Category: Budget
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 […]
Sri Lanka budget has reformist agenda: CT CLSA
Nov 23, 2015 (LBO) – The 2016 budget can be termed as a reformist agenda, that looks to address short-term risks to the economy while setting up Sri Lanka for the long run, CT CLSA Securities said in a report on the budget. "Being used to budget speeches that were extremely populist, or included implausible […]
Budget 2016 is forward looking: CSE Chairman
Nov 23, 2015 (LBO) – Sri Lanka’s Colombo Stock Exchange chief Vajira Kulathilake has said the budget 2016 is forward looking and praised tax breaks and other support given to the stock market. The full statement is reproduced below :- It is admirable to note the support extended to the capital market of Sri Lanka […]
Budget 2016 Big, Bold and Progressive: Lanka Securities
Nov 22, 2015 (LBO) – Lanka Securities Research has released their preliminary assessment of the budget proposals with its impact on the listed companies.Reproduce below is the report. [pdf-embedder url="https://www.lankabusinessonline.com/wp-content/uploads/2015/11/Budget-2016-Big-Bold-and-Progressive.pdf%22]
Chamber welcomes Budget as Investment and Development Oriented
Nov 22, 2015 (LBO) – The Ceylon Chamber of Commerce has welcomed the Budget 2016 for its measures to boost private investment and promote inclusive economic growth. The statement is reproduced below. Budget 2016 has shown a commitment to enhancing private sector participation in the economy through PPPs, begin to rationalise state expenditure, undertake some […]
Govt to raise Rs20bn from new excise duty for motor cars
Nov 20, 2015 (LBO) – Sri Lanka’s government is to introduce a unit rate of excise duty for the vehicles on the basis of cubic centimeters (cc) that generate 20 billion rupees for government, Finance Minister told Parliament Friday.A new valuation system was introduced recently taking full option manufactures price as the tax base, due […]
Budget 2016 Coverage – Proposals and Full Speech
Nov 20, 2015 (LBO) – Sri Lanka’s Finance Minister Ravi Karunanayake commences the 2016 budget speech in Parliament. Key points: Proposals Micro, small and medium enterprises – Micro, small and medium enterprises find it hard to raise equity and debt financing with reluctance of financial institutions to lend to them. Advisory committee to develop SME […]
Sri Lanka corporates hope for business friendly budget
Nov 18, 2015 (LBO) – Sri Lanka’s business community is looking foward to budget proposals that support the rapidly changing dynamics of the economy and address the budget deficit, private sector officials said.Restructuring the state sector is a key priority that should be addressed, although this requires decisive action by administrators, rather than budget proposals […]