Category: Policy
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Budget 2017 *** Live Coverage ***
* Finance Minister concludes budget speech * Committee of private and public sector to ensure budget implementation * Corporate income tax to be revised to a 3-tier structure 14%, 28% and 40%. WHT increased from 10% to 14% * Tax incentive for exporting of vehicles * Income tax to be streamlined * Reduce indirect taxes […]
Sri Lanka to establish independent agency for tenders
Nov 03, 2016 (LBO) – Sri Lanka’s cabinet has given the nod to streamline the process and transparency on all state tenders by establishing an independent centralised procurement institution, a statement said. “The new Independent Centralized Procurement Agency is to comprise five members including the following holders of office, representing women and major ethnic groups […]
Monetary policy could still be considered accomodative: Central Bank
Nov 02, 2016 (LBO) – Sri Lanka’s Central Bank said on Tuesday that despite a tightening in interest rates this year, that monetary policy could still be considered accomodative. Growth in credit to the private sector could slow to around 20 percent by the end of the year, from the 27.3 percent in August, Assistant […]
Sri Lanka Central Bank keeps rates steady ahead of budget
Oct 31, 2016 (LBO) – Sri Lanka’s central bank on Monday decided to keep its key interest rates steady, a few days ahead of the national budget. Accordingly, the Standing Deposit Facility Rate and the Standing Lending Facility Rate of the Central Bank will be maintained at 7.00 percent and 8.50 percent, respectively. Monetary Policy […]
Excerpts of Sri Lanka COPE recommendations on bond issue
Oct 31, 2016 (LBO) – Sri Lanka’s Committee on Public Enterprises has made several recommendations to Parliament on last year’s controversial bond issue. Excerpts of the recommendations, as published by the Sunday Times, are the following: Evidence has been placed before the COPE, which gives rise to reasonable suspicion that former CB Governor Arjuna Mahendran […]
Government will bring a people’s Budget: Ravi Karunanayake
Oct 31, 2016 (LBO) – Sri Lanka’s budget for 2017 on Nov 10 will be a people’s budget as it would incorporate ideas proposed from all corners of the country, the Finance Minister said in a statement. “The Ministry of Finance has already received over 2200 proposals from the people. This also includes proposals from […]
Opinion: Budget 2017 expectations, unrealistic or achievable?
Oct 28, 2016 (LBO)- Gearing for the new budget in a few weeks time Finance Minister Ravi Karunanayake is optimistic about Budget 2017. An equity buyout for Hambantota port is on the cards, and the second IMF tranche will be back on track, although continued support for SriLankan Airlines is likely, Karunanayake said, speaking to […]
‘s FIU and Inland Revenue to share info
Oct 25, 2016 (LBO) – Sri Lanka’s Central Bank says its Financial Intelligence Unit (FIU) has entered into a memorandum of understanding with the Department of Inland Revenue to exchange information on money laundering and terrorist financing. The MoU will facilitate investigations and prosecutions in terms of the provisions of the Financial Transactions Reporting Act, […]
Acceptance of e-documents an urgent matter: Sri Lankan companies
Oct 24, 2016 (LBO) – Sri Lanka’s trading companies say acceptance of electronic documents is a matter that requires urgent attention. The Import Section of the Ceylon Chamber of Commerce in partnership with Verité Research held a round-table discussion on “Acceptance of Electronic Documents: One small step for the government, one giant leap for businesses” […]
Sri Lanka central bank considers revamping primary auctions
Oct 21, 2016 (LBO) – Sri Lanka’s Central Bank is considering revamping the Primary Auction system for government securities, sources said. The proposed system would overhaul the auction bidding process and introduce non-competitive bidding so as to create a level playing field. The move likely follows heavy profits made by one primary dealer from government […]
Sri Lanka Central Bank resolves four insolvent institutions
Oct 19, 2016 (LBO) – Sri Lanka’s Monetary Board says it has approved repayments to depositors and investors in four insolvent financial institutions. The Monetary Board approved repayment of depositors of three finance companies, The Standard Credit Finance Ltd., City Finance Corporation Ltd. and Central Investments and Finance PLC, and legitimate investors in government securities-linked […]