Category: Economy and Markets
Sampath and NDB Bank underwrite Sarvodaya Development Finance IPO
The Initial Public Offering (IPO) of Sarvodaya Development Finance (SDF) will open to the public on 23rd November and will comprise an initial issue of 22,727,273 shares raising LKR 500 Mn followed by a green shoe issue of a further 22,727,273 shares for an additional LKR 500 Mn. Two of Sri Lanka’s most prominent banks, […]
Budget 2022 Proposals: Reactions from IPS Researchers
Dr Dushni Weerakoon Budget 2022 appears to be more of a stop-gap budget rather than one that sets out a framework on how revenues will continue to be mobilised and deficit financing requirements met over time. It seems that the government is hedging its bets on economic growth creating revenues, but with inflation set to […]
Loops, Truecaller partners to enable safety and efficiency to daily life business communications
Loops Integrated enters into a landmark partnership with Truecaller. Loops Integrated – a creative-led integrated marketing agency acclaimed for their creative and digital marketing excellence, will now be an authorized reseller for Truecaller for Business. Truecaller is well known in Sri Lanka for identifying contacts and blocking unwanted communication. Businesses, particularly the services sectors, reach […]
Aitken Spence records Rs. 2.9 Bn EBITDA across all sectors for 2Q with a 388% growth
The leading blue-chip conglomerate, Aitken Spence PLC reported an impressive growth of 388% from its earnings before interest expense, tax, depreciation and amortisation (EBITDA) of Rs. 2.9 Bn compared to Rs. 595 Mn in the 2Q of the previous year. During the 2Q the Group’s non-tourism sectors recorded a growth of 35% from its EBITDA […]
Finance Minister proposes to release all vehicles seized at Customs subject to taxes
Finance Minister proposes to release all vehicles seized at the Sri Lanka Customs owing to non-payment of applicable taxes and other reasons. Such release will be subject to the applicable taxes and fines. It is also proposed to impose a fee on vehicles meeting with accidents with the opportunity of reimbursing this fee from the […]
Government seeks to collect Rs 140bn from Social Security Contribution
Aiming to rebuild Sri Lanka’s economy affected by the Covid pandemic, a “Social Security Contribution” has been proposed by the Finance Minister. This contribution will be charged at 2.5 percent on the annual threshold turnover exceeding Rupees 120 million. Rupees 140 billion is expected as revenue through this contribution. This will be effective from 01 […]
Finance Minister proposes one-time tax for big companies & financial institutions
Finance Minister Basil Rajapaksa proposed to impose a one-time tax surcharge of 25 percent on persons or companies with taxable income over Rupees 2,000 million for the year of assessment 2020/2021. Rupees 100 billion is expected to be earned through this tax. VAT on banks and financial service providers under supply of financial services by […]
Budget 2022: Download Full Budget Speech
Budget Speech 2022: DOWNLOAD Budget Speech 2022 (Annexures): DOWNLOAD
Sri Lanka Budget 2022 – LIVE Coverage
The Minister of Finance Basil Rajapaksa is delivering the Second Reading of the Appropriation Bill for the financial year 2022 in Parliament. Finance Minister presenting the budget said “We are presenting the budget amid five global challenges and many countries are focussing on internal problems, there are climate problems, inflation and Coronavirus crises has disrupted […]
eChannelling Q3 financial performance sets foundation for growth: Records 116-pct growth YOY
eChannelling PLC, the largest Channelling Network in Sri Lanka and a subsidiary of SLT-MOBITEL, is gearing towards a quantum leap with acquisitions, expansion plans, partnerships and product innovation to further uplift the nation’s digital lifestyle experience. Supporting this trajectory is eChannelling’s strong Q3 performance, forming a firm foundation for its strategic relaunch and future growth. […]
Central Bank expects inflation to remain high at around 8-9% in next few months
Sri Lanka’s Central Bank expects inflation to remain high at around 8-9% in the next few months, before gradually reverting to the desired 4-6% level thereafter. Releasing the ‘Recent Economic Developments’ report, the Central Bank said that the upward adjustments in retail market prices of some commodities, mainly driven by supply side factors and increased […]
CBSL expects reserves to remain around USD 3.5bn by end 2021; USD 4bn on average in 2022
Sri Lanka’s Central Bank expects gross official reserves to remain at around USD 3.5 bn at the end of 2021, and around USD 4.0 bn on average in 2022. Releasing the ‘Recent Economic Developments’ report, the Central Bank said that it expects financial flows to strengthen in the period ahead with the envisaged inflows in […]