Category: Economy and Markets
Sri Lanka to introduce incentive package for migrant workers with various benefits
Sri Lanka to introduce an incentive package for migrant workers, which includes pension/superannuation benefits, accident/life insurance benefits, banking facilities including low-interest loans for housing and/or self-employment on return to Sri Lanka, and enhanced duty-free concessions. The Central Bank said they are currently working in collaboration in this regard, with the Ministry of Labour, State Ministry […]
Is wealth tax the solution to Sri Lanka’s low tax revenue collection?
By Sathya Karunarathne IntroductionSuccessive governments have run fiscal deficits. Inadequate revenue collection and unrestrained government expenditure have worsened the country’s fiscal position. Tax revenue which averaged over 20% of GDP in 1990 has declined to under 10% of GDP inAd hoc tax policy changes have significantly eroded the tax base. Weak tax administration has also […]
New rules to convert export proceeds have no impact on Sri Lankans working abroad: CBSL
Sri Lanka’s Central Bank emphasizes that inward remittances by Sri Lankan expatriates, which are not considered as services exports, will not be subjected to new export proceeds conversion rules. Under the new rules issued on 28 October 2021, the minimum mandatory conversion rate of 25 percent has been relaxed, and instead, exporters have been provided […]
World Bank VP reaffirms support for investments in people and resilient recovery
World Bank Vice President for South Asia, Hartwig Schafer, today concluded a six-day visit to Sri Lanka, reiterating the World Bank’s commitment to support Sri Lanka’s inclusive and resilient recovery from the COVID-19 pandemic and emphasizing the importance of investing in human capital. During meetings with the President of Sri Lanka, H.E. Gotabaya Rajapaksa; Prime […]
CA Sri Lanka submits budget proposals to Finance Minister Basil Rajapaksa
In its standing as the National Body of Accountants, officials of the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) recently met with the Minister of Finance, Basil Rajapaksa, and the Secretary to the Treasury, S R Attygalle, to discuss the upcoming National Budget for 2022. During two separate meetings, the Chairman of the CA […]
Country will fall into disaster if budget 2022 fails to infuse confidence amongst global community: Eran
The finance minister who assumed duty declaring he is the finance minister without money has huge challenges to overcome through the Budget – 2022 which we are expecting next week on November 12, said SJB Parliamentarian Eran Wickramaratne speaking at a Press Conference. “We must wait and see what he has to say. One of […]
Sri Lanka’s reserves down to USD 2.3bn in October; YTD rupee depreciation 8-pct
Sri Lanka’s official reserves were 2.3 billion US dollars (USD 2,267.5mn) by the end of October, down from 2.6 billion US dollars in September, the latest Central Bank data showed. By the end of October, the foreign currency reserves were 1,686.1 million dollars while the reserve position in the IMF was 67.7 million dollars. Special […]
WB Group agreed to provide USD 500mn loan for Inclusive Connectivity & Development Project
The Development Policy Framework of the Government has identified the necessity of improvement of accessibility and connectivity of Rural Sri Lanka by rehabilitation and improvement of rural & provincial roads on a priority basis. Poorly maintained provincial and rural road network has resulted poor accessibility and connectivity, poor road safety, as well as high transportation […]
Ex-Pack IPO oversubscribed, Highest in recent times
Ex-Pack Corrugated Cartons Limited’s LKR 700 million IPO, witnessed 6,000+ applicants seeking to subscribe, resulting in an 11X oversubscription. This is the highest rate of oversubscription witnessed by any recent IPO, making it the highest subscribed IPO for 2021. The IPO, which opened on the 22nd of October 2021, was oversubscribed in a matter of […]
CBSL creates new department to facilitate &’ remittances
Sri Lanka’s Central Bank has established a new department named “Foreign Remittances Facilitation Department” (FRFD) to facilitate and streamline workers’ remittances inflows to the country, under the provisions of the Monetary Law Act No. 58 of 1949. Workers’ remittances have been a key pillar of Sri Lanka’s foreign currency earnings that has nearly 100 percent […]
Call for Chartered Accountants to build on position of trust & lead on future challenges
The Chartered Accountancy profession must use its position of trust to act on tackling the challenges of the recovery after Covid-19 and on building towards a sustainable future. This was the call from an event with panelists across the world, held to launch results of a survey into international business leaders’ trust in Chartered Accountants. […]
A non-traditional budget will be presented this time: PB Jayasundera
Secretary to the President P. B. Jayasundera said that he believes a budget with a new vision and programme that goes beyond the traditional budget will be presented to the country this time. The Secretary to the President said that the priority will be given to the fields of green economy, renewable energy, information technology […]