Open Account Payment Terms or Consignment Account Terms, subject to conditions, when importing goods to Sri Lanka. This measure complements the various other measures […]
Aitken Spence creates history by recording its highest ever profit of Rs 14.2 bn for 2021/2022
The diversified blue-chip Aitken Spence PLC reported a profit before tax of Rs. 14.2 billion for the twelve months ended 31st March 2022 compared to the loss reported before tax of Rs. 2.8 billion last year. This performance was driven by the Group’ diverse presence in eight countries spanning sixteen segments of operation. The diversity […]
JKH recurring EBITDA grows 152-pct to Rs.39.26Bn for 2021/22
The Group witnessed a strong recovery momentum during the year under review with the recurring performance of most of our businesses reaching pre-COVID-19 levels. • Group revenue increased by 71 per cent to Rs.218.07 billion while recurring Group EBITDA increased by 152 per cent to Rs.39.26 billion. The significant growth in profits was driven by […]
UN assures assistance to Sri Lanka in addressing current economic challenges
The Minister of Foreign Affairs Prof. G. L. Peiris met the UN Resident Coordinator in Colombo, Hanaa Singer- Hamdy on 23 May, 2022 to discuss multiple impacts arising out of the current economic situation in the country such as supply of essential items, concerns regarding food security and livelihood matters. The Minister underscored that the Government […]
Ceylon Chamber call for few more edits to the 21st amendment to the constitution of Sri Lanka
In a letter to the Minister of Justice, Constitutional Affairs and Prison Reform the joint Chambers of Commerce has called for a further strengthening of the 21st amendment through a few more amendments necessitated by past learnings and current context to meet the aspirations of the people, including the business community, who are seeking a […]
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Fitch Ratings has affirmed the rating on SriLankan Airlines Limited’s (SLA) USD175 million government-guaranteed 7% unsecured bonds due 25 June 2024 at ‘C’. The affirmation follows the 19 May 2022 downgrade of Sri Lanka’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘RD’ from ‘C’, and the downgrade of its foreign-currency bonds issued in international markets […]
CBSL issues order imposing LC deposit margin requirement for over 700 non-essential items
Sri Lanka’s Central Bank has directed commercial banks with immediate effect that Letters of Credit (LCs) should not be opened for the importation of non-essential goods (see below) unless such LCs are covered by a non-interest-bearing cash margin deposit requirement of 100 percent maintained at the time of opening the LC. Banks have further directed […]
APTS prepares for its next phase of growth by strengthening its leadership team
Asia Pacific Technology Systems (APTS), an award-winning Information Technology Solutions provider in the region, is gearing for its next phase of growth through the appointment of 3 reputed Independent Non-Executive Directors to its board. The new appointments will further strengthen the Company’s strategic focus and governance structure which will assist the company to reach its […]
South Asia Textiles commits to SBTi to limit global warming at 1.5°C
South Asia Textiles (SAT), a fully-owned subsidiary Hayleys Fabric PLC, also joined its parent company in committing to the Science-Based Targets initiatives (SBTi) for reducing Greenhouse Gas (GHG) emissions and limiting global warming to1.5°C. Hayleys Fabric is a pioneering fabric manufacturer in the Country. The Hayleys Fabric Group is the largest manufacturer in Sri Lanka. With […]
Ceylon Chamber meets Party Leaders to discuss economic and political crises
The Ceylon Chamber of Commerce officials met with the leaders of several key political parties during the last 4 days to discuss the serious economic and political challenges faced by the country. Among the leaders met were Hon. Sajith Premadasa, Leader of the Opposition and SJB, Hon. Anura Kumara Dissanayake, Leader of the JVP, Hon. […]
Sri Lankan mutual funds’ outflows rise amid economic turmoil: Fitch
The Sri Lankan mutual fund industry experienced large outflows in March 2022 with total assets under management (AUM) shrinking by more than 8% to LKR178 billion (around USD0.5 billion), based on Unit Trust Association of Sri Lanka (UTA) data, Fitch Ratings says in a new report. The country’s economic and social instability may have driven […]