Category: Economy and Markets
Sri Lanka to impose 2-pct tax on banks, ups export and import taxes – Updated
Nov 21, 2013 (LBO) – A two percent nation building tax will be imposed on banks, export taxes will be charged on cinnamon and pepper and import taxes will be raised on fishing boats and fish, President Mahinda Rajapaksa said.Cess taxes will also be raised on butter, yoghurt and milk products. Wooden furniture imports will […]
Sri Lanka to tax land leased to foreigners at 15-pct
Nov 21, 2013 (LBO) – Sri Lanka will stop the freehold sale of state or private citizen’s land to foreigners and will charge a 15 percent tax on leases, President Mahinda Rajapaksa said.In that context the sale of land through leases could even be termed a relaxation of the earlier policy, analysts say. The tax […]
Sri Lanka has to guard against external risks: IMF
Nov 20, 2013 (LBO) – Sri Lanka has expressed a commitment to keep the budget deficit down next year, but the country has to guard against external risks and boost its business climate, a top International Monetary Fund official said. Meanwhile Shinohara said a lower deficit would also reduce the need for future foreign borrowings. […]
Sri Lanka state revenues down in first half, current expenses flat
Nov 20, 2013 (LBO) – Sri Lanka’s state revenues were down 7.6 percent to 481.7 billion rupees in the first half of 2013 with tax revenues down 5.1 percent to 458.7 billion rupees, official data showed.“The only result is that the producers’ money is confiscated for the benefit of a bureaucracy that adds insult to […]
Sri Lanka weak state revenue raises queries on taxless growth: legislator
Nov 20, 2013 (LBO) – Sri Lanka’s weak revenue collections in the first half of the year raised questions about the accuracy of gross domestic product estimates, an opposition legislator who is also an economist has said. Sri Lanka is recovering from a balance of payments crisis largely driven by credit taken by state enterprises […]
Sri Lanka stocks 0.2-pct lower
Nov 20, 2013 (LBO) – Sri Lanka stocks closed lower with telco and diversified stocks losing ground amid foreign selling, brokers said. Distilleries closed flat at 187.00 rupees and Touchwood Investments closed 10 cents lower at 2.80 rupees. The Colombo benchmark All Share Price Index closed 15.62 points lower at 5,793.53, down 0.27 percent. The […]
”’ by RAM
Nov 19, 2013 (LBO) – RAM Ratings Lanka said it has given a ‘BBB+’ rating to a proposed 2.0 billion subordinated debt issue by LB Finance, a notch below its ‘A-‘ domestic entity rating. As such the Company’s funding composition remained dominated by deposits increasing to 76.71% as at end-August 2013. In line with the […]
‘s LB Finance Rs2.0bn debt oversubscribed
Nov 19, 2013 (LBO) – A 2.0 billion rupee debt sale by Sri Lanka’s LB Finance has been oversubscribed and close on its opening day, an official said.The offer is managed by Merchant Bank of Sri Lanka. LB Finance, a registered finance company offered debt paying 14 percent monthly ( annual effective rate of 14.93 […]
Sri Lanka stocks close down 0.2-pct
Nov 19, 2013 (LBO) – Sri Lanka stocks closed lower with tobacco and plantation stocks losing ground despite strong foreign buying, brokers said. Carson Cumberbatch closed 10 cents higher at 380.10 rupees and Sampath Bank closed 10 cents higher at 166.00 rupees. Dialog closed flat at 9.00 rupees and Ceylinco Insurance closed flat at 1,300.00 […]
Sri Lanka stocks close up 0.2-pct
Nov 18, 2013 (LBO) – Sri Lanka stocks closed higher with diversified stocks picking up amid strong foreign buying, brokers said. The Colombo benchmark All Share Price Index closed 13.51 points higher at 5,824.48, up 0.23 percent. The S&P SL20 closed 25.63 points higher at 3,200.31, up 0.81 percent. Turnover was 936.44 million rupees, up […]
Sri Lanka consumer durables group, sales, profits drop
Nov 18, 2013 (LBO) – Profits and revenues at Singer (Sri Lanka) Plc, a top consumer durables seller dropped 67 percent to 62 million rupees in the September 2013 quarter from a year earlier, amid tight economic conditions.Furniture, transport and agro products also dropped. But communications sector rose to 871 million rupees from 338 million […]
Small states seek Commonwealth backing for cheap credit at Sri Lanka meet
Nov 17, 2013 (LBO) – Small states are seeking endorsement from Commonwealth leaders at a in their bid to regain access to cheap finance from multilateral lenders, at a summit meeting in Sri Lanka. Without the ability to depreciate the currency, rulers lose the principle ability to impoverish the population and their path is clear […]