Category: Economy
Finance Minister revives Tax Appeals Commission to expedite dispute resolution
Nov 08, 2018 (LBO) – Sri Lanka’s Tax Appeals Commission (TAC) which has been inactive for some time has now been revived with the reappointment of Justice Hector Yapa as Chairman and Justice Sunil Rajapakse and S.Swarnajothi Former Auditor General as members. The TAC was established to facilitate a more expeditious resolution of disputes that […]
Sri Lanka tourist arrivals up only 0.5-pct in Oct 2018
Nov 08, 2018 (LBO) – Sri Lanka’s tourist arrivals during October 2018 was 153,123 in comparison to October last year, there is a growth of 0.5 percent when the arrivals were 152,429. India, China, United Kingdom, Germany and Australia were Sri Lanka’s top five international tourist generating markets in the month of October this year. […]
Sri Lanka Central Bank rejects recent news articles on increased money printing
Nov 07, 2018 (LBO) – Sri Lanka’s Central Bank on Wednesday rejected newspaper articles published about the increased money printing by the Central Bank in the past few days. The Central Bank says the concepts and facts in such articles remain grossly inaccurate and advised general public to refer to accurate technical articles that are […]
Central Bank releases step by step guide to doing business in Sri Lanka
Nov 07, 2018 (LBO) – The Eighth edition of “A Step by Step Guide to Doing Business in Sri Lanka” has been published by the Central Bank. The guide has been categorized under three main chapters; ‘Starting a Business’, ‘During the Business’ and ‘Other Activities’, contains useful information for the business community, potential entrepreneurs, foreign […]
Mangala says Singapore Platts price of refined petrol down 12-pct since Oct 10
Nov 05, 2018 (LBO) – Mangala Samaraweera says that the Rajapaksa administration is attempting to revert to the opaque, politicized regime of fuel pricing that resulted in the CPC being landed with a huge debt which is eventually borne by taxpayers. Samaraweera said that there has been a 12 percent reduction in the Singapore Platts […]
Sri Lanka moves up 11 notches in Ease of Doing Business Index 2019
Nov 02, 2018 (LBO) – Sri Lanka rose 11 notches in the Ease of Doing Business index 2019 being ranked 100 among 190 economies, the World Bank said. Sri Lanka has carried out four reforms which included making dealing with construction permits easier, while the introduction of online systems made it easier to pay taxes. […]
Finance Minister introduces changes to WHT, VAT, Income Tax, Telecom Levy
Nov 01, 2018 (LBO) – Sri Lanka’s Prime Minister as the new Finance Minister has given direction to implement a range of initiatives to revive the economy including the changes introduced for WHT, VAT, Income tax and Telecommunication Levy. The Finance Ministry said necessary Gazettes for these tax-related proposals will be issued today and Cabinet approval […]
S R Attygalle assumes duties as new Secretary to Finance Ministry
Oct 31, 2018 (LBO) – Deputy Secretary to Treasury S R Attygalle who has been appointed as the Secretary to Ministry of Finance and Economic Affairs and the Secretary to Treasury by President Maithripala Sirisena assumed duties in his new post at the Ministry of Finance, Wednesday afternoon. Attygalle who is from the Central Bank […]
Central Bank releases publication with highlights of 2018 & prospects for 2019
Oct 30, 2018 (LBO) – Central Bank of Sri Lanka today released its half-yearly publication – “Recent Economic Developments: Highlights of 2018 and Prospects for 2019”. A summary of the performance of the Sri Lankan economy in 2018 as reflected in this publication is given below: [pdf-embedder url=”http://www.lankabusinessonline.com/wp-content/uploads/2018/10/Press-Release-E.pdf” title=”Press Release (E)”]
‘s political standoff lifts refinancing risk: Fitch Ratings
Oct 30, 2018 (LBO) – Sri Lankan president’s sudden replacement of the prime minister on 26 October highlights tensions within the coalition government and creates uncertainty over further progress on reform and fiscal consolidation, says Fitch Ratings. Prolonged political upheaval accompanied by deterioration of policy continuity could undermine investor confidence and make it more challenging […]
Sri Lanka export income up in Aug 2018: Reserves at USD 8.6Bn
Oct 30, 2018 (LBO) – The Central Bank of Sri Lanka said the island’s external sector performance remained subdued in August 2018. “During the month, the deficit in the trade account narrowed marginally compared to a year earlier as the rise in export income outpaced the growth in import expenditure,” it said. Meanwhile, other inflows […]
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Oct 29, 2018 (LBO) – Moody’s says the current political crisis in Sri Lanka is credit negative for the sovereign and the President’s sudden appointment of Mahinda Rajapaksa as Prime Minister significantly heightens policy uncertainty. Issuing a statement, Matthew Circosta of Moody’s Investors Service said the possible social tensions that may unfold in the next few weeks […]