Category: Policy
Infrastructure: Negotiating position crucial in structuring deals, say experts
Nov 09, 2015 (LBO) – Sri Lanka’s government must pay attention to increasing its negotiating strength when seeking commercial borrowing and entering into partnerships with the private sector, financing experts said. This process involves announcing long-term plans, with properly structured projects in the pipeline, and building institutional capacity to structure deals, they said. “As a […]
Sri Lankan born economist predicts global recession next year
Nov 06, 2015 (LBO) – Sri Lankan-born economist Howard Nicholas on Thursday warned that the world will have to face a recession by next year. Speaking at the 36th National Conference of Chartered Accountants in Colombo Nicholas, who is a senior lecturer of Rotterdam Erasmus University, argued the world is now near the bottom of […]
Sri Lanka taxes to go online
Nov 03, 2015 (LBO) – Sri Lanka plans to increase revenue collection by setting up a platform for the public to pay taxes through an online based system, the Commissioner General of Inland Revenue said.“Tax is the price we pay for the country we want,” Kalyani Dahanayake, commissioner general of Inland Revenue of Sri Lanka […]
Interview: Three cases reopened, investigation division to expand in Nov, says SEC Chairman
Nov 02, 2015 (LBO) – The Securities and Exchange Commission of Sri Lanka has reopened three cases as part of probes that will be carried out by an expanded investigations and enforcement division, the SEC Chairman said.An SEC reorganization will be completed in November, and an upgraded surveillance system will be in place next year, […]
Sri Lanka seeks to connect tax payers with revenue office online
Oct 30, 2015 (LBO) – Sri Lanka is looking at the possibilities of connecting the island’s revenue collection office with tax payers directly to streamline tax payments. Central Bank Governor Arjuna Mahendran said they are considering SWIFT payment gateway as a one option. “Internet payment solution system called SWIFT can link up the tax payer with […]
We need a political strategy to empower state enterprises, reduce tax payer burden: Eran
Oct 30, 2015 (LBO) – Sri Lanka needs to have a political strategy to support the implementation of reforms and restructurings of state owned enterprises to reduce the burden on the treasury or the tax payer, deputy minister of state owned enterprises (SOEs) said.“We have a situation in which the tax payer at large is paying […]
U.S. Fed leaves open possible Dec rate hike
Oct 29, 2015 – (LBO) – The U.S. Fed has indicated that a December rate hike is a possibility outlining how economic activity has been expanding at a moderate pace.“In determining whether it will be appropriate to raise the target range at its next meeting, the Committee will assess progress–both realized and expected–toward its objectives […]
Central banks may use negative interest rates as stimulus
Oct 26, 2015 (LBO) – Negative interest rates is a possibility in the United States following in the foot steps of interest rates pushed below zero in countries such as Sweden, Switzerland and Denmark, according to some analysts.Speaking in Colombo at the DFCC Economic Forum, Akshay Chinchalkar, head of charts and technical analysis for Bloomberg […]
Tax concessions damage country’s tax base: Former Indian FM
Oct 23, 2015 (LBO) – Tax concessions are not an alternative to a poor investment climate and damages the tax base of a country, Former Finance Minister of India Palaniappan Chidambaram said. Chidambaram was delivering the 20th annual taxation oration at the Institute of Chartered Accountants of Sri Lanka Thursday.Former Finance Minister said Sri Lanka […]
Strengthening institutions, policy interaction needed: Saman Kelegama
Oct 21, 2015 (LBO) – Sri Lanka can achieve greater economic progress with a reforms agenda which strengthens interactions between institutions, policy processes, the head of the Institute of Policy Studies (IPS) said.“The agenda setting for reforms must begin with attempts to strengthen interactions between institutions, policy processes and policy outcomes,” Saman Kelegama, executive director […]
Sri Lanka parliament approves borrowing increase, taxes
Oct 21, 2015 (LBO) – Sri Lanka’s parliament has approved raising the ceiling on treasury bill borrowing by 400 billion rupees to finance a higher budget deficit.The parliament also passed a series income, value added, nation building, gaming and broadcast taxes proposed in the last budget to raise government revenue by around 60 billion rupees.The […]
Central Bank holds key interest rates unchanged
Oct 20, 2015 (LBO) – Sri Lanka’s Central Bank held key interest rates unchanged on Tuesday after a monthly monetary policy announcement citing low inflation, a decision broadly expected by market participants. A poll by Lanka Business Online of 13 market participants showed 12 expected no change in policy interest rates, while one expected a […]