Category: Economy
Infrastructure: Negotiating position crucial in structuring deals, say experts
Nov 09, 2015 (LBO) – Sri Lanka’s government must pay attention to increasing its negotiating strength when seeking commercial borrowing and entering into partnerships with the private sector, financing experts said. This process involves announcing long-term plans, with properly structured projects in the pipeline, and building institutional capacity to structure deals, they said. “As a […]
CCC welcomes PM’s new economic policy statement
Nov 09, 2015 (LBO) – Sri Lanka’s Ceylon Chamber of Commerce (CCC) has welcomed Prime Minister Ranil Wickremesinghe’s statement in Parliament recently which provided important economic policy direction, a statement said. “The private sector was seeking clarity on the government’s economic policy agenda, and this statement has provided that.” Large and persistent budget deficits have […]
Sri Lankan born economist predicts global recession next year
Nov 06, 2015 (LBO) – Sri Lankan-born economist Howard Nicholas on Thursday warned that the world will have to face a recession by next year. Speaking at the 36th National Conference of Chartered Accountants in Colombo Nicholas, who is a senior lecturer of Rotterdam Erasmus University, argued the world is now near the bottom of […]
Sri Lanka need not maintain super gain tax: PM
Nov 06, 2015 (LBO) – Sri Lanka’s much talked about super gain tax imposed by the new administration in its interim budget 2015 need not be maintained, Prime Minister Ranil Wickremesinghe told Parliament on Thursday.“With the intermediate budget guidelines, we imposed a Super Gain Tax. This was based on the fact that the demand for […]
Full text of Economic Policy Statement made by PM in Parliament
Economic Policy Statement made by Prime Minister, Ranil Wickremesinghe in Parliament on 5th November 2015 Hon. Speaker, On the 08th of January, the people of Sri Lanka elected Maithripala Sirisena as the President in pursuit of much needed change. This was confirmed at the Parliamentary Election held in August. Our final goal is to improve […]
PM outlines economic reforms in parliament
Nov 05, 2015 (LBO) – Sri Lanka’s Prime Minister in parliament outlined several measures to be taken by the government. Key points: – Generating of one million job opportunities under third generation of reforms – budget deficit to be reduced to 3.5 percent by 2020 – world economic environment will be tough next year – […]
Sri Lanka’s budget 2016 will make life easy for all: Ravi K
Nov 05, 2015 (LBO) – Sri Lanka’s Finance Minister Ravi Karunanayake has said that the upcoming budget 2016 will make ordinary people’s life easy, especially the fixed wage earners.But 60 percent of the affluent class are not paying taxes. Accordingly, the economy needs to be properly structured, reformed and strengthened, Karunanayake said. The Budget 2016 […]
Sri Lanka needs a tax intelligence unit to adapt to economy: Treasury Secy
Nov 04, 2015 (LBO) – Sri Lanka needs to establish a tax intelligence unit to identify economic changes and developments taking place and adapt these changes into the tax structure of the country, Treasury Secretary R H S Samaratunga told a forum. “What lacks in Sri Lanka’s tax system is recognizing economic changes that take place […]
Sri Lanka targets revolutionary budget, Tax revenue should be increased: Ravi K
Nov 03, 2015 (LBO) – Sri Lanka’s tax revenue needs to be increased and expanded into more regions as the government may face difficulties in going ahead with low revenue generation, Finance minister told a forum on Monday. “We are planning a radical and revolutionary budget and tax is a main component,” Ravi Karunanayake, finance minister of […]
Some dollars flowing back into emerging market bonds
Nov 03, 2015 (LBO) – Despite a slowdown in China which led to selling of emerging market bonds over the last two years, some investors are getting back in, a media report said. Investors such as Eaton Vance and HSBC Asset Management have added to their exposure to emerging markets. Bonds in local currency from […]
Sri Lanka taxes to go online
Nov 03, 2015 (LBO) – Sri Lanka plans to increase revenue collection by setting up a platform for the public to pay taxes through an online based system, the Commissioner General of Inland Revenue said.“Tax is the price we pay for the country we want,” Kalyani Dahanayake, commissioner general of Inland Revenue of Sri Lanka […]
Finance Minister wants lower interest rates, IMF show of support
Nov 02, 2015 (LBO) – Sri Lanka’s Finance Minister has called for lower interest rates in the island and for the IMF to support the island’s development programme.Ravi Karunanayake said an IMF growth forecast of 5-5.5 percent for this year was too low, a media report from London said. He wants the Central Bank to […]