Category: Budget
Gammanpila’s secret may delay Sri Lanka’s VAT hike again
Oct 12, 2016 (LBO) – Sri Lanka’s joint opposition Parliamentarian Udaya Gammanpila says he is aware of a reason that will require the government to present the much delayed VAT bill to Parliament once again. Gammanpila told reporters yesterday that he will reveal the secret when the Supreme Court considers his petition filed against the proposed VAT […]
VAT increase will apply after Parliament approval: Prime Minister
July 11, 2016 (LBO) – The Supreme Court’s interim order issued today suspending VAT increase is not expected to have any adverse impact on the government’s revenue collection, Prime Minister said. Releasing a statement Prime Minister Ranil Wickramasinghe said the VAT (Amendment) Bill has already been presented to the Parliament for the first reading on […]
Sri Lanka Cabinet cancels consultancy in defence HQ project
June 23, 2016 (LBO) – Sri Lanka’s cabinet has decided to cancel the consultancy given to a private firm for the construction of the defence headquarters complex at Akuregoda, Battaramulla. “The Committee appointed in the above purpose has observed that selection of consultancy firms and their payments have been done without providing true information to […]
Sri Lanka Central Bank clarifies reports on expenses incurred by Governor
June 06, 2016 (LBO) – Sri Lanka’s Central Bank has clarified media reports about expenses incurred by the Governor. “It has been reported in the media that allegations had been made by members of the Parliamentary opposition that the Governor of the Central Bank has misused public funds.” “The CBSL wishes to state that neither […]
President controls smaller share of govt expenditure: Manthri.lk
Dec 18, 2015 (LBO) – Sri Lanka’s President Maithripala Sirisena controls a smaller percentage of total government expenditure compared with his predecessor Mahinda Rajapaksa, according to budget analysis conducted by Manthri.lk. The former president had 1.6 trillion rupees under his portfolios, while the current president has 377 billion rupees under his purview. Manthri.lk profiles the […]
Sri Lanka’s 2016 budget passed with a majority of 107 votes
Dec 02, 2015 (LBO) – Sri Lanka parliament on Wednesday passed the second reading of the Appropriation Bill for next year by a majority of 107 votes. The 2016 budget passed with 159 members of the parliament voting in favor and 52 opposing it and 13 absent. UNP and TNA voted in favor of the […]
Intercompany employees union opposes funding VCs through EPF, ETF
Nov 27, 2015 (LBO) – Sri Lanka’s Inter-company Employees Union on Thursday opposed a budget proposal to create a venture capital structure using EPF and ETF funds. 2016 budget proposed a venture capital approach for providing equity financing facilities to SMEs through the establishment of a fund termed by Finance Minister as a “Fund of […]
No tariff increase on utility bills due to VAT revision: Finance Ministry
Nov 26, 2015 (LBO) – Sri Lanka’s water, power, telecom will be exempted from value added tax and the prices of most essential goods will also be reduce according to budget 2016, finance ministry said in a statement.The wholesale and retail trade which was previously taxed at 11 percent has been exempt from VAT in […]
Budget flawed, no confidence motion against Fin Min: Balasuriya
Nov 26, 2015 (LBO) – Sri Lanka’s budget for 2016 proposed by the government is flawed and a no confidence motion will be brought against the finance minister, opposition member of Parliament Tharaka Balasuriya said.Among areas of concern include liberalization of tea imports, absence of support for rubber planters, the proposed merger of ETF and […]
Sri Lanka Budget lacks consolidation but reforms positive: Fitch
Nov 24, 2015 (LBO) – Sri Lanka’s 2016 budget, released on 20 November, provides no clear plan for fiscal consolidation over the medium term, Fitch Ratings said in a statement.The statement is reproduced below. Fitch Ratings Hong Kong/Singapore 24 November 2015: Sri Lanka’s 2016 budget, released on 20 November, provides no clear plan for fiscal consolidation over the medium […]
Sri Lanka to abolish vehicle permit schemes, Rs40bn loss per year: Ravi K
Nov 24, 2015 (LBO) – Sri Lanka’s Finance Minister Ravi Karunanayake has proposed to end the tax-free vehicles given to state workers and elected ruling class as it has generated a 40 billion revenue loss per year to the government. Public servants and government officials were offered tax cuts to purchase vehicles of their choice, […]
Exporters support budget 2016, call it export friendly
Nov 24, 2015 (LBO) – The Exporters’ Association of Sri Lanka pledges its unstinted support and co-operation to the budget 2016 saying it is an exporter friendly budget. The full statement by the Exporters Association reproduced below :- The Exporters’ Association of Sri Lanka which functions under the aegis of the Ceylon Chamber of Commerce […]